Market study for the owner · Riverwest, Milwaukee 53212
2600-2604 N Booth St
6 units, 7,868 SF, bought Jan 26, 2026 at $850,000 (County deed #11572508). Where it stands in the 2026 market, by the numbers, every figure sourced.
Market study for the owner · Riverwest, Milwaukee 53212
6 units, 7,868 SF, bought Jan 26, 2026 at $850,000 (County deed #11572508). Where it stands in the 2026 market, by the numbers, every figure sourced.
Where you stand (short version)
The price is supported at market rents
You paid $850,000 on Jan 26, 2026 (County deed #11572508). Measured against rent, that is GRM 9.43 on today's rent and GRM 7.94 on market rent (the rent roll and the county deed record). Priced piece by piece at market rents, the building works out to $795,949 to $975,276, close to the middle of that range at your $850,000 (the component calculation). The units are in great shape and fully leased; the rents are simply below market, so the work that pays is the rent roll. The full picture is below.
Value, piece by piece
$795,949-$975,276
Apartments at 7.74 to 9.72 times rent plus shops at a 7.2% to 8.5% return (the component calculation).
Middle of that range
$885,446
Against the $850,000 you paid on Jan 26, 2026 (County deed #11572508).
Rent gap per year
$17,000
Worth about $139,000 of value at the same rates ($91,800 on the apartments, $47,160 on the shops) (the rent roll and the market-rent schedule).
The property in pictures
Click any photo to open it full size; the arrow keys and the on-screen buttons step through the set. All 29 come from the 2025 sale listing (LoopNet listing 35897675).
7,868 SF is gross building area; the rentable area is 7,011 SF (Appraisal (Lingeman, Jan 12, 2026), p. 35).
Market evidence · rents
Seven two-bedroom comps in Riverwest and just around it, sized against each of your three apartments. Your building appears twice: at today's rents and at market (the at-market-rents row). Sort any column; each listing's story and source open in its Details.
| 2600-2604 N Booth St Subject | 3x 2BR (1,440 / 1,050 / 1,421 SF) | avg 1,304 SF | avg $1,398/mo ($4,195 total) | $1.07/SF/mo |
|---|---|---|---|---|
Units Apt 1: 1,440 SF, 2BR/2BA · Apt 2: 1,050 SF, 2BR/1.5BA · Apt 3: 1,421 SF, 2BR/2BA In place Apt 1 $1,375 + Apt 2 $1,495 + Apt 3 $1,325 = $4,195/mo (rent roll, Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 68) Condition Great shape: tall ceilings including the top-floor cathedral ceiling, rooftop decks on the 2nd and 3rd floor apartments, in-unit washer and dryer plus dishwasher in all apartments, parking for about 4 cars off the alley, Apt 2 remodeled 2024, some apartments have porches. | ||||
| 2600-2604 N Booth St - at market rents (Pro Forma) Subject | 3x 2BR (1,440 / 1,050 / 1,421 SF) | avg 1,304 SF | avg $1,698/mo ($5,095 total) | $1.30/SF/mo |
At market $61,140 a year ($5,095/mo) for the three apartments (Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 69) Against today In place the three bring $4,195/mo, about $900/mo below market. | ||||
 2105 N Booth St Unit 1, Milwaukee, WI 53212 | 2BR/1BA | 1,000 SF | $1,799/mo | $1.80/SF/mo |
Sized against your units Apt 2 (1,000 SF = -4.8% vs 1,050) Baths 1 bath (2BR/1BA) Lease and utilities Residential gross; trash included. Availability Advertised Oct 4, 2026 by Huettner Properties; available now. Inside Full remodel: wood plank flooring, central air, full-size washer and dryer in the unit, new cabinetry with granite counters, stainless appliances including a dishwasher, marble shower, walk-in closet, garage parking, shared balcony, storage locker, pet friendly. From the source '2 Beds • 1 Bath $1,799 1000 ft 2 1 Available Managed By: Huettner Properties ... 2105-1 $1,799 Available Now ... 2105 North Booth Street #3 $1,779 Rented ... 2105-6 $1,799 Rented' (Rentable); '2105 N Booth St was advertised by Huettner Properties on Oct 4, 2026 at 9:51 AM ET and last updated today at 9:22 AM ET' (RentalSource) | ||||
 2204 N Booth St Lower, Milwaukee, WI 53212 | 1,300 SF | $1,950/mo | $1.50/SF/mo | |
Sized against your units Your Apt 1/3 (1,300 SF vs 1,440 / 1,421 SF, -8.5% / -9.7%) Baths 1.5+ baths baths (2BR/1.5BA) Lease and utilities Residential gross; garbage, water and sewer included. Availability Available now; one month free on lease signing (effective $1,787.50/mo). Inside 1,300 SF two-bedroom lower: hardwood floors, central air, washer and dryer in the unit, dishwasher, large kitchen and dining room, garage space plus off-street parking, park views, smoke-free. From the source '1ST MONTH FREE! | Spacious 2BR Riverwest Apartment with Park Views, Garage & Central A/C ... 2 Bedrooms ... $1,950 1300 Sq Ft Available Now' (CollegeRentals); 'Available now $1,950/mo 2 beds • 1.5 baths • 1,300 sqft ... Get your first month free upon signing a lease!' (Rentler); 'Monthly rent $1,950 Beds 2 Baths 1.5 Sqft 1,300 ... Listed 5+ Days Ago' (Zumper) | ||||
 2822 N Fratney St #A, Milwaukee, WI 53212 | 2BR/1BA | 905 SF | $1,545/mo | $1.71/SF/mo |
Sized against your units Between your units (905 SF vs Apt 2's 1,050 SF, -13.8%): a quality and price signal Baths 1 bath (2BR/1BA) Lease and utilities Residential gross; garbage, water, lawn care and snow removal included; baseboard heat; one-year lease. Availability Leased or pending as of Oct 2026 (ForRent shows "Check Back Soon for Upcoming Availability"). Inside Hardwood flooring, shared laundry, garbage, water, lawn and snow included, baseboard heat. From the source '$1,545 Total Monthly Price 2822 N Fratney St Unit A ... Last Updated: 2 Wks Ago ... Check Back Soon for Upcoming Availability' (ForRent); '2822 N Fratney St A ... 2 Bedroom Apartment for $1,500/month' (Zumper); 'Flooring: Hardwood ... Garbage included in rent ... Date on market: Aug 18, 2025' (Zillow) | ||||
 914 E Townsend St Upper, Milwaukee, WI 53212 | 2BR/1BA | 1,150 SF | $1,400/mo | $1.22/SF/mo |
Sized against your units Your Apt 2 band edge (1,150 SF vs 1,050 SF, +9.5%) Baths 1 bath (2BR/1BA) Lease and utilities Residential gross; owner pays water, trash and recycling. Availability Listed for rent Sep 30, 2026 at $1,400 (Zillow); updated four days ago (Zumper). Inside Hardwood flooring, washer and dryer in the unit. From the source 'Price history ... Sep 30, 2026 Listed for rent $1,400 $1/sqft Source: Zillow Rentals'; '2 beds 1 baths 1,150 sqft ... Laundry: In Unit ... Flooring: Hardwood' (Zillow); '914 E Townsend St #UPPER ... 2 Bedroom Apartment for $1,400/month ... currently on market' (Zumper) | ||||
 Row House 31, 2650 N Humboldt Ave, Milwaukee, WI 53212 | 1,550 SF | $2,345/mo | $1.51/SF/mo | |
Sized against your units Your Apt 1/3 ceiling bracket (1,550 SF vs 1,440 SF, +7.6%): New-Build Ceiling (31-unit 2012 complex), not a small-building peer Baths 1.5+ baths baths (2BR/2.5BA) - subject's exact bath config Lease and utilities Residential gross (base rent; fees extra). Availability Available now; built 2012, 31 units over 3 stories. Inside New-build townhome ceiling bracket: 2BR/2.5BA homes with private entrances, attached two-car garages, large balconies, walk-in closets, pet friendly. From the source 'Monthly Rent $2,345 - $2,395 ... 2 Beds, 2.5 Baths, 1,550 Sq. Ft. ... Built in 2012 31 units / 3 stories ... Last Updated: Today' (ForRent); '$2,475 - $2,495 2 Bed • 2 Bath • 1,550 Sq. Ft. • Available Now ... F $2,495 Available Now ... C $2,475 Available Now ... Rented Units ... Year Built: 2012 Total Unit Count: 31' (Rentable) | ||||
 2138 N Buffum St Lower, Milwaukee, WI 53212 (Brewer's Hill) | 2BR/1BA | 1,200 SF | $1,625/mo | $1.35/SF/mo |
Sized against your units Between your units (1,200 SF): a renovated-quality signal Baths 1 bath (2BR/1BA) Lease and utilities Residential gross; sewer, trash and off-street parking included; 12-month lease, deposit $1,625. Availability Listed for rent Sep 10, 2026; available immediately. Inside Completely renovated lower unit: brand-new kitchen, quartz counters, private laundry (dishwasher, dryer, refrigerator, washer), central air, off-street parking, shared fenced yard and deck. From the source '$1,625/mo 2 Beds 1 Bath 1,200 sqft ... Be the first to enjoy this completely renovated two-bedroom, one-bath lower unit ... Available immediately for $1,625 per month' (Trulia); 'Price history ... Sep 10, 2026 Listed for rent $1,625 $1/sqft Source: Zillow Rentals' (Zillow) | ||||
 2332 N Holton St #2332, Milwaukee, WI 53212 | 2BR/1BA | 1,105 SF | $1,590/mo | $1.44/SF/mo |
Sized against your units Your Apt 2 (1,105 SF vs 1,050 SF, +5.2%) Baths 1 bath (2BR/1BA) Lease and utilities Residential gross (tenant pays heat and electric). Availability Listed Jan 2026 at $1,590 and removed Feb 22, 2026 (44-day cycle). Inside Dishwasher, washer and dryer in the unit, balconies, attic access, painted front porch. From the source 'More recently, it was listed as a rental in Jan 2026 with an asking price of $1,590 per month. That rental listing was removed on Feb 22, 2026.' '2332 N Holton St #2332 ... 2 Beds 1 Bath 1,105 sqft' (Trulia) | ||||
The tagged match names the subject unit each comp is sized against; the 1-bath comps sit below your units' 1.5+ bath cluster and never anchor the top of the range. Rents are asking rents unless the row says otherwise.
Market evidence · rents
What can you actually get for a 1,000 SF bakery bay, a 1,050 to 1,600 SF acupuncture bay, and a salon bay of about 500 SF?
| 2600-2604 N Booth St Subject | your own three bays (bakery, acupuncture clinic, salon) | 3,100 SF (500 / 1,000 / 1,600) | $3,315/mo in place | $12.83/SF/yr | 7,000 AADT (2023) | 0.00 mi | rent roll 2026+ (signed leases) | No |
|---|---|---|---|---|---|---|---|---|
Bays Bakery 1,000 SF at $1,200/mo ($14.40/SF/yr) · acupuncture 1,600 SF at $1,350/mo ($10.12/SF/yr) · salon 500 SF at $765/mo ($18.36/SF/yr) Lease structure Modified gross (the bakery lease has the landlord paying taxes, insurance, common area costs, structural repairs, and sewer and water). Lease dates Bakery to Nov 30, 2026 · acupuncture to Jul 31, 2026 · salon to Sep 30, 2027 (rent roll, Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 68) Proximity 0.00 mi: these are the subject's own bays at 2600-2604 N Booth St. In place $1,200 + $1,350 + $765 = $3,315/mo ($39,780 a year) (rent roll, Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 68) | ||||||||
| 2600-2604 N Booth St Subject | your own three bays (bakery, acupuncture clinic, salon) | 3,100 SF (500 / 1,000 / 1,600) | $3,832/mo at market | $14.83/SF/yr | 7,000 AADT (2023) | 0.00 mi | rent roll 2026+ (at market) | No |
Bays Bakery 1,000 SF at $1,200/mo ($14.40/SF/yr) · acupuncture 1,600 SF at $1,350/mo ($10.12/SF/yr) · salon 500 SF at $765/mo ($18.36/SF/yr) Lease structure Modified gross (the bakery lease has the landlord paying taxes, insurance, common area costs, structural repairs, and sewer and water). Lease dates Bakery to Nov 30, 2026 · acupuncture to Jul 31, 2026 · salon to Sep 30, 2027 (rent roll, Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 68) Proximity 0.00 mi: these are the subject's own bays at 2600-2604 N Booth St. At market $45,980 a year ($3,832/mo) for the three bays (Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 86) Against today In place the three bring $3,315/mo. The acupuncture lease never repriced after the tenant expanded into 808 E Clarke St; the appraisal puts that bay's potential at $22,400 a year ($14.00/SF). | ||||||||
| 2604 N Booth St Subject's own bay | small inline shop / studio-clinic flex storefront | 1,000 SF | $1,200/mo | $14.40/SF/yr | 7,000 AADT (2023) | 0.00 mi | signed 2024+ | No |
Use small inline shop / studio-clinic flex storefront; small inline neighborhood shop (fitness/dance studio, clinic, retail pitched) Eligibility signed 2024+: Sold for $1,200 on Dec 1, 2024 Rent basis mls-reported (unverified signing) Lease structure not published (MLS sheet silent on gross/NNN) Dates signed lease Dec 1, 2024 (MLS 1894975 'Sold for $1,200 on Dec 1, 2024'); listing from Dec 2024 Traffic 7,000 AADT (2023) E CENTER ST WEST OF N HOLTON ST MILWAUKEE, WisDOT station 404040, 256 m away; 4,500 AADT (2023) E CENTER ST WEST OF N HUMBOLDT BLVD MILWAUKEE, WisDOT station 404044, 477 m away Proximity 0.00 mi N of 2600-2604 N Booth St (straight-line) Submarket Riverwest proper (Booth St corridor) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Shorewest MLS #1894975 From the source # 2604 N Booth St Milwaukee WI 53212 $1,200 ## Property Description 2604 N Booth St Milwaukee WI 53212 - Commercial Office/Retail Space Available in RiverwestDiscover an exceptional commercial space in Riverwest, featuring approximately 1,000 sq ft of versatile area. With 12' ceilings and hardwood floors, this space offers a welcoming atmosphere, complete with a private bathroom, furnace, and air conditioning for year-round comfort. | ||||||||
| 2634 N Dr Martin Luther King Jr Dr | salon / personal care (4-5 chair salon, barber/braiding/nail convertible) | 912 SF | $900/mo | $11.84/SF/yr | 7,900 AADT (2022) | 0.50 mi | signed 2024+ | No |
Use salon / personal care (4-5 chair salon, barber/braiding/nail convertible); salons & personal care Eligibility signed 2024+: Sold for $900 on Apr 1, 2025 Rent basis mls-reported (unverified signing) Lease structure not published; salon equipment included ('Salon equipment, stations, chairs, storage units') Dates signed lease Apr 1, 2025 (MLS 1908390); listed ~2025-03 (mirror 'Added 585 day(s) ago') Traffic 7,900 AADT (2022) N DR MARTIN LUTHER KING DR NORTH OF E VINE ST MILWAUKEE, WisDOT station 405585, 1345 m away; 5,900 AADT (2022) DR MARTIN LUTHER KING JR DR BTWN CHERRY & VLIET STS MILWAUKEE, WisDOT station 405366, 1922 m away | documented traffic claim: 'you'll have great street traffic for walk-in clients' (MLS 1908390) Proximity 0.50 mi W of 2600-2604 N Booth St (straight-line) Submarket Harambee / Historic King Dr (2600 N block) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Shorewest MLS #1908390 · Coldwell Banker From the source # 2634 N Dr Martin Luther King Jr Dr, Milwaukee, WI 53212 Sold for $900 on Apr 1, 2025 ## Make An Appointment ### Get More Info Receive more detailed information on this property | ||||||||
| 2701 N Dr Martin Luther King Jr Dr | clinic / health & wellness / studio (open plan + walled offices) | 2,000 SF | $1,500/mo | $9.00/SF/yr | 7,900 AADT (2022) | 0.53 mi | signed 2024+ | No |
Use clinic / health & wellness / studio (open plan + walled offices); clinics & health & wellness services (yoga/wellness pitched) Eligibility signed 2024+: Sold for $1,500 on Mar 27, 2025 Rent basis mls-reported (unverified signing) Lease structure not published Dates signed lease Mar 27, 2025 at $1,500/mo (MLS 1873338); asking was $2,800/mo ($16.80/SF derived), 46% below asking Traffic 7,900 AADT (2022) N DR MARTIN LUTHER KING DR NORTH OF E VINE ST MILWAUKEE, WisDOT station 405585, 1473 m away; 5,900 AADT (2022) DR MARTIN LUTHER KING JR DR BTWN CHERRY & VLIET STS MILWAUKEE, WisDOT station 405366, 2050 m away Proximity 0.53 mi WNW of 2600-2604 N Booth St (straight-line) Submarket Harambee / Historic King Dr (2700 N block) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Shorewest MLS #1873338 From the source # 2701 N Dr Martin Luther King Jr Dr, Milwaukee, WI 53212 Sold for $1,500 on Mar 27, 2025 2701 N Dr Martin Luther King Jr Dr, Milwaukee 0.24 Acres $1,500 Sold | ||||||||
| 501 W North Ave | small inline shop (commercial storefront, open flexible plan) | 1,200 SF | $2,500/mo | $25.00/SF/yr | 22,400 AADT (2019) | 0.78 mi | signed 2024+ | No |
Use small inline shop (commercial storefront, open flexible plan); small inline neighborhood shop Eligibility signed 2024+: Sold for $2,500 on Sep 16, 2026 Rent basis mls-reported (unverified signing) Lease structure not published Dates signed lease Sep 16, 2026 (MLS 1977930) Traffic 22,400 AADT (2019) W NORTH AVE BTWN 7TH & 6TH STS MILWAUKEE, WisDOT station 404076, 146 m away; 7,900 AADT (2023) N 7TH ST SOUTH OF W NORTH AVE MILWAUKEE, WisDOT station 404141, 224 m away | documented traffic claim: 'offers excellent visibility along North Avenue' (MLS 1977930) Proximity 0.78 mi WSW of 2600-2604 N Booth St (straight-line) Submarket Bronzeville / Harambee (North Ave & 5th-6th St, west edge of Riverwest market) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Shorewest MLS #1977930 From the source # 501 W North Ave 503, Milwaukee, WI 53212 Sold for $2,500 on Sep 16, 2026 501 W North Ave 503, Milwaukee 0.04 Acres $2,500 Sold | ||||||||
| 1947 N Dr. Martin Luther King Jr. Dr | small inline shop (main-floor storefront, big display window) | 1,200 SF | $2,800/mo | $28.00/SF/yr | 7,900 AADT (2022) | 0.84 mi | signed 2024+ | No |
Use small inline shop (main-floor storefront, big display window); small inline neighborhood shop Eligibility signed 2024+: Sold for $2,800 on Feb 3, 2026 Rent basis mls-reported (unverified signing) Lease structure not published Dates signed lease Feb 3, 2026 at $2,800/mo (MLS 1946474); asking was $3,000/mo ($30.00/SF derived), bases never mixed Traffic 7,900 AADT (2022) N DR MARTIN LUTHER KING DR NORTH OF E VINE ST MILWAUKEE, WisDOT station 405585, 208 m away; 5,900 AADT (2022) DR MARTIN LUTHER KING JR DR BTWN CHERRY & VLIET STS MILWAUKEE, WisDOT station 405366, 785 m away Proximity 0.84 mi SW of 2600-2604 N Booth St (straight-line) Submarket Brewer's Hill / near-downtown MLK Dr edge Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Shorewest MLS #1946474 From the source # 1947 N Dr. Martin Luther King Jr. Dr Milwaukee WI 53212 $3,000 ## Property Description 1947 N Dr. Martin Luther King Jr. Dr Milwaukee WI 53212 - Spacious main floor commercial unit available for immediate usage. In prime near downtown/Brewers Hill location. Character filled brick building, with big display window, updated restroom and spacious open layout. | ||||||||
| 3901-3925 N Richards St | small inline shop (former GameStop in-line unit; anchored center) | 1,447 SF | $1,688/mo | $14.00/SF/yr | 6,000 AADT (2023) | 1.55 mi | active listing | No |
Use small inline shop (former GameStop in-line unit; anchored center); small inline neighborhood shop Eligibility active listing: Available Immediately Upon Contract Rent basis asking Lease structure NNN $14.00/SF base + $6.37/SF CAM, insurance, taxes = $20.37/SF gross-equiv ($2,456/mo all-in) Dates fresh-2026 asking; 'Available Immediately Upon Contract' (Bieck + Showcase/CityFeet live Oct 7, 2026) Traffic 6,000 AADT (2023) N RICHARDS ST SOUTH OF STH 190 CAPITOL DR MILWAUKEE, WisDOT station 402951, 35 m away; 4,100 AADT (2023) N RICHARDS ST - SOUTH OF E VIENNA AVE MILWAUKEE, WisDOT station 405728, 166 m away | documented traffic claim: 'just off Capitol Drive in the epicenter of the East Capitol Drive Retail Corridor' (Showcase 25665397) Proximity 1.55 mi N of 2600-2604 N Booth St (straight-line) Submarket Williamsburg Heights / Riverworks BID (Riverwest NE edge) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Bieck Management · Showcase From the source HIGHLIGHTS Strategically positioned multi-tenant shopping center located just off Capitol Drive in the epicenter of the East Capitol Drive Retail Corridor Riverworks Commons is surrounded by Walmart, Goodwill, PNC Bank, and a recently remodeled ALDI. Site offers two points of ingress and egress via Richards and Palmer Streets. OVERVIEW The shopping center features a raised parapet for highly visible signage. RENTAL DETAILS SPACE AVAILABLE 1,447 SF MAX CONTIG. (BLDG) - # OF SPACES 1 RENT/MONTH $1,688 USD /mo RENT RATE (MO) $1.17 USD /SF/mo RENT RATE (YR) $14.00 USD /SF/yr LEASE TYPE Triple Net LEASE LENGTH 3 Years STATUS AVAILABLE Now BUILDING DETAILS PROPERTY TYPE - PROPERTY SUBTYPE ADD'L SUBTYPES TOTAL BUILDING SIZE 21,336 SF YEAR BUILT 2003 PARKING SPACES 75 | ||||||||
 3575 N Oakland Ave | small inline shop (first-floor retail; health/personal-care co-tenants) | 1,130 SF | $1,412/mo | $14.99/SF/yr | 14,500 AADT (2023) | 1.47 mi | signed 2024+ | Yes |
Use small inline shop (first-floor retail; health/personal-care co-tenants); small inline neighborhood shop (health & wellness cluster) Eligibility signed 2024+: Sold for $1,412 on Feb 6, 2026 Rent basis mls-reported (unverified signing) Lease structure NNN; building CAM $2.40/SF/yr (published on the live offer) Dates signed lease Feb 6, 2026 at $1,412/mo (MLS 1942487); earlier asking $1,695/mo ($18.00/SF), bases labeled separately Traffic 14,500 AADT (2023) N OAKLAND AVE BTWN E MENLO BLVD & E EDGEWOOD AVE SHOREWOOD, WisDOT station 401238, 69 m away; 2,300 AADT (2019) E EDGEWOOD AVE BTWN N OAKLAND AVE & N CRAMER SHOREWOOD, WisDOT station 401237, 188 m away | documented traffic claim: 'great visibility for your business to call home' (Realmo 12897359) Proximity 1.47 mi NNE of 2600-2604 N Booth St (straight-line) Submarket Shorewood (N Oakland Ave retail corridor) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Shorewest MLS #1942487 · selectpropertieswi.com From the source # 3575 N Oakland Ave UNIT B Shorewood WI 53211 $1,412 ## Property Description ### Property Details * **Commercial/Industrial** * Status: **Sold** * Est. Square Footage: **1,130** * Est. Year Built: **1962** * Est. Acreage: **0.5** * County: **Milwaukee** | ||||||||
| 4010 N Oakland Ave | small inline shop (generic commercial storefront + basement storage) | 1,700 SF | $2,700/mo | $19.06/SF/yr | 11,600 AADT (2023) | 1.84 mi | signed 2024+ | Yes |
Use small inline shop (generic commercial storefront + basement storage); small inline neighborhood shop Eligibility signed 2024+: Sold for $2,700 on Dec 12, 2024 Rent basis mls-reported (unverified signing) Lease structure modified gross ('Heat is included in rent'); basement storage included Dates signed lease Dec 12, 2024 at $2,700/mo (MLS 1867314); asking was $3,000/mo ($21.18/SF derived) Traffic 11,600 AADT (2023) N OAKLAND AVE BTWN E ELMDALE CT & STH 190 E CAPITOL DR SHOREWOOD, WisDOT station 401222, 35 m away; 20,200 AADT (2023) STH 190 E CAPITOL DR BTWN BARTLETT & OAKLAND SHOREWOOD, WisDOT station 401219, 90 m away | documented traffic claim: 'Located on busy Oakland Ave in beautiful Shorewood' (MLS 1867314) Proximity 1.84 mi NNE of 2600-2604 N Booth St (straight-line) Submarket Shorewood (N Oakland Ave corridor) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Shorewest MLS #1867314 From the source # 4010 N Oakland Ave, Shorewood, WI 53211 Sold for $2,700 on Dec 12, 2024 4010 N Oakland Ave Shorewood, WI 53211 by Coldwell Banker Realty $3,000 Outside 4010 N Oakland Ave Shorewood, WI 53211 by Coldwell Banker Realty $3,000 | ||||||||
| 2514-2516 E Capitol Dr | small inline shop (street retail storefront; boutiques/retail pitched) | 1,475 SF | $2,397/mo | $19.50/SF/yr | 820 AADT (2019) | 2.08 mi | active listing | Yes |
Use small inline shop (street retail storefront; boutiques/retail pitched); small inline neighborhood shop Eligibility active listing: Date Updated Sep 4, 2026 Rent basis asking Lease structure NNN ('Lease Type Net'); CAM/tax/ins pass-through not published; 60-day availability Dates fresh-2026 asking; 'Date Updated Sep 4, 2026' (CommercialCafe) Traffic 820 AADT (2019) N DOWNER AVE BTWN E JARVIS ST & STH 190 E CAPITOL DR SHOREWOOD, WisDOT station 401228, 129 m away; 4,200 AADT (2023) STH 190 E CAPITOL BTWN HARCOURT PL STH 32 N LAKE DR SHOREWOOD, WisDOT station 401231, 290 m away | documented traffic claim: 'approachable street level retail ... big display windows' in 'Wisconsin's most walkable community' (listing) Proximity 2.08 mi NE of 2600-2604 N Booth St (straight-line) Submarket Shorewood ('Wisconsin's most walkable community' per listing) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources CommercialCafe · CityFeet From the source 1 Space Available ## 2514 East Capitol Drive Space Type Street Retail Lease Rate $19.50/SF/YR Total Space 1,475 SF Divisible Space 1,475 - 1,475 SF # Of Parking Spaces 2 Available Date 60 Days Lease Type Net Renewal Option Yes Sublease No Turnkey No | ||||||||
| 1725A S 12th St | salon / personal care / small inline shop (boutique, yoga, med-spa pitched) | 1,000 SF | $975/mo | $11.70/SF/yr | 4,000 AADT (2021) | 3.92 mi | active listing | Yes |
Use salon / personal care / small inline shop (boutique, yoga, med-spa pitched); salons & personal care / small inline shops Eligibility active listing: Available Mid November! Rent basis asking Lease structure modified gross ('CAM Fees Included With Rent: Lawn Care, Snow Plowing, Water/Sewer'); 1-year term Dates fresh-2026 asking; 'Available Mid November!' (Sidello listing 47, live Oct 7, 2026) Traffic 4,000 AADT (2021) W WINDLAKE AVE NORTHEAST OF W LINCOLN AVE MILWAUKE, WisDOT station 404357, 918 m away; 13,200 AADT (2024) W LINCON AVE EAST OF 12TH ST MILWAUKEE, WisDOT station 405529, 984 m away | documented traffic claim: 'located on a busy street with lots of foot traffic as it is located next to a busy laundromat' (Sidello listing 47) Proximity 3.92 mi SSW of 2600-2604 N Booth St (straight-line) Submarket Lincoln Village / south side (S 12th & W Lincoln Ave corridor) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Sidello Property From the source This 1000 square foot spacious property is located on a busy street with lots of foot traffic as it is located next to a busy laundromat. | ||||||||
| 5312 W Vliet St | salon / health & wellness / small inline shop (prior uses: yoga studio, bookstore, tutoring, barber) | 1,000 SF | $1,600/mo | $19.20/SF/yr | 6,900 AADT (2022) | 4.03 mi | signed 2024+ | Yes |
Use salon / health & wellness / small inline shop (prior uses: yoga studio, bookstore, tutoring, barber); salons & personal care / clinics & health services Eligibility signed 2024+: Sold for $1,600 on Jul 1, 2025 Rent basis mls-reported (unverified signing) Lease structure not published Dates signed lease Jul 1, 2025 (MLS 1918885); MLS history: Active $1,600 May 21, 2025, Pending Jun 30, 2025, Sold Jul 1, 2025 Traffic 6,900 AADT (2022) W VLIET ST EAST OF N HAWLEY RD MILWAUKEE, WisDOT station 404184, 176 m away; 7,300 AADT (2022) W VLIET ST EAST OF N 60TH ST MILWAUKEE, WisDOT station 404185, 517 m away | documented traffic claim: 'Situated in a prime location with high visibility' (MLS 1918885) Proximity 4.03 mi WSW of 2600-2604 N Booth St (straight-line) Submarket Washington Heights / West Vliet St (Wauwatosa border) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Shorewest MLS #1918885 From the source # 5312 W Vliet St, Milwaukee, WI 53208 Sold for $1,600 on Jul 1, 2025 5312 W Vliet St, Milwaukee 0.1 Acres $1,600 Sold | ||||||||
| 2197 S Kinnickinnic Ave | small inline shop (storefront retail; last use dog-training facility) | 1,600 SF | $2,400/mo | $18.00/SF/yr | 4,200 AADT (2022) | 4.23 mi | active listing | Yes |
Use small inline shop (storefront retail; last use dog-training facility); small inline neighborhood shop Eligibility active listing: STATUS Existing AVAILABLE Now Rent basis asking Lease structure 'LEASE TYPE TBD' as published, structure not stated Dates fresh-2026 asking; 'STATUS Existing AVAILABLE Now' (Showcase 41533066, live Oct 7, 2026) Traffic 4,200 AADT (2022) KINNICKINIC AVE SOUTH OF E WHITTAKER AVE CUDAHY, WisDOT station 401809, 5356 m away; 3,800 AADT (2024) E LINCOLN AVE WEST OF S HOWELL AVE MILWAUKEE, WisDOT station 404383, 192 m away | documented traffic claim: 'Surrounded by a vibrant mix of local retailers, restaurants, entertainment venues, and service businesses' (listing) Proximity 4.23 mi S of 2600-2604 N Booth St (straight-line) Submarket south side, Bay View Asset type small-bay retail: different asset type - not a true mixed-use comp Sources Showcase From the source South Kinnickinnic Avenue in Milwaukee’s established Bay View neighborhood. Surrounded by a vibrant mix of local retailers, restaurants, entertainment venues, and service businesses. Convenient access to downtown Milwaukee, Interstate 794, and Interstate 94. OVERVIEW Very flexible space in the Heart of Bayview. endless opportunities with this flexible space. Last | ||||||||
| 7911 W Becher St | small inline shop (neighborhood storefront; retail/service uses, zoned C-2) | 900 SF | $1,100/mo | $14.67/SF/yr | 4,600 AADT (2024) | 6.84 mi | active listing | Yes |
Use small inline shop (neighborhood storefront; retail/service uses, zoned C-2); small inline neighborhood shop Eligibility active listing: Date Updated Sep 23, 2026 Rent basis asking Lease structure modified gross ('Offered at $1,100 per month (MG)'); taxes/ins/utilities split not itemized Dates fresh-2026 asking; 'Date Updated Sep 23, 2026'; 'coming available Spring 2026' (CommercialSearch/Brevitas Apr 26, 2026) Traffic 4,600 AADT (2024) W BECHER WEST OF S 76TH WEST ALLIS, WisDOT station 402192, 334 m away; 10,100 AADT (2024) S 76TH SOUTH OF W BECHER WEST ALLIS, WisDOT station 402191, 385 m away | documented traffic claim: 'seeing approximately 4,600 vehicles per day' along W Becher St (listing) Proximity 6.84 mi SW of 2600-2604 N Booth St (straight-line) Submarket south side, Honey Creek Settlement (West Allis border) Asset type small-bay retail: different asset type - not a true mixed-use comp Sources CommercialCafe · CommercialSearch From the source - Location ### Property Information See Attachment - For Lease $1,100.00/MO - Property Type Retail - Street Retail - Property Size 7,826 SF - Lot Size 0.13 Acre - Year Built 1927 | ||||||||
Every row here cleared the eligibility rule before it earned a place: a signed 2024 or later lease, a 2024 or later rent roll, an active listing, or a lease term still running. The Eligibility column names which one - 8 rows rest on signed leases dated 2024 or later and 5 on listings that were active when checked. Rent basis under each row says whether the figure is MLS-reported or an asking rate. The smallest bay in the pool is 900 SF, so no true 500 SF bay exists as a comp: the salon read rests on 912 to 1,130 SF salon and health bays, the closest real evidence. Rent per month is the quoted monthly rent; $/SF/yr is the yearly rate per square foot, comparable across lease structures. Traffic is the WisDOT annual average traffic count at the nearest station. Out-of-market flags a row that sits outside Riverwest. These are small-bay retail leases: different asset type - not a true mixed-use comp.
Bakery bay, about 1,000 SF: 2604 N Booth St (1,000 SF, $14.40), 2634 N Dr Martin Luther King Jr Dr (912 SF, $11.84), 1725A S 12th St (1,000 SF, $11.70), 5312 W Vliet St (1,000 SF, $19.20), 7911 W Becher St (900 SF, $14.67). Acupuncture bay, 1,050 to 1,600 SF: 501 W North Ave (1,200 SF, $25.00), 1947 N Dr. Martin Luther King Jr. Dr (1,200 SF, $28.00), 3901-3925 N Richards St (1,447 SF, $14.00), 3575 N Oakland Ave (1,130 SF, $14.99), 2514-2516 E Capitol Dr (1,475 SF, $19.50), 2197 S Kinnickinnic Ave (1,600 SF, $18.00). Salon bay, about 500 SF: 2634 N Dr Martin Luther King Jr Dr (912 SF, $11.84), 1725A S 12th St (1,000 SF, $11.70), 5312 W Vliet St (1,000 SF, $19.20).
Market evidence · sales (1 of 3)
What do buyers pay per unit and per square foot for true retail-over-residential mixed-use near the subject?
| 2600-2604 N Booth St Subject | 3x2BR apartments + 3x commercial (incl. turnkey bakery) = 6 units (3 commercial + 3 residential) | 6 | 7,868 | Jan 26, 2026 | $850,000 | $141,667/unit | $108.03/SF |
|---|---|---|---|---|---|---|---|
Bought Jan 26, 2026 for $850,000 (County deed #11572508 (Wisconsin real estate transfer record)) Per unit, per SF $141,667 per unit on 6 units · $108.03 per SF on 7,868 SF gross ($121.24 per SF on the 7,011 SF rentable area) Unit mix 3x2BR apartments + 3x commercial (incl. turnkey bakery) = 6 units (3 commercial + 3 residential) Sources County deed #11572508 (Wisconsin real estate transfer record) · City of Milwaukee property record (account 3211644000) · Shorewest MLS #1917951 (rent roll addendum) · Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 68, 69, 86, 98, 126+ From the records 2600 N Booth St, Milwaukee, WI 53212 ... Sold for $850,000 ... 4 beds 7,868 sqft ... Built in 1880 ... $108/sqft (Zillow, fetched Oct 7, 2026) | |||||||
| 2600-2604 N Booth St Subject | 3x2BR apartments + 3x commercial (incl. turnkey bakery) = 6 units (3 commercial + 3 residential) | 6 | 7,868 | value indicated | $849,241 | $141,540/unit | $107.94/SF |
Value at market The appraisal indicates $849,241: market net income of $61,145 divided by the 7.2% concluded overall rate. That is not a sale. Unit mix 3x2BR apartments + 3x commercial (incl. turnkey bakery) = 6 units (3 commercial + 3 residential) Sources County deed #11572508 (Wisconsin real estate transfer record) · City of Milwaukee property record (account 3211644000) · Shorewest MLS #1917951 (rent roll addendum) · Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 68, 69, 86, 98, 126+ From the records | |||||||
 800 E Chambers St | 1 storefront + 5 apts | 6 | 4,626 | Jul 2, 2025 | $540,000 | $90,000/unit | $116.73/SF |
Fit to the subject unit config closest (6u; 1C+5R vs subject 3C+3R) | SF -41% | 0.5 mi | built 1905 vs 1880 Unit mix 1 storefront commercial + 5 apartments (3BR, 2BR, 1BR, 1BR+den, studio); 4,626 SF, built 1905 Building 4,626 SF, gross building area per the city property record Built 1905 Deed County deed #11521359 (Wisconsin real estate transfer record) Sources County deed #11521359 (Wisconsin real estate transfer record) · City of Milwaukee property record · Urban Milwaukee From the records County deed record row: "Document Number 11521359; Document Type Warranty deed; Conveyance Type Sale; Conveyance Date Jul 2, 2025; Recorded Date Jul 10, 2025; Seller Name SJM SQUARED PROPERTIES LLC; Buyer Name GENGLER PROPERTY GROUP LLC; Sale price $540,000.00; Property Use Type Multi-family; Number of Units 6; Square Feet 0; Physical Address 800 E Chambers St" | |||||||
| 3272-3274 N Holton St | 1 storefront + 2x1BR | 3 | 5,611 | Aug 28, 2026 | $150,000 | $50,000/unit | $26.73/SF |
Fit to the subject use config closest (retail storefront over 2 apts) | SF -29% | 0.6 mi | PRIORITY dossier Unit mix 1 ground-floor commercial storefront + 2x 1BR apartments upstairs (each with private outdoor space) = 3 UNITS (1 commercial + 2 residential). Shorewest print page: 'Total Number of Units: 3'. 1-car attached garage + 1 ou Building 5,611 SF, gross building area per the city property record Deed County deed #11631697 (Wisconsin real estate transfer record) Sources County deed #11631697 (Wisconsin real estate transfer record) · Trulia · redfin.com · Coldwell Banker From the records County deed record row: "Document Number 11631697; Document Type Warranty deed; Conveyance Type Sale; Conveyance Date Aug 28, 2026; Recorded Date Aug 31, 2026; Seller Name KING ARTHUR HOMES LLC; Buyer Name ANGEL PROPERTIES 3 LLC; Sale price $150,000.00; Property Use Type Single family (Class 1); Number of Units 1; Square Feet 0; Physical Address 3272-3274 N HOLTON ST" | |||||||
| 1333-35 N Dr. Martin Luther King Jr Dr | 2 commercial + 1x1BR | 3 | 5,178 | May 27, 2025 | $675,000 | $225,000/unit | $130.36/SF |
Fit to the subject 2 commercial + 1 residential (commercial-rich) | SF -34% | 0.8 mi Unit mix 1x1BR + 2xCOMM (assessor card) Building 5,178 SF, gross building area per the city property record Deed County deed #11512121 (Wisconsin real estate transfer record) Sources County deed #11512121 (Wisconsin real estate transfer record) · Urban Milwaukee From the records County deed record row: "Document Number 11512121; Document Type Warranty deed; Conveyance Type Sale; Conveyance Date May 27, 2025; Recorded Date Jun 5, 2025; Seller Name CREAM CITY AQUATICS LLC; Buyer Name 1333 MLK LLC; Sale price $675,000.00; Property Use Type Commercial (Class 2); Number of Units 0; Square Feet 0; Physical Address 1333-1335 N. Martin Luther King Jr Drive, Milwaukee, WI 532 | |||||||
| 3439-55 N Dr. Martin Luther King Jr Dr | 1 commercial + 4 apts | 5 | 10,304 | Jun 26, 2026 | $400,000 | $80,000/unit | $38.82/SF |
Fit to the subject 5 units (1C+4R) | SF +31% (largest in set) | 1.2 mi Unit mix 4x?BR + 1xCOMM (assessor card: 10 bedrooms total) Building 10,304 SF, gross building area per the city property record Deed County deed #11613995 (Wisconsin real estate transfer record) Sources County deed #11613995 (Wisconsin real estate transfer record) · Urban Milwaukee From the records County deed record row: "Document Number 11613995; Document Type Warranty deed; Conveyance Type Sale; Conveyance Date Jun 26, 2026; Recorded Date Jun 26, 2026; Seller Name Y & K ENTERPRISES LLC; Buyer Name DHILLON BROTHERS, LLC; Sale price $400,000.00; Property Use Type Commercial (Class 2); Number of Units 0; Square Feet 0; Physical Address 3439-55 N MARTIN LUTHER KING JR DR" | |||||||
| 707 E Brady St | 1 commercial + 2 apts | 3 | 4,952 | Jul 30, 2025 | $750,000 | $250,000/unit | $151.45/SF |
Fit to the subject Brady St retail corridor (1C+2R) | SF -37% | 1.0 mi Unit mix 2x?BR + 1xCOMM (assessor card: 3 bedrooms total) Building 4,952 SF, gross building area per the city property record Deed County deed #11528564 (Wisconsin real estate transfer record) Sources County deed #11528564 (Wisconsin real estate transfer record) · Zillow From the records County deed record row: "Document Number 11528564; Document Type Warranty deed; Conveyance Type Sale; Conveyance Date Jul 30, 2025; Recorded Date Aug 6, 2025; Seller Name 707 EAST BRADY LLC; Buyer Name NEXGEN VENTURES LLC; Sale price $750,000.00; Property Use Type Commercial (Class 2); Number of Units 3; Square Feet 0; Physical Address 707 East Brady Street" | |||||||
| 3201 N Holton St (3201-3205) | 2 residential + 1 commercial | 3 | 3,266 | Oct 7, 2024 | $250,000 | $83,333/unit | $76.55/SF |
Fit to the subject same Holton St corridor (2R+1C, commercial 1,000 SF = 31%) | SF -58% Unit mix 1x3BR + 1x2BR + 1xCOMM (1,000 SF commercial, 31%) per appraisal; assessor card (range 3201-3205) counts 6xCOMM + 2xRES Building 3,266 SF, gross building area per the city property record Deed County deed #11456341 (Wisconsin real estate transfer record) Sources County deed #11456341 (Wisconsin real estate transfer record) · Zillow From the records County deed record row: "Document Number 11456341; Document Type Warranty deed; Conveyance Type Sale; Conveyance Date Oct 7, 2024; Recorded Date Oct 11, 2024; Seller Name SHVAAS LLC; Buyer Name NGUYEN, DUY DINH; Sale price $250,000.00; Property Use Type Single family (Class 1); Number of Units 0; Square Feet 0; Physical Address 3201 N Holton Street" | |||||||
| 1947-49 N Dr. Martin Luther King Jr Dr | 1 commercial + 1x1BR | 2 | 1,848 | Apr 25, 2025 | $180,000 | $90,000/unit | $97.40/SF |
Fit to the subject 1C+1R smallest true-MU trade | SF -76% (biggest area deviation in set) | 0.84 mi Unit mix 1x1BR + 1xCOMM (~64% commercial) Building 1,848 SF, gross building area per the city property record Deed County deed #11502526 (Wisconsin real estate transfer record) Sources County deed #11502526 (Wisconsin real estate transfer record) · Coldwell Banker From the records County deed record row: "Document Number 11502526; Document Type Warranty deed; Conveyance Type Sale; Conveyance Date Apr 25, 2025; Recorded Date Apr 30, 2025; Seller Name L & C MANAGEMENT GROUP LLC; Buyer Name NINETEEN FORTY SEVEN LLC; Sale price $180,000.00; Property Use Type Commercial (Class 2); Number of Units 0; Square Feet 0; Physical Address 1947 - 1949 North Doctor Martin Luther King | |||||||
Every row is a county-deed trade of 2024 or later with the price, the date, the unit count and the building size all published. The subject's rate per square foot is on 7,868 SF of gross building area (7,011 SF rentable: $121.24 per SF). Fit to the subject sits under each address. Gates every row clears: 2024+ COE, TRUE mixed-use (retail over residential), surrounding area (Riverwest/Brewer's Hill/Harambee/East Side, at most 1.2 mi), complete price-date-units-SF, deed-backed.
Median $$90,000 per unit (range $$50,000 to $$250,000) and $97.40 per SF (range $26.73 to $151.45). subject $141,667/unit vs median $90,000/unit; $108.03/SF vs median $97.4/SF.
Market evidence · sales (2 of 3)
What gross-rent multiple do investors pay for income buildings like this?
| 2600-2604 N Booth St Subject | mixed-use (3C+3R) | 6 | 7,868 | Jan 26, 2026 | $850,000 | $7,510/mo | 9.43 | in-place at sale, documented |
|---|---|---|---|---|---|---|---|---|
Rent basis in-place at sale, documented (appraisal rent roll Jan-2026): apartments $4,195/mo (Booth 1 $1,375 + Booth 2 $1,495 + Booth 3 $1,325) = $50,340/yr + commercial $39,780/yr (bakery et al.) Sources County deed #11572508 (Wisconsin real estate transfer record) · City of Milwaukee property record (account 3211644000) · Shorewest MLS #1917951 (rent roll addendum) · Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 68, 69, 86, 98, 126+ | ||||||||
| 2600-2604 N Booth St Subject | mixed-use (3C+3R) | 6 | 7,868 | value indicated | $849,241 | $8,927/mo | 7.93 | Stabilized gross potential per appraisal Pro Forma |
Rent basis STABILIZED gross potential per appraisal Pro Forma: apartments $61,140/yr (Booth 1 $1,800 + Booth 2 $1,495 + Booth 3 $1,800 "next rent") + commercial $45,980/yr Sources County deed #11572508 (Wisconsin real estate transfer record) · City of Milwaukee property record (account 3211644000) · Shorewest MLS #1917951 (rent roll addendum) · Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 68, 69, 86, 98, 126+ | ||||||||
 2800 W Lincoln Ave (2800-2802) | mixed-use (retail over residential) | 2 | 4,586 | Feb 27, 2026 | $375,000 | $4,035/mo | 7.74 | closed, documented |
Rent basis in-place, documented (MLS 1944520 print remark: combined storefront + residence $4,035/mo; unit split not published) Unit mix turnkey bakery (~2,800 SF) + 3BR residence (building 4,586 SF) Sources County deed #11582013 (Wisconsin real estate transfer record) · Shorewest MLS #1944520 From the source six years and, together with the residence, generates $4035 per month in rent, with tenants paying utilities. | ||||||||
| 800 E Chambers St | mixed-use (retail over residential) | 6 | 4,626 | Jul 2, 2025 | $540,000 | $5,700/mo | 7.89 | closed, documented |
Rent basis in-place, documented rent table (MLS 1919599 print: 1u @ $1,300 + 2u @ $850 + 2u @ $950 + 1u @ $800 = 6 units) Unit mix 1 storefront commercial + 5 apartments (3BR, 2BR, 1BR, 1BR+den, studio); 4,626 SF, built 1905 Sources County deed #11521359 (Wisconsin real estate transfer record) · Shorewest MLS #1913298 · Shorewest MLS #1785666 · City of Milwaukee property record From the source Total Number of Units: 6 | Unit Type 1 # of Units: 1 | Unit Type 1 Avg Rent: $1,300 | Unit Type 2 # of Units: 2 | Unit Type 2 Avg Rent: $850 | Unit Type 3 # of Units: 2 | Unit Type 3 Avg Rent: $950 | Unit Type 4 # of Units: 1 | Unit Type 4 Avg Rent: $800 | ||||||||
| 3272-3274 N Holton St | mixed-use (retail over residential) | 3 | 5,611 | Aug 28, 2026 | $150,000 | $2,750/mo | 4.55 | closed, estimate |
Rent basis ESTIMATE - post-sale (Oct 2026) marketing rents $800+$950+$1,000 on Zillow/Trulia; in-place rent roll at sale NOT published; CAUTION unit-count conflict (aggregator shows 3 apartments vs traded 1C+2R=3; storefront rent not published) Unit mix 1 ground-floor commercial storefront + 2x 1BR apartments upstairs (each with private outdoor space) = 3 UNITS (1 commercial + 2 residential). Shorewest print page: 'Total Number of Units: 3'. 1-car attached garage + 1 ou Sources County deed #11631697 (Wisconsin real estate transfer record) · Zillow · Trulia · redfin.com · Coldwell Banker From the source Unit 1 1bd 1ba $800/mo 1 unit Available now | Unit 2846A 2 bd, 1 ba 870 Now $950 | Unit 2446 2 bd, 1 ba Now $1,000 | ||||||||
| 2568-2570 N Booth St | small multifamily | 2 | 2,398 | Jan 24, 2025 | $415,000 | not published | - | no rent published |
Rent basis No rent roll is published for this trade, so it carries no gross rent multiple. Unit mix 2x?BR (duplex; assessor 4 bedrooms total) Asset type different asset type - not a true mixed-use comp - small multifamily; no rent roll is published for this trade, so the row carries no gross rent multiple. Sources County deed #11482423 (Wisconsin real estate transfer record) · City of Milwaukee property record (account 3211480000) · Shorewest MLS #1897123 | ||||||||
| 2859-2861 N Booth St | small multifamily | 3 | 3,529 | Jun 10, 2025 | $430,000 | $2,648/mo | 13.53 | closed, partial+impute |
Rent basis in-place 2 of 3 documented (MLS 1915230 print: $880 + $885); 3rd unit rent NOT published - imputed at the two documented rents average $882.50 = ESTIMATE Unit mix 2x2BR + 1x?BR (duplex + house; RETR 3 units) Asset type different asset type - not a true mixed-use comp - small multifamily: it prints higher gross rent multiples than mixed-use trades, so read it as an upper bound rather than a blind comparable. Sources County deed #11515899 (Wisconsin real estate transfer record) · Shorewest MLS #1915230 · Coldwell Banker From the source Unit Type 1 # of Units: 1 | Unit Type 1 Avg Rent: $880 | Unit Type 2 # of Units: 1 | Unit Type 2 Avg Rent: $885 | Unit Type 3 # of Units: 1 | ||||||||
| 3045-3047 N Booth St | small multifamily | 2 | 2,849 | Apr 11, 2025 | $399,900 | $2,812/mo | 11.85 | closed, partial+impute |
Rent basis in-place 2 of 3 documented (MLS 1909842 print: $920 + $955); 3rd unit rent NOT published - imputed at the two documented rents average $937.50 = ESTIMATE | UNIT-COUNT CONFLICT: county RETR says 2 units, MLS print says 3 Unit mix 2x?BR (duplex + house; assessor 4 bedrooms total) Asset type different asset type - not a true mixed-use comp - small multifamily: it prints higher gross rent multiples than mixed-use trades, so read it as an upper bound rather than a blind comparable. Sources County deed #11500787 (Wisconsin real estate transfer record) · Shorewest MLS #1909842 · Zillow From the source Unit Type 1 Avg Rent: $920 | Unit Type 2 # of Units: 1 | Unit Type 2 Avg Rent: $955 | Unit Type 3 # of Units: 1 | Est. Year Built: 1907 | ||||||||
| 2330-2332 N Holton St | small multifamily | 2 | 2,190 | Aug 22, 2025 | $241,000 | $3,180/mo | 6.32 | closed, estimate |
Rent basis PARTIAL + ESTIMATE - 1 of 2 units documented (2BR/1BA upper 1,105 SF @ $1,590/mo, Trulia/Zillow listed Jan-2026); full-building $38,160/yr = 2 x $1,590 ESTIMATE (near-equal unit SF 1,105 vs ~1,085) Unit mix 2x2BR (duplex) Asset type different asset type - not a true mixed-use comp - small multifamily: it prints higher gross rent multiples than mixed-use trades, so read it as an upper bound rather than a blind comparable. Sources County deed #11533330 (Wisconsin real estate transfer record) · Trulia · Urban Milwaukee From the source PARTIAL-RENT basis: 1 of 2 units documented (2/1 upper, 1,105 SF, $1,590/mo published rent, Trulia/Zillow listed Jan-2026). Second unit (~1,085 SF) rent NOT documented. FULL-BUILDING ESTIMATE: 2 x $1,590/mo x 12 = $38,160 | ||||||||
GRM (annual) = sale price / gross annual scheduled rent (12 x monthly). Monthly GRM = price / monthly gross rent. Both labeled on every row. Basis under every row says whether the rent is documented, partly imputed, or an estimate. Small multifamily rows carry the asset-type label instead of any averaging rule: Jay and Mark decide how much each row counts, the site does not.
The two mixed-use trades with documented rents print 7.74 to 7.89 times annual rent. Your building bought at 9.43 on today's below-market rents and 7.94 at market rents. The small multifamily rows print 6.32 to 13.53 - a different asset type, not a true mixed-use comp, and never a blind comparable.
Market evidence · sales (3 of 3)
What going-in cap rate do investors pay for small income buildings like this?
| 3477-3479 N 2nd St, Milwaukee, WI 53212 | 17.15% | listing-published | $249,000 ask | Oct 1, 2026 | 2,838 SF | 1.20 mi |
|---|---|---|---|---|---|---|
Cap basis Listing-published: the cap rate is the listing's own published figure. No arithmetic was performed here. Asset type mixed-use Income, expenses, vacancy net income $42,710 (published). Status Active Date Oct 1, 2026 Sources Crexi data record · Crexi From the source Mixed Use | 17.15% CAP | 2,838 SqFt | ||||||
| 4842 W. Lisbon Avenue, Milwaukee, WI 53208 | 10.25% | listing-published | $345,000 ask | Feb 2, 2026 | 3,284 SF | 3.17 mi |
Cap basis Listing-published: the cap rate is the listing's own published figure. No arithmetic was performed here. Asset type mixed-use (multifamily + street commercial) Status Active Date Feb 2, 2026 Sources Crexi data record · Crexi From the source Mixed Use Investment Opportunity | ||||||
| 4630 W North Ave, Milwaukee, WI 53208 | 7.88% | listing-published | $545,000 ask | Jan 24, 2026 | 5,712 SF | 3.47 mi |
Cap basis Listing-published: the cap rate is the listing's own published figure. No arithmetic was performed here. Asset type mixed-use (4 residential units + commercial + garage) Income, expenses, vacancy net income $42,945 (published). Status Active Date Jan 24, 2026 Sources Crexi data record · Crexi From the source Mixed Use | 7.88% CAP | 5,712 SqFt | ||||||
| 1800 N Farwell Ave, Milwaukee, WI 53202 | 6.50% | broker-published | $2,700,000 ask | - | - | 1.22 mi |
Cap basis Broker-published: the broker's own published cap rate (offering material or property page). No arithmetic was performed here. Asset type mixed-use (10 apartments + 5 commercial suites) Status Active listing page (marcusmillichap.com) Sources Marcus & Millichap · Crexi data record From the source Listing Price: $2,700,000 Offering Memorandum & Deal Room Cap Rate 6.50% Number of Units 15 Occupancy 97.0% Price/Unit $180,000 | ||||||
| 1947-49 N Dr. Martin Luther King Jr Dr, Milwaukee, WI 53205 | 13.78% | appraisal-published | $180,000 | Apr 16, 2025 | 1,848 SF | 0.84 mi |
Cap basis Appraisal-published: the cap rate is printed in the appraiser's overall rate table for this closed trade. Asset type mixed-use (apartment(s)-over-commercial) Appraisal Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 38-39 (overall rate table) Income, expenses, vacancy gross potential income $45,600; effective gross income $41,760; net income $24,797; documented operating expenses $16,963 (37.2% of gross potential income); vacancy $3,840 (8.4% of gross potential income). Status closed trade (deed recorded) Date Apr 16, 2025 Sources City of Milwaukee property record (account 3530665000) From the source | Gross Potential Income | \$36,000 | \$9,600 | \$45,600 | | Vacancy | 3,600 | 240 | 3,840 | | Effective Gross Income | 32,400 | 9,360 | 41,760 | | Op. Expenses (37.2%) | | | 16,963 | | Net Operating Income | | | 24,797 | | Indicated OAR | | | 13.78% | | ||||||
| 2034-36 N Dr. Martin Luther King Jr Dr, Milwaukee, WI 53205 | 7.15% | appraisal-published | $329,000 | Dec 1, 2025 | 3,030 SF | 0.77 mi |
Cap basis Appraisal-published: the cap rate is printed in the appraiser's overall rate table for this closed trade. Asset type mixed-use (apartment(s)-over-commercial) Appraisal Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 40-41 (overall rate table) Income, expenses, vacancy gross potential income $42,000; effective gross income $39,150; net income $23,526; documented operating expenses $15,624 (37.2% of gross potential income); vacancy $2,850 (6.8% of gross potential income). Status closed trade (deed recorded) Date Dec 1, 2025 Sources City of Milwaukee property record (account 3530562100) From the source | Gross Potential Income | \$24,000 | \$18,000 | \$42,000 | | Vacancy | 2,400 | 450 | 2,850 | | Effective Gross Income | 21,600 | 17,550 | 39,150 | | Op. Expenses (37.2%) | | | 15,624 | | Net Operating Income | | | 23,526 | | Indicated OAR | | | 7.15% | | ||||||
| 2670 N Holton St (2670-2672), Milwaukee, WI 53212 | 8.73% | appraisal-published | $195,000 | Nov 25, 2025 | 3,114 SF | 0.12 mi |
Cap basis Appraisal-published: the cap rate is printed in the appraiser's overall rate table for this closed trade. Asset type mixed-use (apartment(s)-over-commercial) Appraisal Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 42-43 (overall rate table) Income, expenses, vacancy gross potential income $29,796; effective gross income $28,116; net income $17,032; documented operating expenses $11,084 (37.2% of gross potential income); vacancy $1,680 (5.6% of gross potential income). Status closed trade (deed recorded) Date Nov 25, 2025 Sources City of Milwaukee property record (account 3212352000) From the source | Gross Potential Income | \$12,456 | \$17,340 | \$29,796 | | Vacancy | 1,246 | 434 | 1,680 | | Effective Gross Income | 11,210 | 16,906 | 28,116 | | Op. Expenses (37.2%) | | | 11,084 | | Net Operating Income | | | 17,032 | | Indicated OAR | | | 8.73% | | ||||||
| 3201 N Holton St (3201-3205), Milwaukee, WI 53212 | 10.21% | appraisal-published | $250,000 | Oct 7, 2024 | 3,266 SF | 0.76 mi |
Cap basis Appraisal-published: the cap rate is printed in the appraiser's overall rate table for this closed trade. Asset type mixed-use (apartment(s)-over-commercial) Appraisal Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 44-45 (overall rate table) Income, expenses, vacancy gross potential income $44,400; effective gross income $42,030; net income $25,513; documented operating expenses $16,517 (37.2% of gross potential income); vacancy $2,370 (5.3% of gross potential income). Status closed trade (deed recorded) Date Oct 7, 2024 Sources City of Milwaukee property record (account 2812310000) From the source | Gross Potential Income | \$16,800 | \$27,600 | \$44,400 | | Vacancy | 1,680 | 690 | 2,370 | | Effective Gross Income | 15,120 | 26,910 | 42,030 | | Op. Expenses (37.2%) | | | 16,517 | | Net Operating Income | | | 25,513 | | Indicated OAR | | | 10.21% | | ||||||
| 800 E Chambers St, Milwaukee, WI 53212 | 7.18% | appraisal-published | $540,000 | Jul 2, 2025 | 4,626 SF | 0.52 mi |
Cap basis Appraisal-published: the cap rate is printed in the appraiser's overall rate table for this closed trade. Asset type mixed-use (apartment(s)-over-commercial) Appraisal Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 46-47 (overall rate table) Income, expenses, vacancy gross potential income $65,892; effective gross income $63,308; net income $38,796; documented operating expenses $24,512 (37.2% of gross potential income); vacancy $2,584 (3.9% of gross potential income). Status closed trade (deed recorded) Date Jul 2, 2025 Sources City of Milwaukee property record (account 2811005000) From the source | Gross Potential Income | \$12,492 | \$53,400 | \$65,892 | | Vacancy | 1,249 | 1,335 | 2,584 | | Effective Gross Income | 11,243 | 52,065 | 63,308 | | Op. Expenses (37.2%) | | | 24,512 | | Net Operating Income | | | 38,796 | | Indicated OAR | | | 7.18% | | ||||||
| 1326-1337 W Oklahoma Avenue, Milwaukee, WI 53215 | 6.55% | broker-published | $425,000 ask | Apr 30, 2026 | 1,250 SF | 5.50 mi |
Cap basis Broker-published: the broker's own published cap rate (offering material or property page). No arithmetic was performed here. Asset type small-bay retail (two-tenant strip center, 1,250 SF): different asset type - not a true mixed-use comp Income, expenses, vacancy net income $27,820 (published). Status On-Market (Crexi) + Founders 3 OM PDF live Date Apr 30, 2026 Sources Founders 3 · Crexi data record · Crexi From the source OFFERING Pricing $425,000 Cap Rate 6.55% Net Operating Income $27,820 Lease Types Gross Landlord Responsibilities Contact Broker | ||||||
| 3332A N Third St, Milwaukee, WI 53212 | 9.54% | listing-published | $260,000 ask | Aug 17, 2026 | 4,155 SF | 1.07 mi |
Cap basis Listing-published: the cap rate is the listing's own published figure. No arithmetic was performed here. Asset type small multifamily (two duplexes / 4 units): different asset type - not a true mixed-use comp Income, expenses, vacancy net income $24,800 (published). Status Active Date Aug 17, 2026 Sources Crexi data record · Crexi From the source Multifamily • 9.54% CAP | ||||||
| 117 E Chambers St, Milwaukee, WI 53212 | 8.11% | listing-published | $185,000 ask | Jul 10, 2026 | 1,960 SF | 0.58 mi |
Cap basis Listing-published: the cap rate is the listing's own published figure. No arithmetic was performed here. Asset type small multifamily (duplex / 2 units): different asset type - not a true mixed-use comp Income, expenses, vacancy net income $14,999 (published). Status Active Date Jul 10, 2026 Sources Crexi data record · Crexi From the source Multifamily • 8.11% CAP | ||||||
Every cap rate in this table is published by somebody else: a listing, a broker, or an appraisal, named in each row's Basis column. Nothing on this page is calculated from rent. Rows that are a small multifamily or small-bay retail property carry "different asset type - not a true mixed-use comp". the subject's own two cap rates are appraisal-published: 5.85% on the 2025 net income of $49,725 in the owner's operating statement (Appraisal, pp. 126+) and 7.20% at market rents on the appraisal's concluded overall rate (Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, pp. 95, 98).
Published caps run 6.50% to 17.15% across these 12 properties. The 5 closed mixed-use trades within 0.84 mi of your building print 7.15%, 7.18%, 8.73%, 10.21%, 13.78%, median 8.73% - that is the market's own pricing for this asset class.
Valuation
2600-2604 N Booth St is really two businesses under one roof: three apartments and three shops. Apartments and shops sell at different rates, so the fair way to price the building is to price each half with its own kind of trade, then add the two answers together.
Apartments: $61,140 a year (Appraisal (Lingeman, Jan 12, 2026), p. 69). Shops: $45,980 a year (Appraisal (Lingeman, Jan 12, 2026), p. 86). Together: $107,120 a year.
The four Milwaukee trades with documented rent rolls set the band at 7.74 to 9.72 times rent. The table at the end of this chapter lists all four with your own trade, each row carrying its sources.
Applying that band to the apartments' $61,140 of market rent: low $473,224 at 7.74 times, middle $519,690 at 8.5 times, high $594,281 at 9.72 times (the component calculation). The upper two include those mixed buildings' storefront income inside the multiplier, so they lean generous for a pure apartment half. That is why the middle of the band is used.
Small Milwaukee mixed-use and retail trades of 2025 and 2026 change hands at 6.6% to 8.5% returns on the income their listings state (the county deed records behind the four trades). After market operating costs for this kind of building (37.2% of rent, Appraisal (Lingeman, Jan 12, 2026), p. 95) and a 5% vacancy allowance, the shops' $45,980 of rent supports $27,432 of net income: at an 8.5% return $322,726, at 7.5% $365,756, and at the 7.2% return the appraisal concluded (Appraisal (Lingeman, Jan 12, 2026), pp. 84-87) that is $380,995.
The purchase was $850,000 (County deed #11572508), which sits inside that range and just under the middle (the component calculation).
Whole-building multiples. Mixed buildings with a similar shop-to-apartment split changed hands at 7.74 to 9.72 times rent. On the building's $107,120 of market rent that is $829,109 to $1,041,206, middle $910,520 (the component calculation).
Straight return. Net income of $63,908 at the 7.2% to 8.5% return band is $751,856 to $887,608 (the component calculation).
All three routes land in the same neighborhood, roughly $751,856 to $1,041,206. Nothing in the range depends on a trade older than 2024.
Your own trade and the four Milwaukee trades with documented rent rolls: every 2024 or later study-area trade that published a rent roll. The other 2024 or later trades published no rent roll, so they carry no GRM or cap rate. Sort any column; each row's story and sources open in its Details.
| 2600-2604 N Booth St Subject | Jan 26, 2026 | $850,000 | $90,120/yr, in place | 9.43 |
|---|---|---|---|---|
Rent basis GRM 9.43 = $850,000 / $90,120 of in-place rent (apartments $50,340 + shops $39,780). Cap rate 5.85% = $49,725 of 2025 net income (owner's operating statement, Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, pp. 126+) / $850,000. Sources County deed #11572508 (Wisconsin real estate transfer record) · City of Milwaukee property record (account 3211644000) · Shorewest MLS #1917951 (rent roll addendum) · Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 68, 69, 86, 98, 126+ | ||||
| 2600-2604 N Booth St - at market rents (Pro Forma) Subject | Jan 26, 2026 | $850,000 | $107,120/yr, at market | 7.94 |
Rent basis GRM 7.94 = $850,000 / $107,120 of market rent (apartments $61,140 + shops $45,980). Cap rate 7.20% = $61,169 of market net income (Pro Forma, Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 98) / $850,000. Sources County deed #11572508 (Wisconsin real estate transfer record) · City of Milwaukee property record (account 3211644000) · Shorewest MLS #1917951 (rent roll addendum) · Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 68, 69, 86, 98, 126+ | ||||
| 2933-2935 N WEIL ST Direct comp | Oct 18, 2024 | $647,500 | $75,300/yr, documented | 8.60 |
Rent basis Documented scheduled rent at listing ($6,275/mo plus coin laundry) = $75,300 a year. GRM 8.60 = $647,500 / $75,300. Sources County deed #11460825 (Wisconsin real estate transfer record) · City of Milwaukee property record · Shorewest MLS #1887748 | ||||
| 800 E Chambers St Direct comp | Jul 2, 2025 | $540,000 | $68,400/yr, documented | 7.89 |
Rent basis Unit rent table published with the listing (1x $1,300, 2x $850, 2x $950, 1x $800 = $5,700/mo) = $68,400 a year. GRM 7.89 = $540,000 / $68,400. Sources County deed #11521359 (Wisconsin real estate transfer record) · City of Milwaukee property record (account 2811005000) · Shorewest MLS #1913298 · Appraisal for 2600-2604 N Booth St (Steven Lingeman, MAI), effective Jan 12, 2026, p. 46-47 | ||||
 2674 N Holton St (2674-2678) Direct comp | Feb 17, 2026 | $210,000 | $21,600/yr, at sale | 9.72 |
Rent basis Occupied rent roll at sale (2 of 3 apartments occupied; both storefronts vacant) = $21,600 a year. GRM 9.72 = $210,000 / $21,600. Sources County deed #11577892 (Wisconsin real estate transfer record) · City of Milwaukee property record · Coldwell Banker · Shorewest MLS #1941012 | ||||
| 2800 W Lincoln Ave (2800-2802) Direct comp | Feb 27, 2026 | $375,000 | $48,420/yr, documented | 7.74 |
Rent basis Documented scheduled rent at sale ($4,035/mo, bakery + residence) = $48,420 a year. GRM 7.74 = $375,000 / $48,420. Sources County deed #11582013 (Wisconsin real estate transfer record) · City of Milwaukee property record · Zillow · Shorewest MLS #1944520 | ||||
This table carries the four Milwaukee trades with documented rent rolls (every 2024 or later study-area trade that published one) plus your own trade measured twice. GRM is the sale price divided by one full year of rent at the basis shown, and every rent figure here is quoted from the source named in its Details. Cap rates are not shown in this table: they sit in the going-in cap rate chapter, each one published by a listing, a broker, or an appraisal. Your own trade is in the table twice: at today's rent and at market rent.
Where you stand
You paid $850,000 on Jan 26, 2026 ($141,667 per unit, $108.03 per SF) (County deed #11572508). Priced piece by piece at market rents, the building works out to $795,949 to $975,276 with a middle of $885,446, and the two cross-checks agree ($751,856 to $1,041,206) (the component calculation). On today's rent you bought at GRM 9.43; on market rent, GRM 7.94 (the rent roll and the county deed record). Recent mixed-use trades ran 7.74 to 9.72 times rent, so both of your numbers sit inside the market (the county deed records behind the four trades).
Value, piece by piece
$795,949-$975,276
Apartments at 7.74 to 9.72 times rent plus shops at a 7.2% to 8.5% return (the component calculation).
Rent gap per year
$17,000
Worth about $139,000 of value at the same rates (the rent roll and the market-rent schedule).
At market rents the building grosses $107,120 a year (Appraisal (Lingeman, Jan 12, 2026), pp. 69, 86). In place it grosses $90,120 (apartments $50,340, shops $39,780) (Appraisal (Lingeman, Jan 12, 2026), p. 68). The gap is $17,000 a year: $10,800 on the apartments (Apt 1 and Apt 3 sit below market) and $6,200 on the shops (the acupuncture lease never repriced after the tenant expanded into 808 E Clarke St; that bay's potential is $22,400 a year at $14.00 per SF) (the rent roll and the market-rent schedule). Closing the gap is worth about $139,000 of value ($91,800 on the apartments at 8.5 times rent, $47,160 on the shops at a 7.85% return) (the component calculation).
The timing is in the leases: the bakery lease runs to Nov 30, 2026, the acupuncture lease to Jul 31, 2026, and the salon to Sep 30, 2027. The first two re-leases are the chance to price to market without turning a tenant over.
The building's condition is settled and strong: tall ceilings, rooftop decks on the two upper apartments, in-unit washer and dryer plus dishwasher in every apartment, and parking for about four cars off the alley. The gap is between what the units earn and what the evidence says they can earn, so the work that pays is the rent roll, not the exit.
Where everything sits
Every comp address on this site is on the map. Map data (c) OpenStreetMap contributors.
Appendix
Three groups of records informed the study but are not market comps for your building. They are kept here, labeled, so nothing is hidden and nothing distorts the tables above.
These changed hands on paper, not on the market. None is a priced trade:
Just below the seven comps above; useful as brackets, not as anchors:
Neighborhood retail records that did not clear the eligibility rule, each with its reason:
Every row and figure block on this site carries its sources: the sources page.