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    422 North 15Th St Milwaukee, WI 53233

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    Property profile & analytics

    422 North 15Th St Milwaukee, WI 53233

    View on Map
    • Warehouses
    • 15,312 SF
    • 0.17 lot acres
    For Lease
    $15 SF/Yr
    View Listing →
    Renovated Cream City Brick Building For Lease
    $15 SF/Yr

    Renovated Cream City Brick Building

    Historic Milwaukee building with modern upgrades, near downtown and I-94.

    422 North 15th Street, Milwaukee, WI 53233
    View Listing
    Property ID
    US92-2782275
    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
    $840,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • River Valley Historic Venue / Hotel & Motel / Resort
    • SELAROM Construction, LLC / Construction Company / General Contractor
    • Christopher Kidd and Associates, LLC (Milwaukee Office) / Architecture Firm / Architectural Designer
    • Greywolf IT / Tech Support Center / IT Consulting Firm
    • Mindfully Clean LLC / (Bike/Boat/Book/etc) Store

    Property Details for 422 North 15Th St

    Year built
    1926
    Lot size
    0.17 lot acres
    Property size
    15,312 SF
    Zone code
    IC
    Property type
    Warehouses
    APN
    399-0311-000
    APU
    3990311000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $505,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,130,000
      6.5%
      $1,040,000
      7%
      $965,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $548,000
      Market price range: $271k - $548k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $825,000
      Current use
      COMMERCIAL (GENERAL)
      $1,330,000
      Change: +61% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9312
    Latitude
    43.0352
    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
    $31,439
    $22,200
    $1,298,200
    $1,320,400
    -
    $22,200
    $1,298,200
    $1,320,400

    Comparable in this City

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      $755,000
      37,500 SF

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      WAREHOUSE, STORAGE • 37,500 SF
      2620 2622nd W Wisconsin Ave, Milwaukee, WI 53233
      View Details
    • Value Estimation
      $575,000
      7,291 SF

      1601 1901st W Mt Vernon Ave

      WAREHOUSE, STORAGE • 7,291 SF
      1601 1901st W Mt Vernon Ave, Milwaukee, WI 53233
      View Details
    • Value Estimation
      $10,305,000
      84,841 SF

      1131 8th St, Unit 1

      MINI-WAREHOUSE, STORAGE • 84,841 SF
      1131 8th St, Milwaukee, WI 53233-3000
      View Details
    • Value Estimation by Request
      18,707 SF

      1739 Saint Paul Ave

      WAREHOUSE, STORAGE • 18,707 SF
      1739 Saint Paul Ave, Milwaukee, WI 53233-2632
      View Details
    • Value Estimation
      $1,080,000
      62,928 SF

      324 15th St

      WAREHOUSE, STORAGE • 62,928 SF
      324 15th St, Milwaukee, WI 53233
      View Details
    • Value Estimation by Request
      8,242 SF

      1205 Mt Vernon Ave

      WAREHOUSE, STORAGE • 8,242 SF
      1205 Mt Vernon Ave, Milwaukee, WI 53233-2668
      View Details

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      16,477 SF

      Riverfront Warehouse with Expansion Potential

      Warehouse with river frontage, high ceilings, and expansion possibilities.
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    Similar Nearby for Lease

    • Contact for pricing
      24,253 SF

      Renovated Industrial Space Near I-94

      Recently renovated industrial space with easy interstate access and parking.
      2203 W Michigan St, Milwaukee, WI 53233
      View Details
    • $10 SF/Yr
      7,128 SF

      Menomonee Valley Flex Space Available

      Centrally located flex space with freeway access and on-site parking.
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      View Details
    • Contact for pricing
      5,758 SF

      Flex Space Available For Rent

      5,758 square feet of flex space available for rent.
      2123 W Michigan St, Milwaukee, WI 53233
      View Details
    • $15 SF/Yr

      Renovated Cream City Brick Building

      Historic Milwaukee building with modern upgrades, near downtown and I-94.
      422 North 15Th St, Milwaukee, WI 53233
      View Details
    • Contact for pricing

      Restaurant Space Near Marquette University

      Second-generation restaurant space for lease near Marquette University.
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      Retail Space for Lease

      Retail space available for lease in Milwaukee, Wisconsin.
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      View Details
    View Listing
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    422 North 15Th St
    Milwaukee, WI 53233
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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.

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