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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2233 31st St Milwaukee, WI 53208-1421

    • Office buildings
    • 2,840 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0087223
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • New Horizons Intergrated Ministers / Religious Institution

    Property Details for 2233 31st St

    Year built
    1946
    Lot size
    0.23 lot acres
    Property size
    2,840 SF
    Zone code
    IM
    Property type
    Office buildings
    APN
    349-0007-100
    APU
    3490007100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $305,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $220,000
      Market price range: $120k - $349k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $225,000
      Current use
      AUTO REPAIR, GARAGE
      $340,000
      Change: +51% Conversion: Difficult
      MEDICAL BUILDING
      $290,000
      Change: +30% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $265,000
      Change: +17% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9531
    Latitude
    43.06
    CBSA code
    33340
    CBSA name
    MILWAUKEE-WAUKESHA-WEST ALLIS, WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $203
    $5,100
    $73,000
    $78,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $150,000
      3,654 SF

      510 27th St

      OFFICE BUILDING • 3,654 SF
      510 27th St, Milwaukee, WI 53208-4071
      View Details
    • Value Estimation
      $485,000
      7,200 SF

      3427 Saint Paul Ave

      PROFESSIONAL BUILDING • 7,200 SF
      3427 Saint Paul Ave, Milwaukee, WI 53208-4124
      View Details
    • Value Estimation
      $455,000
      11,946 SF

      2823 Highland Blvd

      OFFICE BUILDING (MULTI-STORY) • 11,946 SF
      2823 Highland Blvd, Milwaukee, WI 53208
      View Details
    • Value Estimation
      $325,000
      2.48 Acres

      3234 State St

      OFFICE BUILDING • 2.48 Acres
      3234 State St, Milwaukee, WI 53208
      View Details
    • Value Estimation
      $365,000
      6,504 SF

      5310 State St

      OFFICE BUILDING • 6,504 SF
      5310 State St, Milwaukee, WI 53208-2620
      View Details
    • Value Estimation
      $370,000
      12,974 SF

      3020 Vliet St

      OFFICE BUILDING • 12,974 SF
      3020 Vliet St, Milwaukee, WI 53208-2461
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.13 Acres

      Milwaukee Office Space For Sale

      Office spaces available in Washington Heights neighborhood with high foot traffic.
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    • $250,000
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      Lannon Stone Building in Milwaukee

      Lannon Stone building with auditorium, offices, and gymnasium.
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      Milwaukee Duplex Investment Opportunity

      Duplex with renovated unit and income potential near Washington Heights.
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    • Contact for pricing
      0.08 Acres

      Milwaukee Vacant Lot Zoned RT4

      Vacant lot in Milwaukee, WI, zoned RT4.
      2139-2141 N 32Nd St, Milwaukee, WI 53208
      View Details
    • $299,000
      0.03 Acres

      Milwaukee Mixed-Use Investment Opportunity

      Mixed-use property near Marquette University with immediate cash flow.
      958 N 27Th St, Milwaukee, WI 53208
      View Details
    • New
      $180,000
      0.09 Acres

      Renovated Duplex in Milwaukee, WI

      Renovated duplex, ideal for owner-occupancy or investment.
      4222 W Lloyd St, Milwaukee, WI 53208
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    Similar Nearby for Lease

    • $12 SF/Yr
      5,000 SF

      Showroom or Office Space Available

      Versatile space suitable for showroom or office use.
      5061 W State St, Milwaukee, WI 53208
      View Details
    • $16 SF/Yr
      3,386 SF

      Professional Office/Medical Space For Rent

      Professional office/medical space with parking and signage opportunity.
      950 N 35Th St, Milwaukee, WI 53208
      View Details
    • $4,800 /Mo
      3,654 SF

      Versatile Office Space in Milwaukee

      Spacious office with ample natural light and high visibility.
      510 N 27Th St, Milwaukee, WI 53208
      View Details
    • $7 SF/Yr
      2,960 SF

      Industrial Space in Miller Valley

      Industrial space with overhead door and office in Milwaukee.
      4300 W Monarch Pl, Milwaukee, WI 53208
      View Details
    • $6 SF/Yr
      14,484 SF

      Retail Space Available for Lease

      Retail property available for lease in Milwaukee, Wisconsin.
      930 N 27Th St, Milwaukee, WI 53208
      View Details
    • $10 SF/Yr
      8,880 SF

      Menomonee Valley Flex Space Available

      Flexible office/industrial space in prime Menomonee Valley location.
      3880 W Wheelhouse Rd, Milwaukee, WI 53208
      View Details
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    2233 31st St
    Milwaukee, WI 53208-1421
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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