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Property profile & analytics
OFF-MARKET
Estimated value
$5,090,000
Office buildings
511 Freshwater Way Milwaukee, WI 53204-4113
Entity Owned
2-yr Hold
Free & Clear
Property ID
US92-3003509
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2016
Total area
53,199 SF
Lot
1.59 ac (69,348 SF)
Zoning code
IM
APN
428-1062-000
UPID
US92-3003509
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
-
Rexnord Corporation Global Headquarters Corporate Office Business Park
-
Zurn Elkay Water Solutions Industrial Manufacturer Production Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.54M
Blend (final)
Blend
$5.09M
Owner & transaction history
Zurn Water LLC · 2 yrs held
Zurn Water LLC
since 2024
2 recorded transactions
Zoning & alternative use
IM · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$6.3M
+50.6%
Apartment house (5+ units)
$5.7M
+36.1%
Medical building
$5.5M
+29.9%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$4,215,000
Current use
AUTO REPAIR, GARAGE
$6,345,000
Change: +51% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$5,740,000
Change: +36% · Conversion: Easy
MEDICAL BUILDING
$5,475,000
Change: +30% · Conversion: Easy
RESTAURANT
$5,220,000
Change: +24% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$4,950,000
Change: +17% · Conversion: Difficult
Blend value · Realmo final
$5.09M
Range $4.58M – $5.60M · ±10%
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
$96 / 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
$319,292
Tax year 2022
Assessed value
$14,416,000
Assessed 2022
Previous assessed
$14,416,000
+0.0% YoY
Effective rate
2.21%
On assessed value
Assessed land
$554,800
Assessed improvement
$13,861,200
Land market value
$554,800
Improvement market value
$13,861,200
Total market value
$14,416,000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
2016
Stories
3
Units
1
Total area
53,199 SF
Lot
1.59 ac (69,348 SF)
Zoning code
IM
APN
428-1062-000
UPID
US92-3003509
Jurisdiction
MILWAUKEE
Zoning & alternative use
IM · Milwaukee, WI
Zoning IM · permitted uses
IM · 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
OFFICE BUILDING Current
Est. value
$4.2M
AUTO REPAIR, GARAGE
Est. value
$6.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.7M
MEDICAL BUILDING
Est. value
$5.5M
RESTAURANT
Est. value
$5.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$5.0M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
RESTAURANT
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
2016
Stories
3
Units
1
Lot
1.59 ac
Current owner
From public records · entity-resolved
Zurn Water LLC
Entity
Free & Clear · 2 yrs held
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 11, 2024
$13,410,000
Zurn Water LLC
Zurn Industries LLC
Quit Claim Deed
related
—
Jul 8, 2022
$10,713,100
Zurn Industries LLC
Zurn LLC
Quit Claim Deed
related
—
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.
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