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Property profile & analytics
OFF-MARKET
Estimated value
$920,000
Warehouses
223 Water St Milwaukee, WI 53202-5771
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US92-0129513
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1890
Total area
19,440 SF
Lot
0.09 ac (3,726 SF)
Zoning code
C9G
APN
392-0952-000
UPID
US92-0129513
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Regency Office Products (Bike/Boat/Book/etc) Store Printing Service
-
Empower Yoga Gym & Fitness Center
-
Loyal Dog Marketing Advertising Agency Marketing & Advertising
-
Wisconsin Sign Association Marketing & Advertising Advertising Agency
-
Ally 360 Nonprofit Marketing Advertising Agency Marketing & Advertising
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.19M
Blend (final)
Blend
$920k
Owner & transaction history
Two 23 LLC · 6 yrs held
Two 23 LLC
since 2019
4 recorded transactions
Zoning & alternative use
C9G · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Milwaukee submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Milwaukee submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,050,000
Current use
Blend value · Realmo final
$920k
Range $828k – $1.01M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$47 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$46,572
Tax year 2022
Assessed value
$1,983,800
Assessed 2022
Previous assessed
$1,983,800
+0.0% YoY
Effective rate
2.35%
On assessed value
Assessed land
$111,800
Assessed improvement
$1,872,000
Land market value
$111,800
Improvement market value
$1,872,000
Total market value
$1,983,800
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1890
Heating
YES
Stories
5
Units
7
Total area
19,440 SF
Lot
0.09 ac (3,726 SF)
Zoning code
C9G
APN
392-0952-000
UPID
US92-0129513
Jurisdiction
MILWAUKEE
Zoning & alternative use
C9G · Milwaukee, WI
Zoning C9G · permitted uses
C9G · Milwaukee, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Milwaukee. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$1.1M
WAREHOUSE, STORAGE Current
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1890
Heating
YES
Stories
5
Units
7
Lot
0.09 ac
Current owner
From public records · entity-resolved
Two 23 LLC
Entity
Mailing address
PO BOX 223, GREENDALE, WI 53129-0223
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 25, 2020
—
Two 23 LLC
—
Deed
related
$1,530,737 · Community First Bank
Nov 15, 2019
$1,930,000
Two 23 LLC
Demco Wisconsin 5 LLC
Warranty Deed
$1,250,000 · Community First Bank
—
—
Demco Wisconsin 5 LLC
—
Deed Of Trust
related
$1,400,000 · First Busn Bk/milwaukee
—
—
Demco Wisconsin 4 LLC
—
Deed Of Trust
related
$1,825,000 · Tcf Nat'l Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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