Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5220 3rd St Milwaukee, WI 53207

    • Parking lots & garages
    • 51,164 SF
    • 3.87 lot acres
    OFF-MARKET
    Value Estimations
    $11,060,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0336343
    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

    • Parking lots & garages

    Property Details for 5220 3rd St

    Year built
    1971
    Lot size
    3.87 lot acres
    Property size
    51,164 SF
    Zone code
    IL1
    Property type
    Parking lots & garages
    APN
    641-0011-000
    APU
    6410011000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $9,460,000
      Market price range: $1.52M - $12.9M

    • Alternative Use

      Use
      Estimation
      PARKING LOT
      $13,685,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $11,765,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9136
    Latitude
    42.9502
    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
    $64,287
    $2,459,200
    $240,800
    $2,700,000
    -
    $2,459,200
    $240,800
    $2,700,000

    Comparable in this City

    • Value Estimation by Request
      0.85 Acres

      2131 Lenox St

      PARKING LOT • 0.85 Acres
      2131 Lenox St, Milwaukee, WI 53207
      View Details
    • Value Estimation by Request
      0.55 Acres

      188 Edgerton Ave

      PARKING LOT • 0.55 Acres
      188 Edgerton Ave, Milwaukee, WI 53207-6021
      View Details
    • Value Estimation
      $635,000
      0.07 Acres

      2305 2307th S Burrell St

      PARKING LOT • 0.07 Acres
      2305 2307th S Burrell St, Milwaukee, WI 53207
      View Details
    • Value Estimation by Request
      4,096 SF

      2717 2721st S Kinnickinnic Ave

      PARKING LOT • 4,096 SF
      2717 2721st S Kinnickinnic Ave, Milwaukee, WI 53207
      View Details
    • Value Estimation by Request
      1.25 Acres

      5240 3rd St

      PARKING LOT • 1.25 Acres
      5240 3rd St, Milwaukee, WI 53207
      View Details
    • Value Estimation by Request
      1.00 Acre

      2525 Shr Dr

      PARKING GARAGE, PARKING STRUCTURE • 1.00 Acre
      2525 Shr Dr, Milwaukee, WI 53207-1973
      View Details

    Similar Nearby for Sale

    • $95,000
      0.16 Acres

      Bay View Parking Lot Investment

      Prime parking lot with income potential in Bay View.
      2466 S Kinnickinnic Ave, Milwaukee, WI 53207
      View Details
    • $1,520,000
      3,192 SF

      Restaurant Space in Desirable Neighborhood

      Vacant restaurant space near new and upcoming apartments.
      2254-2264 S Kinnickinnic Ave, Milwaukee, WI 53207
      View Details
    • $685,000
      3,375 SF

      Bay View Commercial Properties

      Two adjacent commercial properties in Bay View's thriving business district.
      2474 S Kinnickinnic Ave, Milwaukee, WI 53207
      View Details
    • $3,590,000
      1,800 SF

      Turnkey Restaurant Space in Bayview

      Restaurant and retail spaces for sale in thriving Bayview.
      2121 S Kinnickinnic Ave, Milwaukee, WI 53207
      View Details
    • $1,265,000
      1,710 SF

      Pizza Hut Investment Opportunity

      Milwaukee Pizza Hut: NNN Lease, High ROI
      3131 Kinnickinnic Ave, Milwaukee, WI 53207
      View Details
    • $3,950,000
      2,630 SF

      Milwaukee Commercial Portfolio

      Versatile Multi-Use Property, Prime Location
      5917 Howell Ave, Milwaukee, WI 53207
      View Details

    Similar Nearby for Lease

    • $5 SF/Yr
      160,800 SF

      Airport Commerce Center: Milwaukee Power Center

      High-profile Milwaukee retail space available.
      550 Grange Ave, Milwaukee, WI 53207
      View Details
    • $26 SF/Yr
      1,600 SF

      Retail Space Available For Rent

      Retail space available for lease in Milwaukee, Wisconsin.
      150-260 W Holt Ave, Milwaukee, WI 53207
      View Details
    • $14 SF/Yr
      3,000 SF

      Prime Bay View Retail Space

      3,000 SF Retail Office, Flexible Layout
      3101 Delaware Ave, Milwaukee, WI 53207
      View Details
    • $25 SF/Yr
      195,126 SF

      Kinnickinnic Ave Retail Space Available

      Milwaukee storefront, restaurant space for lease.
      2160 Kinnickinnic Ave, Milwaukee, WI 53207
      View Details
    • Contact for pricing
      4,936 SF

      Retail Space in High-Traffic Area

      Retail spaces available in well-designed strip center near airport.
      938-1020 W Layton Ave, Milwaukee, WI 53207
      View Details
    • $14 SF/Yr
      29,491 SF

      Chase Ave Plaza Retail Space

      Milwaukee Retail Space: 1,380 SF Available
      2960-84 Chase Ave, Milwaukee, WI 53207
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    5220 3rd St
    Milwaukee, WI 53207
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.