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Property profile & analytics
OFF-MARKET
Estimated value
$9,015,000
Warehouses
5111 9th St Milwaukee, WI 53221-3627
Entity Owned
~
Est. High Equity
Property ID
US92-3447661
Property summary
AI-generated overview
This exceptional Milwaukee County industrial property, located at 5111 S 9th Street, offers 69,739 square feet of immediately available warehouse and distribution space within a larger 187,572 square foot building. The property boasts a 16'6" ceiling height, providing ample vertical storage capacity. Loading and unloading is facilitated by two loading docks and one drive-in door. The property sits on a substantial 10.83-acre lot, offering significant expansion potential or ample outdoor storage. Power is robust, featuring 3000 amps of 480v 3-phase service, suitable for a variety of industrial operations. The building is zoned IL1 and is currently under multiple tenancy. This prime location in Milwaukee, Wisconsin (zip code 53221), offers easy access to major transportation routes, making it an ideal distribution hub. The available space presents a unique opportunity for businesses seeking a large, well-equipped warehouse in a strategic location. Contact us today to schedule a viewing and explore the possibilities this property offers. The property is located in Milwaukee County, Wisconsin.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1973
Total area
188,372 SF
Lot
10.83 ac (471,755 SF)
Zoning code
IL1
APN
642-9990-111
UPID
US92-3447661
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
-
R R Donnelley Marketing & Advertising Printing Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$8.24M
Blend (final)
Blend
$9.02M
Owner & transaction history
Ic Holdings 4a LLC
Ic Holdings 4a LLC
since 2025
Last sale
$9.4M
7 recorded transactions
Zoning & alternative use
IL1 · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
WAREHOUSE, STORAGE
$10,175,000
Current use
Blend value · Realmo final
$9.02M
Range $8.11M – $9.92M · ±10% · vs last sale $9.40M (May 1 2025)
Last sale anchor
$9.40M
May 1 2025
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
$48 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$164,082
Tax year 2023
Assessed value
$6,710,300
Assessed 2023
Previous assessed
$6,710,300
+0.0% YoY
Effective rate
2.45%
On assessed value
Assessed land
$812,300
Assessed improvement
$5,898,000
Total market value
$8,062,400
Applied tax rate
1.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1973
Heating
YES
Cooling
YES
Stories
2
Units
4
Total area
188,372 SF
Lot
10.83 ac (471,755 SF)
Zoning code
IL1
APN
642-9990-111
UPID
US92-3447661
Jurisdiction
MILWAUKEE
Zoning & alternative use
IL1 · Milwaukee, WI
Zoning IL1 · permitted uses
IL1 · 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
WAREHOUSE, STORAGE Current
Est. value
$10.2M
WAREHOUSE, STORAGE Current
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
1973
Heating
YES
Cooling
Yes
Stories
2
Units
4
Lot
10.83 ac
Current owner
From public records · entity-resolved
Ic Holdings 4a LLC
Entity
Mailing address
901 S 5TH ST, MILWAUKEE, WI 53204-1732
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 31, 2025
$9,400,000
Ic Holdings 4a LLC
Leader Paper Real Estate LLC
Special Warranty Deed
$7,856,250 · Port Washington State Bank
Jan 10, 2017
$6,750,000
Leader Paper Real Estate LLC
Icon Mars Property Owner Pool 2 LLC
Special Warranty Deed
$9,200,000 · Bmo Harris Bank NA
Mar 16, 2015
$11,751,000
Icon Mars Prop Owner Pool 2 Ll
Bre Of Mars Property Owner LLC
Warranty Deed
—
Jun 20, 2013
—
Bre Of Mars Property Owner LLC
—
Loan Modification
related
$205,000,000 · Jp Morgan Chase Bk
Jun 20, 2007
$9,000,000
Ifa III 9th Street LLC
Jonathan V Goodman
Grant Deed
$5,950,000 · Miscellaneous Ins Co
May 31, 2007
—
Goodman,jonathan V
—
Deed Of Trust
related
$700,000 · Privatebank
—
—
Icon Mars Prop Owner Pool 2 Ll
—
Deed Of Trust
related
$750,000,000 · Goldman Sachs Bk USA
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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