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

    2609 Prospect Ave Milwaukee, WI 53211-3727

    • Apartment buildings
    • 5,144 SF
    • 0.18 lot acres
    OFF-MARKET
    Value Estimations
    $565,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-3277024
    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

    • Apartment buildings

    Property Details for 2609 Prospect Ave

    Year built
    1978
    Lot size
    0.18 lot acres
    Property size
    5,144 SF
    Zone code
    RM4
    Property type
    Apartment buildings
    APN
    319-0038-000
    APU
    3190038000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $800,000
      6.5%
      $735,000
      7%
      $685,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $640,000
      Market price range: $183k - $933k

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.881
    Latitude
    43.0665
    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
    $15,815
    $226,400
    $437,800
    $664,200
    -
    $226,400
    $437,800
    $664,200

    Comparable in this City

    • Value Estimation
      $4,635,000
      40,254 SF

      2645 Farwell Ave

      APARTMENT HOUSE (5+ UNITS) • 40,254 SF
      2645 Farwell Ave, Milwaukee, WI 53211-3776
      View Details
    • Value Estimation
      $2,195,000
      16,992 SF

      2533 Oakland Ave

      APARTMENT HOUSE (5+ UNITS) • 16,992 SF
      2533 Oakland Ave, Milwaukee, WI 53211-3976
      View Details
    • Value Estimation
      $1,805,000
      14,034 SF

      2636 Oakland Ave

      APARTMENT HOUSE (5+ UNITS) • 14,034 SF
      2636 Oakland Ave, Milwaukee, WI 53211-3573
      View Details
    • Value Estimation
      $3,500,000
      29,400 SF

      3069 Oakland Ave

      APARTMENT HOUSE (5+ UNITS) • 29,400 SF
      3069 Oakland Ave, Milwaukee, WI 53211-3260
      View Details
    • Value Estimation
      $2,150,000
      15,630 SF

      2619 Oakland Ave

      APARTMENT HOUSE (5+ UNITS) • 15,630 SF
      2619 Oakland Ave, Milwaukee, WI 53211-3571
      View Details
    • Value Estimation
      $3,620,000
      27,867 SF

      2544 Frederick Ave

      APARTMENT HOUSE (5+ UNITS) • 27,867 SF
      2544 Frederick Ave, Milwaukee, WI 53211-4063
      View Details

    Similar Nearby for Sale

    • $485,000
      0.13 Acres

      Classic Shorewood Duplex Near Amenities

      Shorewood duplex near schools, shops, restaurants, and parks.
      1633 E Newton Ave, Shorewood, WI 53211
      View Details
    • $575,000
      0.11 Acres

      Remodeled Duplex with Airbnb Potential

      Remodeled duplex, currently Airbnb, grossing over $6,500/month.
      2734 N Maryland Ave, Milwaukee, WI 53211
      View Details
    • $1,350,000
      4,404 SF

      Stand Alone Retail/Office Building

      Stand alone retail/office building with Oak Leaf trail access.
      4121 N Wilson Dr, Shorewood, WI 53211
      View Details
    • $1,350,000
      40,596 SF

      Downer Avenue Parking Unit

      Parking unit with 104 stalls on Milwaukee’s East Side.
      2574-2590 N Downer Ave, Milwaukee, WI 53211
      View Details
    • $2,650,000
      56,796 SF

      Milwaukee Retail and Parking Portfolio

      Portfolio sale featuring retail space and parking units.
      2605 E Park Pl, Milwaukee, WI 53211
      View Details
    • $550,000
      13,000 SF

      East Side Retail Opportunity

      Second floor vacant space on Milwaukee’s East Side.
      2622-2650 N Downer Ave, Milwaukee, WI 53211
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      1,811 SF

      Shorewood Executive Office Space

      Modern Office, Prime Shorewood Location
      3510 Oakland Ave, Shorewood, WI 53211
      View Details
    • $24 SF/Yr
      4,412 SF

      Milwaukee Office Space For Rent

      Office space in Milwaukee's Murray Hill neighborhood above Starbucks.
      2523-2551 N Downer Ave, Milwaukee, WI 53211
      View Details
    • $10 SF/Yr
      900 SF

      Office Space Available For Rent

      Office space available for rent in Milwaukee, Wisconsin.
      1400 E Capitol Dr, Milwaukee, WI 53211
      View Details
    • $650 /Mo
      475 SF

      Shorewood Office Space Available

      Two office spaces available in Shorewood, Wisconsin.
      4050 N Oakland Ave, Shorewood, WI 53211
      View Details
    • $17 SF/Yr
      1,620 SF

      Updated Office Building in Shorewood

      Recently updated office building in a great Shorewood location.
      3506-3510 N Oakland Ave, Shorewood, WI 53211
      View Details
    • $550 /Mo
      110 SF

      Furnished Office Spaces Available

      Furnished offices with shared amenities in Shorewood, Wisconsin.
      1200 E Capitol Dr, Milwaukee, WI 53211
      View Details
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    2609 Prospect Ave
    Milwaukee, WI 53211-3727
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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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