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Property profile & analytics
OFF-MARKET
Estimated value
$1,760,000
Investment properties
518 522nd N Water St 522 Milwaukee, WI 53202-5507
Entity Owned
1-yr Hold
Property ID
US92-1073819
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1890
Total area
16,592 SF
Lot
0.11 ac (4,800 SF)
Zoning code
C9F(A)
APN
392-0660-200
UPID
US92-1073819
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
-
Tropic MKE Bar & Pub Nightclub
-
Twisted Cafe Theater & Performing Art Venue Nightclub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.76M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.83M
Blend (final)
Blend
$1.76M
Owner & transaction history
Horatio Properties II LLC · 1 yrs held
Horatio Properties II LLC
since 2024
Last sale
$1.8M
6 recorded transactions
Zoning & alternative use
C9F(A) · 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
$1,760,000
ML approach
$1,760,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,165,000
Current use
RESTAURANT
$2,110,000
Change: -3% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,980,000
Change: -9% · Conversion: Difficult
Blend value · Realmo final
$1.76M
Range $1.58M – $1.94M · ±10% · vs last sale $1.76M (Aug 20 2024)
Last sale anchor
$1.76M
Aug 20 2024
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
$106 / 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
$32,477
Tax year 2022
Assessed value
$1,364,000
Assessed 2022
Previous assessed
$1,364,000
+0.0% YoY
Effective rate
2.38%
On assessed value
Assessed land
$288,000
Assessed improvement
$1,076,000
Land market value
$288,000
Improvement market value
$1,076,000
Total market value
$1,364,000
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1890
Heating
YES
Stories
4
Units
13
Total area
16,592 SF
Lot
0.11 ac (4,800 SF)
Zoning code
C9F(A)
APN
392-0660-200
UPID
US92-1073819
Jurisdiction
MILWAUKEE
Zoning & alternative use
C9F(A) · Milwaukee, WI
Zoning C9F(A) · permitted uses
C9F(A) · 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
COMMERCIAL (GENERAL) Current
Est. value
$2.2M
RESTAURANT
Est. value
$2.1M
AUTO REPAIR, GARAGE
Est. value
$2.0M
COMMERCIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
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
1890
Heating
YES
Stories
4
Units
13
Lot
0.11 ac
Current owner
From public records · entity-resolved
Horatio Properties II LLC
Entity
Mailing address
1341 N SPAIGHT ST APT #1, MADISON, WI 53703-4849
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
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 20, 2024
$1,760,000
Horatio Properties II LLC
Jamesland Properties LLC
Warranty Deed
$1,408,000 · Educators Cu
Nov 3, 2021
$1,455,000
Janesland Propertis LLC
518 North Water Street LLC
Special Warranty Deed
$1,091,250 · Mound City Bank
Mar 29, 2019
—
518 North Water Street LLC
—
Deed
related
$1,400,000 · Partnership Bank
Mar 29, 2018
$1,400,000
518 North Water Street LLC
Ram Real Estate Holdings LLC
Special Warranty Deed
$350,000 · Richard W Donner Etal
Jun 16, 2010
$1,300,000
Ram Real Estate Holding LLC
George V Alex
Warranty Deed
$800,000 · M & I Marshall & Ilsley Bank
Jan 10, 2006
$565,000
George V Alex
St Paul Crossing LLP
Warranty Deed
$640,000 · M & I Marshall & Ilsley Bank
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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