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

    333 State St Milwaukee, WI 53203

    • Apartment buildings
    • 199,500 SF
    • 0.83 lot acres
    For Lease
    View listing
    Last Sale
    Aug 03, 2021
    $3,396,100
    Value Estimations
    $3,920,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0780282
    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

    • Journal Commons / Apartment Building
    • LOCALiQ / Advertising Agency

    Property Details for 333 State St

    Year built
    1924
    Lot size
    0.83 lot acres
    Property size
    199,500 SF
    Zone code
    C9D(A)
    Property type
    Apartment buildings
    APN
    361-2331-000
    APU
    3612331000

    Description

    Journal Commons presents a unique investment opportunity in Milwaukee's vibrant Entertainment District. This iconic, six-story building, originally constructed in 1924 and extensively renovated in 2020, offers a total of 18,000 square feet of prime retail space. The property boasts a highly desirable location at the intersection of State Street and Vel R. Phillips Avenue, ensuring high visibility and foot traffic. The building is available for lease as a whole (18,000 square feet) or in divisible units with a minimum of 5,000 square feet. This allows for flexibility to accommodate a variety of retail concepts, from single large tenants to multiple smaller businesses. The building's historical character, combined with its modern renovations, creates a truly exceptional setting for any business seeking a unique and memorable presence in the heart of Milwaukee. The presence of elevators within this multi-story building adds to its functionality and accessibility. This is a rare chance to secure a prominent retail space in a thriving, historic district. The property's blend of historical charm and modern amenities makes it an ideal location for businesses seeking a distinctive and high-impact presence. The building's size and layout offer significant potential for a variety of retail uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,360,000
      ML approach
      $4,495,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,942,000
      Market price range: $3.46M - $11.6M

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9152
    Latitude
    43.0425
    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
    $375,630
    $996,500
    $13,591,300
    $14,587,800
    -
    $0.00
    $0.00
    $17,527,100

    Comparable in this City

    • Value Estimation
      $1,175,000
      9,935 SF

      1141 Martin L King Jr Dr, Unit 17

      APARTMENT HOUSE (5+ UNITS) • 9,935 SF
      1141 Martin L King Jr Dr, Milwaukee, WI 53203
      View Details
    • Value Estimation
      $1,170,000
      9,935 SF

      1141 Martin L King Jr Dr, Unit 24

      APARTMENT HOUSE (5+ UNITS) • 9,935 SF
      1141 Martin L King Jr Dr, Milwaukee, WI 53203
      View Details
    • Value Estimation
      $3,785,000
      49,465 SF

      161 Wisconsin Ave, Unit 3

      APARTMENT HOUSE (5+ UNITS) • 49,465 SF
      161 Wisconsin Ave, Milwaukee, WI 53203-2602
      View Details
    • Value Estimation
      $14,680,000
      118,906 SF

      630 Vel R Phillips Ave

      APARTMENT HOUSE (5+ UNITS) • 118,906 SF
      630 Vel R Phillips Ave, Milwaukee, WI 53203-2812
      View Details
    • Value Estimation
      $955,000
      10,000 SF

      161 Wisconsin Ave Ste 5b

      APARTMENT HOUSE (5+ UNITS) • 10,000 SF
      161 Wisconsin Ave Ste 5b, Milwaukee, WI 53203-2608
      View Details
    • Value Estimation
      $2,215,000
      33,600 SF

      730-734 Martin L King Jr Dr

      APARTMENT HOUSE (5+ UNITS) • 33,600 SF
      730-734 Martin L King Jr Dr, Milwaukee, WI 53203
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.84 Acres

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      Prime Milwaukee Medical Office Building

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      Prime Retail in Entertainment District

      Two-story retail opportunity in Milwaukee's Entertainment District.
      333 W State St, Milwaukee, WI 53203
      View Details
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      573 SF

      Retail Space Near Milwaukee Landmarks

      Retail property near The Avenue, Wisconsin Center, and Deer District.
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      View Details
    • $1,750,000
      24,000 SF

      Milwaukee Office Building For Sale

      Office building with 24,000 square feet of space.
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    Similar Nearby for Lease

    • $16 SF/Yr
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      Milwaukee's Premier Mixed-Use Destination

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    • $20 SF/Yr
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      Retail Space in Entertainment District

      Retail space in Milwaukee's entertainment district, near Deer District.
      823 N 2Nd St, Milwaukee, WI 53203
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      16,225 SF

      Downtown Milwaukee Retail Space

      Prime Milwaukee retail, multiple units available
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      714,000 SF

      Deer District Commercial Land

      Milwaukee prime location, restaurant & land opportunities.
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      View Details
    • Contact for pricing
      18,000 SF

      Journal Commons: Historic Retail Space

      Prime Milwaukee Retail, 5,000-18,000 SF
      333 State St, Milwaukee, WI 53203
      View Details
    • Contact for pricing
      573,786 SF

      Downtown Milwaukee Retail Center

      Prime location, multiple spaces available.
      310 Wisconsin Ave, Milwaukee, WI 53203
      View Details
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    333 State St
    Milwaukee, WI 53203
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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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