Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    315 Water St Milwaukee, WI 53204-1453
    Back to Search
    Property profile & analytics

    315 Water St, Milwaukee, WI 53204-1453

    View on Map
    • Warehouses
    • 10,846 SF
    • 0.16 lot acres
    Off-Market
    Last Sale Dec 19, 2025
    $1,400,000
    Property ID
    US92-0631021
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 315 Water St

    Year built
    1890
    Lot size
    0.16 lot acres
    Zone code
    IM
    Property type
    Warehouses
    APN
    429-0482-000
    APU
    4290482000

    Description

    This exceptional 10,490 square foot office building, located at 315 S Water Street in Milwaukee's vibrant Third Ward/Walker's Point submarket, presents a unique leasing opportunity. Built in 1890 and extensively renovated in 2024, this Class B property offers a blend of historical charm and modern functionality. The building comprises two stories and features one building with five surface parking spaces. While there are no elevators, the building's layout is easily accessible. The entire 10,490 square feet is currently vacant and available for lease, offering flexibility for various business needs. Multiple tenancy options are available, with spaces ranging from a minimum of 4,634 square feet to a maximum contiguous space of 5,856 square feet. This prime location in Milwaukee County, Wisconsin (zip code 53204), provides excellent access to the city's amenities and transportation networks. The property's recent renovation ensures modern systems and finishes, creating an attractive and efficient workspace. This is an exceptional opportunity to secure a prominent location in a thriving Milwaukee neighborhood. Inquire today to learn more about this remarkable office space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9072
    Latitude
    43.0279
    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
    2023
    $11,612
    $28,000
    $461,700
    $489,700
    -
    $0.00
    $0.00
    $588,400

    Comparable in this City

    • Value Estimation
      $5,585,000
      171,364 SF

      400 5th St

      WAREHOUSE, STORAGE
      400 5th St, Milwaukee, WI 53204-1554
      View Details
    • Value Estimation by Request
      9,906 SF

      1423 2nd St

      WAREHOUSE, STORAGE
      1423 2nd St, Milwaukee, WI 53204-2927
      View Details
    • Value Estimation by Request
      1,780 SF

      613 2nd St, Unit 2

      WAREHOUSE, STORAGE
      613 2nd St, Milwaukee, WI 53204-1616
      View Details
    • Value Estimation
      $825,000
      21,492 SF

      1500 Muskego Ave, Unit 1530

      WAREHOUSE, STORAGE
      1500 Muskego Ave, Milwaukee, WI 53204-2724
      View Details
    • Value Estimation
      $780,000
      19,898 SF

      117 121st W Pittsburgh Ave

      WAREHOUSE, STORAGE
      117 121st W Pittsburgh Ave, Milwaukee, WI 53204
      View Details
    • Value Estimation
      $780,000
      36,488 SF

      139 Oregon St

      WAREHOUSE, STORAGE
      139 Oregon St, Milwaukee, WI 53204-1422
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      23,638 SF

      Milwaukee Harbor District Industrial Building

      Value-add industrial building in Milwaukee's vibrant Harbor District.
      212 E Mineral St, Milwaukee, WI 53204
      View Details
    • Contact for pricing

      Land For Sale Milwaukee

      Land available for sale in Milwaukee, Wisconsin.
      101 S 2Nd St, Milwaukee, WI 53204
      View Details
    • Contact for pricing

      Land in Walker's Point

      Land available in Walker's Point near I-94 and I-43.
      717 S 6Th St, Milwaukee, WI 53204
      View Details
    • Contact for pricing

      Walker's Point Land Opportunity

      Land for sale in Walker's Point near Komatsu headquarters.
      1010 S 1St St, Milwaukee, WI 53204
      View Details
    • Contact for pricing
      3,049 SF

      Vacant Lot with Potential

      Versatile vacant lot offering flexibility and investment potential.
      2048 West Vilter Ln, Milwaukee, WI 53204
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,500 SF

      Walker's Point Industrial Space Available

      Industrial space in Walker's Point neighborhood with drive-in doors.
      1117 S 2Nd St, Milwaukee, WI 53204
      View Details
    • Contact for pricing
      11,246 SF

      Renovated Warehouse in Walker’s Point

      Centrally located, renovated warehouse space with heavy power and floor drains.
      1204-1230 W Bruce St, Milwaukee, WI 53204
      View Details
    • Sponsored
      Contact for pricing

      WI, Milwaukee - S 1st Street

      Flexible workspace in WI, Milwaukee - S 1st Street
      161 1St St, Milwaukee, WI 53204
      View Details
    • Contact for pricing
      19,900 SF

      Walker's Point Flex/Industrial/Office Space

      Unique interconnected buildings ideal for office, flex, or industrial users.
      117-121 W Pittsburgh Ave, Milwaukee, WI 53204
      View Details
    • Contact for pricing
      11,708 SF

      Milwaukee Flex Space Available

      Flex space with loading docks and floor drains for rent.
      1237 W Bruce St, Milwaukee, WI 53204
      View Details
    • Contact for pricing
      1,400 SF

      Turn-Key Office Space Available

      Office space for rent in Milwaukee's Central Business District.
      753-757 N Water St, Milwaukee, WI 53204
      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.
    315 Water St
    Milwaukee, WI 53204-1453
    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

    Thank You for Inquiry
    315 Water St, Milwaukee, WI, 53204
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!