Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2238 Farwell Ave Milwaukee, WI 53202-1117

    • Investment properties
    • 26,304 SF
    • 0.22 lot acres
    OFF-MARKET
    Value Estimations
    $2,500,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0102668
    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

    • Crossroads Collective Food Hall / Restaurant
    • Egg & Flour Pasta Bar / Specialty Food Shop
    • MEX Avenue / Restaurant
    • Noodle Me! | A Pasta Pantry / Restaurant
    • Discourse Coffee / Cafe & Coffee Shop

    Property Details for 2238 Farwell Ave

    Year built
    1923
    Lot size
    0.22 lot acres
    Property size
    26,304 SF
    Zone code
    LB3
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    356-0283-000
    APU
    3560283000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,898,000
      Market price range: $2.49M - $4.17M
      AI Estimate
      $1,635,000
      Market price range: $874k - $2.89M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,430,000
      Current use
      RESTAURANT
      $3,345,000
      Change: -3% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $3,140,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.8853
    Latitude
    43.0598
    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
    $51,487
    $288,000
    $1,874,400
    $2,162,400
    -
    $288,000
    $1,874,400
    $2,162,400

    Comparable in this City

    • Value Estimation
      $6,085,000
      71,641 SF

      1635 Water St, Unit 2

      OFFICE/RESIDENTIAL (MIXED USE) • 71,641 SF
      1635 Water St, Milwaukee, WI 53202-2793
      View Details
    • Value Estimation
      $1,715,000
      16,859 SF

      946 Van Buren St

      OFFICE/RESIDENTIAL (MIXED USE) • 16,859 SF
      946 Van Buren St, Milwaukee, WI 53202-3216
      View Details
    • Value Estimation
      $2,130,000
      22,260 SF

      1209 Water St, Unit 1219

      OFFICE/RESIDENTIAL (MIXED USE) • 22,260 SF
      1209 Water St, Milwaukee, WI 53202-2505
      View Details
    • Value Estimation
      $1,210,000
      7,998 SF

      2140 Prospect Ave, Unit 2150

      OFFICE/RESIDENTIAL (MIXED USE) • 7,998 SF
      2140 Prospect Ave, Milwaukee, WI 53202-1256
      View Details
    • Value Estimation
      $1,315,000
      9,000 SF

      815 Brady St, Unit 821

      OFFICE/RESIDENTIAL (MIXED USE) • 9,000 SF
      815 Brady St, Milwaukee, WI 53202-1510
      View Details
    • Value Estimation
      $505,000
      5,542 SF

      1607 Astor St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,542 SF
      1607 Astor St, Milwaukee, WI 53202-2107
      View Details

    Similar Nearby for Sale

    • $1,399,000
      6,720 SF

      Historic Milwaukee Mixed-Use Building

      Prime Downtown Milwaukee location, 6,720 sq ft, 3 stories.
      730 Milwaukee St, Milwaukee, WI 53202
      View Details
    • Contact for pricing
      67,200 SF

      Mixed-Use Building in Central Milwaukee

      Seven-story mixed-use building with office and retail space.
      751-765 N Broadway, Milwaukee, WI 53202
      View Details
    • $6,500,000
      2.66 Acres

      Downtown Milwaukee Riverfront Land

      Prime 2.66-acre development site. Riverfront views, ideal location.
      1693 Water St, Milwaukee, WI 53202
      View Details
    • $127,000
      650 SF

      East Side Corner Unit Condo

      Spacious 1-bedroom condo with parking in prime location.
      1707 N Prospect Ave, Milwaukee, WI 53202
      View Details
    • $685,000
      5,710 SF

      Milwaukee Office Building For Sale

      Office building with ideal layout and parking spaces available for sale.
      815 N Cass St, Milwaukee, WI 53202
      View Details
    • Contact for pricing

      Prime Land in Milwaukee's Gold Coast

      1.10 acres in the bustling Lower East Side neighborhood.
      1443-1451 N Prospect Ave, Milwaukee, WI 53202
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      1,890 SF

      Live/Work Space in East Side

      Modern, upgraded apartment with retail/office frontage in desirable location.
      1100-1110 N Cass St, Milwaukee, WI 53202
      View Details
    • $14 SF/Yr
      240,000 SF

      ASQ Center: Downtown Milwaukee Office

      Class A Office Space, Riverfront Location
      600 Plankinton Ave, Milwaukee, WI 53202
      View Details
    • $23 SF/Yr
      2,733 SF

      Modern Mixed-Use Building Office Space

      Redesigned office space in a mixed-use building, convenient location.
      342 N Water St, Milwaukee, WI 53202
      View Details
    • $15 SF/Yr
      1,236,203 SF

      US Bank Center: Prime Milwaukee Office Space

      Class A Office & Retail, Multiple Spaces Available
      777 Wisconsin Ave, Milwaukee, WI 53202
      View Details
    • $20 SF/Yr
      18,950 SF

      Matthew Keenan Building Office Space

      Historic Milwaukee Office, Flexible Suites
      777 Jefferson St, Milwaukee, WI 53202
      View Details
    • Contact for pricing
      57,000 SF

      East Pointe Marketplace Retail Space

      Milwaukee Retail Space For Lease
      605 Lyon St, Milwaukee, WI 53202
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2238 Farwell Ave
    Milwaukee, WI 53202-1117
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.