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Property profile & analytics
FOR SALE
Office buildings
647 W Virginia St Milwaukee, WI 53204
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US92-0374645
For Sale
1 / 30
$4,515,000
647 W Virginia St, Milwaukee, WI 53204
View Listing →
Property summary
AI-generated overview
This stunning three-story, 47,000 square foot building, constructed in 1912, offers 4 available executive office suites, each a minimum of 11,750 square feet. Located in Milwaukee County, the property features intricate crown molding and historical finishes, reflecting its past as the administration and trade hub of the Pfister and Vogel Leather Company. Modern updates include a central open staircase and a contemporary office buildout. Unique features include a historic boardroom with a fireplace and former bank vaults on each floor. The building provides striking city views and excellent freeway visibility. Three parking spaces are available for tenants and their guests. Full "plug and play" options with furniture are available, along with building signage opportunities. The entire building is currently vacant and available for lease. The property is classified as Class B.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1912
Total area
49,152 SF
Lot
0.61 ac (26,600 SF)
Zoning code
IM
APN
427-0305-000
UPID
US92-0374645
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
-
FedEx Drop Box Postal Service Courier Service
-
LSS Connections Social Service Agency
-
The Trade Center at The Tannery Business Service Center Corporate Office
-
Pfister & Vogel Leather Co Tour Operator
-
LSS Foundation Association / Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.54M
Blend (final)
Blend
$4.52M
Owner & transaction history
Mke Trade Center Owner LLC · 7 yrs held
Mke Trade Center Owner LLC
since 2018
7 recorded transactions
Zoning & alternative use
IM · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$5.9M
+50.6%
Apartment house (5+ units)
$5.3M
+36.1%
Medical building
$5.1M
+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
$3,895,000
Current use
AUTO REPAIR, GARAGE
$5,865,000
Change: +51% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$5,300,000
Change: +36% · Conversion: Easy
MEDICAL BUILDING
$5,060,000
Change: +30% · Conversion: Easy
RESTAURANT
$4,825,000
Change: +24% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$4,575,000
Change: +17% · Conversion: Difficult
Blend value · Realmo final
$4.52M
Range $4.06M – $4.97M · ±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
$92 / 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
$81,223
Tax year 2022
Assessed value
$3,612,000
Assessed 2022
Previous assessed
$3,612,000
+0.0% YoY
Effective rate
2.25%
On assessed value
Assessed land
$133,000
Assessed improvement
$3,479,000
Land market value
$133,000
Improvement market value
$3,479,000
Total market value
$3,612,000
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Sale
Year built
1912
Heating
YES
Cooling
YES
Stories
3
Units
2
Total area
49,152 SF
Lot
0.61 ac (26,600 SF)
Zoning code
IM
APN
427-0305-000
UPID
US92-0374645
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
$3.9M
AUTO REPAIR, GARAGE
Est. value
$5.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.3M
MEDICAL BUILDING
Est. value
$5.1M
RESTAURANT
Est. value
$4.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$4.6M
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
1912
Heating
YES
Cooling
Yes
Stories
3
Units
2
Lot
0.61 ac
Current owner
From public records · entity-resolved
Mke Trade Center Owner LLC
Entity
Mailing address
1200 NN BR ST #200, CHICAGO, IL 60642-2701
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 8, 2018
$4,237,800
Mke Trade Center Owner LLC
Tannery Trade Center LLC
Special Warranty Deed
$50,316,500 · Cibc Bank USA
Jun 29, 2016
—
Tannery Trade Center LLC
—
Deed
related
$2,660,000 · State Bk/cross Plains
May 11, 2016
—
Tannery Main LLC
—
Deed Of Trust
related
$900,000 · State Bk/cross Plains
Oct 9, 2015
—
Tannery Main LLC
—
Deed Of Trust
related
$900,000 · State Bk/cross Plains
Nov 3, 2014
$1,360,000
Tannery Trade Center LLC
Lcm Funds 20 LLC
Grant Deed
—
Aug 17, 2010
—
Lcm Funds 20 LLC
Atlas Dev Corp
Warranty Deed
—
—
—
Lcm Funds 20 LLC
—
Deed Of Trust
related
$8,299,400 · Community Bk
—
—
Lcm Funds 20 LLC
—
Deed Of Trust
related
—
—
—
Tannery Trade Center LLC
—
Deed Of Trust
related
$2,660,000 · State Bk/cross Plains
—
—
Lcm Funds 20 LLC
—
Deed Of Trust
related
—
—
—
Lcm Funds 20 LLC
—
Deed Of Trust
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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