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Property profile & analytics
OFF-MARKET
Estimated value
$3,615,000
Warehouses
225 229th N Water St Milwaukee, WI 53202
Entity Owned
2-yr Hold
Property ID
US92-0963006
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1900
Total area
32,000 SF
Lot
0.17 ac (7,362 SF)
Zoning code
C9G
APN
392-0951-000
UPID
US92-0963006
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
-
barre3 Gym & Fitness Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.62M
CAP Approach
CAP
$2.18M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.62M
Owner & transaction history
Tpw Grand Riverside LLC · 2 yrs held
Tpw Grand Riverside LLC
since 2024
Last sale
$3.6M
7 recorded transactions
Zoning & alternative use
C9G · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$5.9M
+238.6%
Commercial (general)
$4.2M
+141.6%
Restaurant
$4.1M
+135.5%
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
$3,615,000
ML approach
$3,615,000
CAP Approach
CAP Return
Estimation
6%
$2,360,000
6.5%
$2,175,000
7%
$2,020,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$5,850,000
Change: +239% · Conversion: Difficult
COMMERCIAL (GENERAL)
$4,175,000
Change: +142% · Conversion: Difficult
RESTAURANT
$4,070,000
Change: +135% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,815,000
Change: +121% · Conversion: Easy
MEDICAL BUILDING
$3,295,000
Change: +91% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$2,975,000
Change: +72% · Conversion: Moderate
Blend value · Realmo final
$3.62M
Range $3.25M – $3.98M · ±10% · vs last sale $3.61M (May 9 2024)
Last sale anchor
$3.61M
May 9 2024
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
$113 / 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
$71,182
Tax year 2022
Assessed value
$2,989,600
Assessed 2022
Previous assessed
$2,989,600
+0.0% YoY
Effective rate
2.38%
On assessed value
Assessed land
$220,900
Assessed improvement
$2,768,700
Land market value
$220,900
Improvement market value
$2,768,700
Total market value
$2,989,600
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
1900
Heating
YES
Stories
5
Units
19
Total area
32,000 SF
Lot
0.17 ac (7,362 SF)
Zoning code
C9G
APN
392-0951-000
UPID
US92-0963006
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
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.9M
COMMERCIAL (GENERAL)
Est. value
$4.2M
RESTAURANT
Est. value
$4.1M
AUTO REPAIR, GARAGE
Est. value
$3.8M
MEDICAL BUILDING
Est. value
$3.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.0M
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1900
Heating
YES
Stories
5
Units
19
Lot
0.17 ac
Current owner
From public records · entity-resolved
Tpw Grand Riverside LLC
Entity
Mailing address
19000 W BLUEMOUND RD, BROOKFIELD, WI 53045-6073
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 9, 2024
$3,612,500
Tpw Grand Riverside LLC
Lcps LLC
Warranty Deed
$2,709,300 · Landmark Cu
Mar 26, 2019
—
Willow Glen Associates
—
Loan Modification
related
$6,300,000 · Tcf Nat'l Bk
Oct 21, 2016
—
Lcps LLC
—
Deed
related
$2,491,588 · Landmark Cu
Jul 7, 2006
$1,850,000
Lcps LLC
Norah S Bertucci
Warranty Deed
$2,000,000 · Layton State Bank
—
—
Lcps LLC
—
Deed Of Trust
related
$2,491,588 · Landmark Cu
—
—
Lcps LLC
—
Loan Modification
related
$100,000 · Layton St Bk
—
—
Lcps LLC
—
Loan Modification
related
$1,500,000 · Layton St 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.
Try Rey
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