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. See Where you stand.
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 cars/day (2023) | 0.00 mi | In place - signed | 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 cars/day (2023) | 0.00 mi | At market - appraisal pro forma | 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 cars/day (2023) | 0.00 mi | In place - signed | No |
Use small inline shop / studio-clinic flex storefront; small inline neighborhood shop (fitness/dance studio, clinic, retail pitched) Lease structure not published (MLS sheet silent on gross/NNN) Basis In place - signed Dates signed lease Dec 1, 2024 (MLS 1894975 'Sold for $1,200 on Dec 1, 2024'); listing from Dec 2024 Traffic 7,000 cars/day (2023) E Center St west of N Holton St, Milwaukee, WisDOT station 404040, 256 m away; 4,500 cars/day (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) 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. | ||||||||
| 512-514 E Center St | small inline shop (cream-city-brick storefront; 1905 building, renovated 2018) | 984 SF | $960/mo | $11.71/SF/yr | 7,000 cars/day (2023) | 0.13 mi | In place - signed | No |
Use small inline shop (cream-city-brick storefront; 1905 building, renovated 2018); small inline neighborhood shop (bakery-size storefront analog) Lease structure in-place gross commercial rent (lease structure not stated); mixed-use building (storefront + 3BR above + rear cottage at $780/mo separately) Basis In place - signed Dates historical: LoopNet listing 14744921, Date on Market Jan 1, 2019; in-place rents published on listing; listing now delisted (checked Oct 7, 2026) Traffic 7,000 cars/day (2023) E Center St west of N Holton St, Milwaukee, WisDOT station 404040, 108 m away; 4,500 cars/day (2023) E Center St west of N Humboldt Blvd, Milwaukee, WisDOT station 404044, 511 m away Proximity 0.13 mi NNW of 2600-2604 N Booth St (straight-line) Submarket Riverwest proper (E Center St) Sources LoopNet From the source 'Check out this cream city brick mixed use building with a storefront facing Center street in Riverwest! ... a commercial storefront unit (approx 41'x24') ... Rear cottage is currently rented out at $780 a month. Commercial unit & 3br upper are currently being rented for $960 per unit. Same tenant in both units.' (LoopNet listing 14744921, Date on Market Jan 1, 2019) | ||||||||
| 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 cars/day (2022) | 0.50 mi | In place - signed | No |
Use salon / personal care (4-5 chair salon, barber/braiding/nail convertible); salons & personal care Lease structure not published; salon equipment included ('Salon equipment, stations, chairs, storage units') Basis In place - signed Dates signed lease Apr 1, 2025 (MLS 1908390); listed ~2025-03 (mirror 'Added 585 day(s) ago') Traffic 7,900 cars/day (2022) N Dr. Martin Luther King Jr Dr north of E Vine St, Milwaukee, WisDOT station 405585, 1345 m away; 5,900 cars/day (2022) Dr. Martin Luther King Jr Dr between Cherry and 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) 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 cars/day (2022) | 0.53 mi | In place - signed | No |
Use clinic / health & wellness / studio (open plan + walled offices); clinics & health & wellness services (yoga/wellness pitched) Lease structure not published Basis In place - signed 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 cars/day (2022) N Dr. Martin Luther King Jr Dr north of E Vine St, Milwaukee, WisDOT station 405585, 1473 m away; 5,900 cars/day (2022) Dr. Martin Luther King Jr Dr between Cherry and 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) 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 cars/day (2019) | 0.78 mi | In place - signed | No |
Use small inline shop (commercial storefront, open flexible plan); small inline neighborhood shop Lease structure not published Basis In place - signed Dates signed lease Sep 16, 2026 (MLS 1977930) Traffic 22,400 cars/day (2019) W North Ave between 7th and 6th Sts, Milwaukee, WisDOT station 404076, 146 m away; 7,900 cars/day (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) 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 | ||||||||
| 3041 N Oakland Ave | salon / personal care (turnkey salon, 8 chairs) | 1,600 SF | $2,950/mo | $22.12/SF/yr | 11,400 cars/day (2023) | 0.97 mi | In place - signed | No |
Use salon / personal care (turnkey salon, 8 chairs); salons & personal care Lease structure modified gross ('Tenant is only responsible for internet and electric!', all other operating costs in rent) Basis In place - signed Dates signed lease Jul 19, 2023 (MLS 1827305); 36-month minimum term, $10,500 due at signing Traffic 11,400 cars/day (2023) N Oakland Ave south of E Kenwood Blvd, Milwaukee, WisDOT station 404048, 23 m away; 12,700 cars/day (2023) E Locust St west of N Oakland Ave, Milwaukee, WisDOT station 405604, 308 m away | documented traffic claim: 'High Visibility Turnkey Salon!' (MLS 1827305) Proximity 0.97 mi NE of 2600-2604 N Booth St (straight-line) Submarket East Side near north / Oakland-Locust corridor Sources Shorewest MLS #1827305 From the source # 3041 N Oakland Ave, Milwaukee, WI 53211 Sold for $2,950 on Jul 19, 2023 3041 N Oakland Ave, Milwaukee 0.08 Acres $2,950 Sold | ||||||||
 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 cars/day (2023) | 1.47 mi | In place - signed | Yes |
Use small inline shop (first-floor retail; health/personal-care co-tenants); small inline neighborhood shop (health & wellness cluster) Lease structure NNN; building CAM $2.40/SF/yr (published on the live offer) Basis In place - signed 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 cars/day (2023) N Oakland Ave between E Menlo Blvd and E Edgewood Ave, Shorewood, WisDOT station 401238, 69 m away; 2,300 cars/day (2019) E Edgewood Ave between N Oakland Ave and 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) 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** | ||||||||
All seven are signed, in-place leases: an in-place lease outranks an asking rate, so the five asking-only candidates lost on that tiebreak. Use type, size, traffic and distance decided the picks. The smallest bay anywhere in the candidate pool is 900 to 1,000 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, which is 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.
Bakery bay, 1,000 SF: 2604 N Booth (1,000 SF, $14.40 - the subject building's OWN signed lease) + 512-514 E Center St (984 SF, $11.71). Acupuncture bay, 1,050 to 1,600 SF: 501 W North Ave Ste 503 (1,200 SF, $25.00) + 3575 N Oakland Unit B (1,130 SF, $14.99) + 3041 N Oakland (1,600 SF, $22.12). Salon bay, about 500 SF: 2634 N MLK (912 SF salon, $11.84) + 3575 N Oakland Unit B (salon/health, $14.99) - 500 SF bays are below the documented floor; 912-1,130 SF rows are the closest real evidence.
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 | 3 x 2-bed 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 3 x 2-bed 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 | 3 x 2-bed 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 3 x 2-bed 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 outside parking 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 + 2 commercial (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 4-bed (per assessor) + 1 commercial, 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 Dr. 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 2-bed (per assessor) + 1 commercial, 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 E Brady St" | |||||||
| 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 + 1 x 2-bed + 1 commercial (1,000 SF commercial, 31%) per appraisal; assessor card (range 3201-3205) counts 6 commercial + 2 residential 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 St" | |||||||
| 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 mixed-use trade | SF -76% (biggest area deviation in set) | 0.84 mi Unit mix 1x1BR + 1 commercial (~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+ sold (close of escrow), 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 - documented | 1.0 |
|---|---|---|---|---|---|---|---|---|---|
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.) Weight 1.0. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. 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 | At market - appraisal pro forma | 1.0 |
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 Weight 1.0. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. 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 | In place - documented | 1.0 |
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) Weight 1.0. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Sources County deed #11582013 (Wisconsin real estate transfer record) · milwaukeerecord.com 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 | In place - documented | 1.0 |
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 Weight 1.0. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Sources County deed #11521359 (Wisconsin real estate transfer record) · City of Milwaukee property record · Urban Milwaukee 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 Weight 0.5 | mixed-use (retail over residential) | 3 | 5,611 | Aug 28, 2026 | $150,000 | $2,750/mo | 4.55 | Estimate - post-sale marketing rents | 0.5 |
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 outside parking Weight 0.5. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Multifamily-richness note investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted Sources County deed #11631697 (Wisconsin real estate transfer record) · 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 Weight 0.5 | small multifamily (weighted fallback) | 2 | 2,398 | Jan 24, 2025 | $415,000 | $1,900/mo | 18.20 | In place - documented | 0.5 |
Rent basis in-place, documented (MLS 1981286 print rent table: 2u @ $950 + $950) Unit mix 2-bed (per assessor), duplex, assessor card: 4 bedrooms total Weight 0.5. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Multifamily-richness note investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted Sources County deed #11482423 (Wisconsin real estate transfer record) · Zillow From the source * Unit 1 Rent: $950 ... * Unit 2 Rent: $950 | |||||||||
| 2859-2861 N Booth St Weight 0.5 | small multifamily (weighted fallback) | 3 | 3,529 | Jun 10, 2025 | $430,000 | $2,648/mo | 13.53 | In place - part documented, part imputed | 0.5 |
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 2 x 2-bed + 1-bed (per assessor), duplex + house, RETR 3 units Weight 0.5. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Multifamily-richness note investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted Sources County deed #11515899 (Wisconsin real estate transfer record) · 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 Weight 0.5 | small multifamily (weighted fallback) | 2 | 2,849 | Apr 11, 2025 | $399,900 | $2,812/mo | 11.85 | In place - part documented, part imputed | 0.5 |
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 2-bed (per assessor), duplex + house, assessor card: 4 bedrooms total Weight 0.5. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Multifamily-richness note investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted Sources County deed #11500787 (Wisconsin real estate transfer record) · 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 Weight 0.5 | small multifamily (weighted fallback) | 2 | 2,190 | Aug 22, 2025 | $241,000 | $3,180/mo | 6.32 | Estimate - post-sale marketing rents | 0.5 |
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 2 x 2-bed (duplex) Weight 0.5. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Multifamily-richness note investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted Sources County deed #11533330 (Wisconsin real estate transfer record) · 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 | |||||||||
direct mixed-use with documented rents = 1.0; fallback rows (small multifamily class and/or estimate-basis rents) = 0.5 GRM (annual) = sale price / gross annual scheduled rent (12 x monthly). Monthly GRM = price / monthly gross rent. Both labeled on every row. Weighted average: SUM(GRM x weight) / SUM(weight) = 42.85 / 4.5 = 9.52. investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted
Weight 1.0 = full comparable, 0.5 = half weight (unverified rent or different asset class).
direct mixed-use trades print 7.7-7.9 annual GRM on documented rents; the subject bought at 9.43 on below-market in-place rents and 7.93 at market rents; small multifamily fallbacks print 6.3-18.2 (higher GRMs for multifamily, never blind-comparable)
Market evidence · sales (3 of 3)
What going-in cap rate do investors pay for small income buildings like this?
| 2600-2604 N Booth St Subject | mixed-use (3C+3R) | 6 | 7,868 | Jan 26, 2026 | $850,000 | $49,725 | 5.85% | - | 1.0 |
|---|---|---|---|---|---|---|---|---|---|
Cap rate basis stated - seller 2025 actual NOI $49,725.16 (in-place basis) How a derived cap is built appraisal build-up (per subject appraisal): NOI = GPI x (1 - 5.72% vacancy - 37.2% operating costs) = GPI x 0.5708; cap = NOI / price; sensitivity shown at 35% and 45% operating costs. 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 | $61,145 | 7.19% | 6.21% to 7.47% | 1.0 |
Cap rate basis derived at 37.2% operating costs build-up on market rents (appraiser concluded 7.2% overall) How a derived cap is built appraisal build-up (per subject appraisal): NOI = GPI x (1 - 5.72% vacancy - 37.2% operating costs) = GPI x 0.5708; cap = NOI / price; sensitivity shown at 35% and 45% operating costs. 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 | $27,638 | 7.37% | 6.36% to 7.65% | 1.0 |
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) How the cap is built appraisal build-up: NOI = GPI x (1 - 5.72% vacancy - 37.2% operating costs); cap = NOI / price Operating-cost sensitivity 35% of rent: $28,703 · 45% of rent: $23,861 Weight 1.0. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Sources County deed #11582013 (Wisconsin real estate transfer record) · milwaukeerecord.com 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 | $39,043 | 7.23% | 6.24% to 7.51% | 1.0 |
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 How the cap is built appraisal build-up: NOI = GPI x (1 - 5.72% vacancy - 37.2% operating costs); cap = NOI / price Operating-cost sensitivity 35% of rent: $40,548 · 45% of rent: $33,708 Weight 1.0. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Sources County deed #11521359 (Wisconsin real estate transfer record) · City of Milwaukee property record · Urban Milwaukee 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 Weight 0.5 | mixed-use (retail over residential) | 3 | 5,611 | Aug 28, 2026 | $150,000 | $18,836 | 12.56% | 10.84% to 13.04% | 0.5 |
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 outside parking How the cap is built appraisal build-up: NOI = GPI x (1 - 5.72% vacancy - 37.2% operating costs); cap = NOI / price Operating-cost sensitivity 35% of rent: $19,562 · 45% of rent: $16,262 Weight 0.5. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Multifamily-richness note investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted - their derived caps sit BELOW the mixed-use range because small multifamily trades price below-market in-place rents (rent-growth expectations) and multifamily cap rates compress harder than retail Sources County deed #11631697 (Wisconsin real estate transfer record) · 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 Weight 0.5 | small multifamily (weighted fallback) | 2 | 2,398 | Jan 24, 2025 | $415,000 | $13,014 | 3.14% | 2.71% to 3.26% | 0.5 |
Rent basis in-place, documented (MLS 1981286 print rent table: 2u @ $950 + $950) Unit mix 2-bed (per assessor), duplex, assessor card: 4 bedrooms total How the cap is built appraisal build-up: NOI = GPI x (1 - 5.72% vacancy - 37.2% operating costs); cap = NOI / price Operating-cost sensitivity 35% of rent: $13,516 · 45% of rent: $11,236 Weight 0.5. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Multifamily-richness note investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted - their derived caps sit BELOW the mixed-use range because small multifamily trades price below-market in-place rents (rent-growth expectations) and multifamily cap rates compress harder than retail Sources County deed #11482423 (Wisconsin real estate transfer record) · Zillow From the source * Unit 1 Rent: $950 ... * Unit 2 Rent: $950 | |||||||||
| 2859-2861 N Booth St Weight 0.5 | small multifamily (weighted fallback) | 3 | 3,529 | Jun 10, 2025 | $430,000 | $18,134 | 4.22% | 3.64% to 4.38% | 0.5 |
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 2 x 2-bed + 1-bed (per assessor), duplex + house, RETR 3 units How the cap is built appraisal build-up: NOI = GPI x (1 - 5.72% vacancy - 37.2% operating costs); cap = NOI / price Operating-cost sensitivity 35% of rent: $18,833 · 45% of rent: $15,656 Weight 0.5. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Multifamily-richness note investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted - their derived caps sit BELOW the mixed-use range because small multifamily trades price below-market in-place rents (rent-growth expectations) and multifamily cap rates compress harder than retail Sources County deed #11515899 (Wisconsin real estate transfer record) · 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 Weight 0.5 | small multifamily (weighted fallback) | 2 | 2,849 | Apr 11, 2025 | $399,900 | $19,264 | 4.82% | 4.16% to 5.00% | 0.5 |
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 2-bed (per assessor), duplex + house, assessor card: 4 bedrooms total How the cap is built appraisal build-up: NOI = GPI x (1 - 5.72% vacancy - 37.2% operating costs); cap = NOI / price Operating-cost sensitivity 35% of rent: $20,007 · 45% of rent: $16,632 Weight 0.5. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Multifamily-richness note investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted - their derived caps sit BELOW the mixed-use range because small multifamily trades price below-market in-place rents (rent-growth expectations) and multifamily cap rates compress harder than retail Sources County deed #11500787 (Wisconsin real estate transfer record) · 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 Weight 0.5 | small multifamily (weighted fallback) | 2 | 2,190 | Aug 22, 2025 | $241,000 | $21,782 | 9.04% | 7.80% to 9.39% | 0.5 |
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 2 x 2-bed (duplex) How the cap is built appraisal build-up: NOI = GPI x (1 - 5.72% vacancy - 37.2% operating costs); cap = NOI / price Operating-cost sensitivity 35% of rent: $22,621 · 45% of rent: $18,805 Weight 0.5. weight 1.0 = direct mixed-use evidence with documented rents. weight 0.5 = fallback row (small multifamily asset class or estimate-basis rents): counts half in weighted averages; never blind-comparable. Multifamily-richness note investors pay higher GRMs for multifamily than retail/mixed-use - NEVER blind-comparable; these rows set an upper bound and are down-weighted - their derived caps sit BELOW the mixed-use range because small multifamily trades price below-market in-place rents (rent-growth expectations) and multifamily cap rates compress harder than retail Sources County deed #11533330 (Wisconsin real estate transfer record) · 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 | |||||||||
appraisal build-up (per subject appraisal): NOI = GPI x (1 - 5.72% vacancy - 37.2% operating costs) = GPI x 0.5708; cap = NOI / price; sensitivity shown at 35% and 45% operating costs. Net: mixed-use + small multifamily rows (strip-mall allowance unused - no retail-sale row survives the complete-data + documented-rent requirement; the retail rows that fit the price band lack published rents so no cap can be derived without invention) Weighted average: SUM(cap x weight) / SUM(weight) = 31.49 / 4.5 = 7.00.
Weight 1.0 = full comparable, 0.5 = half weight (unverified rent or different asset class).
5.9% - 7.5% going-in for a Riverwest 6-unit mixed-use (2025-2026 evidence). the subject prints 5.85% on seller in-place NOI and 7.19% derived (7.2% appraiser concluded) at market rents; the two documented-rent mixed-use trades derive 7.23% and 7.37% (35-45% operating costs band 6.25-7.66%). Small-multifamily derived caps 3.1-4.8% and the two estimate-basis rows (9.0%, 12.6%) are class/data artifacts, down-weighted 0.5
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 their documented income (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 - documented | 9.43 | 5.85% |
|---|---|---|---|---|---|
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 - appraisal pro forma | 7.94 | 7.20% |
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, In place - documented | 8.60 | 6.94% |
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, In place - documented | 7.89 | 7.56% |
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, In place - documented | 9.72 | 6.14% |
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, In place - documented | 7.74 | 7.70% |
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. Cap rate is the yearly return on the price after 5% vacancy and 37.2% operating costs (Appraisal (Lingeman, Jan 12, 2026), p. 95). 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.
Traffic in the tables is shown as cars/day: AADT = annual average daily traffic, the average number of vehicles passing a WisDOT count station per day.
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 make the seven, each with its reason:
Every row and figure block on this site carries its sources: the sources page.