Market study for the owner · Riverwest, Milwaukee 53212
2600-2604 N Booth St
6 units, 7,868 SF, bought 2026-01-26 at $850,000. Where it stands in the 2026 market, by the numbers, every figure sourced. photo source
Market study for the owner · Riverwest, Milwaukee 53212
6 units, 7,868 SF, bought 2026-01-26 at $850,000. Where it stands in the 2026 market, by the numbers, every figure sourced. photo source
The property in pictures (29 photos recovered from the 2025 sale listing)
SF basis note: SF basis = assessor GBA/Fin area 7,868 SF (appraiser GBA agrees) -> $108.03/SF. Appraiser NRA is 7,011 SF total (commercial 3,100 + apartments 3,911) -> $121.24/SF on NRA; GBA vs NRA changes the per-SF figure and both are shown wherever it appears. plan-v2.md's '$131.5/SF building-SF basis' is not reproducible from documented SF (7,868 or 7,011) and is NOT used (P1c flag carried). source note
Market evidence · rents
2026 comps in duplex and small multifamily buildings of 2 to 6 units only. Subject rows are highlighted. Click any column header to sort (the default order sorts by rent per square foot). Listing history is carried because it is what separates a real comp from an asking number.
Columns follow the Whitney Point OM rent comparable summary, plus listing history. Gaps read “no evidence found” with the check date. 16 rows: 2 subject, 14 comps.
Market evidence · rents
Neighborhood retail and service space. The five fit criteria (size, frontage and visibility, traffic, neighborhood, condition) each carry their own column, so the score is visible, not asserted.
Traffic tier is DERIVED, not sourced: High = nearest documented AADT 20,000+, Medium = 8,000 to 19,999, Low = under 8,000, none = no count documented (check date). VPD figures are WisDOT AADT as documented in the row; no pedestrian counts exist for these blocks (2026-10-06). 13 rows: 3 subject leases, 10 comps.
Market evidence · sales
Public record sales (City assessor + WI RETR deeds), 2021 to 2026, with $/SF, $/unit, GRM and cap columns. The subject's own January 2026 trade sits in the table so the comparison is honest.
Columns follow the Whitney Point OM multi-family sale comparable summary. GRM appears only where both price and gross scheduled rent are documented (MISSION rule 5). Cap figures marked implied come from a documented NOI build-up, not a quoted rate. 36 rows: 1 subject, 35 comps.
Where everything sits
MapLibre GL on OpenFreeMap Liberty. Pin coordinates geocoded from documented addresses (Nominatim / OpenStreetMap contributors, 2026-10-06); 60 pins: 59 rows with published addresses + the subject pin, 0 rows carry no published address to plot. Basemap © OpenFreeMap, OpenMapTiles, OpenStreetMap contributors.
Rule 6b triangulation
Three ways to value the building, all on market rents, all from this study's evidence. The upside case is the case: the units are in great shape, the building is fully leased, and the rents are simply below market.
1 · Weighted component GRM
Residential leg: GRM 8.18 × $61,140 market rent = $500,125. Retail leg: no evidence found (2026-10-06) for a retail-only price and rent pair, so this leg stays open and the method cannot close on its own.
2 · Matched-mix blended GRM
GRM 8.08 (mixed-use cross-check set, n=5) × $107,120 market gross.
Agreement band
Matched-mix blended $865,530 (GRM 8.08 on market gross $107,120) vs direct cap $719,635-$849,569 (7.2-8.5 pct on market NOI $61,169) vs the subject's own Jan-2026 trade $850,000 (7.94 stabilized GRM). The three computable legs agree at roughly $850K plus or minus 2 pct on the upside case; the band widens to $720K-$866K when the 8.5 pct stress and the 7.2 pct tight end are carried. The weighted-component leg is half-computable (resi $500,125 on GRM 8.18 + retail gap) and does not contradict the band. Sale-only GRM trade proof is thin (2 properties, 6.11-6.32): the asking-price GRM distribution (n=44, median 8.18) is market context per MISSION rule 6.
At market rents the building grosses $107,120 and nets $61,169. In place it grosses $90,120 (apartments $50,340 + commercial $39,780). The gap is $17,000 a year: $10,800 on the apartments (units 1 and 3 are documented below market) and $6,200 on the commercial (2600 N Booth never repriced after the tenant expanded into 808 E Clarke). At the blended multiplier that gap is worth about $137,000 of value ($17,000 × 8.08 = $137,360).
You paid $850,000 (GRM 7.94 on market rent, GRM 9.43 on today's rent). All three legs land on your trade within roughly 2%, so the price is supported at market rents and the work that pays is the rent roll, not the exit. The building's condition is settled and strong; the gap is between what the units earn and what the evidence says they can earn.
Riverwest/Harambee (53212) asks (7.40-9.54% on Buffum/Chambers/3rd/Finlayson) price 50-150 bps WIDER than East Side/Lincoln Ave small mixed-use asks (6.60-7.88%): the submarket trades at a discount to the East Side for comparable small stock, driven by older stock and thinner retail depth (the appraisal itself applied +30% location adjustments to the North Holton corridor comps against the subject). Against that reality the subject's Jan-2026 7.2% on market rents is the TIGHT end of its own submarket, consistent with owner-confirmed condition (great shape, updated finishes), 100% occupancy, and corner exposure. The seller's 5.85% going-in on 2025 actuals reflects documented below-market apartment and 2600 N Booth rents (the appraisal's single named lever: the tenant expanded into 808 E Clarke at no rent adjustment), not overpayment. Site verdict: value at 7.2-7.75% on market rents, show 8.5% as stress, show 5.85% as the in-place reality with the rent-gap explanation. source note
Appendix
Price and gross scheduled rent pairs only (MISSION rule 5). Partial-actual twins and distribution-excluded rows are kept out of the triangulation sets and the reason is in each source note.
Market-wide context rows (guides, market pages, larger assets) support the 7.2% to 8.5% band; they are context, not comps.
Every lane searched to a documented gap (no invented numbers):
| Lane | Gap, with check date |
|---|---|
| residential_rent | 2556 N Booth St: no 2026 rental listing found (searched 2026-10-06), kept as HISTORICAL seed. |
| residential_rent | 2520 N Holton St: no 2026 rental listing found (searched 2026-10-06; building sold 11/26/2025), kept as HISTORICAL seed. |
| residential_rent | Craigslist lead 3813 N Humboldt BL ($1,400 2BR w/parking): post returns 404 (checked 2026-10-06), snippet only, no row ('no artifact, no row'). |
| residential_rent | 2822 N Fratney apartments.com page: Akamai access denied even via registered free route (2026-10-06), evidence sourced from ForRent/Zumper/Zillow instead. |
| residential_rent | Listing history (DOM/price changes) not published on listing pages for 2518 N Humboldt, 3015 N Pierce, 2846 N Holton, 3228 N Achilles, 3314 N Buffum, 2920 N Bremen (checked 2026-10-06). |
| residential_rent | Redfin/Trulia/Apartments.com are behind bot walls, pulled via registered free route bh-http.py (plain HTML), no paid rungs used. |
| residential_rent | delegate_task fan-out refused (delegation.oneshot_max_children exhausted, 2026-10-06), search lanes executed inline in this run. |
| retail_rent | no WisDOT AADT on N Booth St or E Clarke St (statewide station searches 'BOOTH' and 'CLARKE' on 2026-10-06 returned no Milwaukee-county stations) - nearest counted roads used instead |
| retail_rent | 3203 N Holton St: no fresh 2026 listing evidence found (2026-10-06) - labeled historical (Craigslist Dec 2024 via appraisal) |
| retail_rent | 5316 W Vliet St: live mirrors unreachable or removed (realty.com 403 to fetch; primerealtywi 404 'listing no longer available' 2026-10-06) - labeled historical (May 2025) |
| retail_rent | published base rates for 2004 N Farwell, 334 E Capitol, 7600 W Capitol, and Park Place 801 E Capitol: none published in sources read (2026-10-06) |
| grm | Documented rent ($2,475/mo, 2/2.5, 1,550 SF) but NO documented sale price -> not a GRM point. Also CUT: 31-unit complex is outside the 2-6 unit comp universe (mission rule 5). no evidence found (2026-10-06) for the missing side |
| grm | Price documented (RETR + appraisal); rent side is a COMMERCIAL ASKING rent ($36,000/yr, 'appears to be high') + an appraiser ESTIMATE for the 1-br apt ($800/mo). No documented rent roll -> NOT a GRM data point. Context only: appraiser GPI $45,600 would imply GRM 3.95. no evidence found (2026-10-06) for the missing side |
| grm | Price documented; both rents are appraiser estimates ('estimated to be $15.00 per square foot... around the time of sale'; apt 'estimated to have rented for $1,500 per month'). No documented roll -> NOT a GRM data point. Context only: appraiser GPI $42,000 would imply GRM 7.83. no evidence found (2026-10-06) for the missing side |
| grm | Price documented; commercial was OFFERED at $16.80/SF (asking) and the two apts are appraiser estimates ($1,050 + $1,250/mo). No documented roll -> NOT a GRM data point. Context only: appraiser GPI $44,400 would imply GRM 5.63. no evidence found (2026-10-06) for the missing side |
| grm | Price documented; all rents are appraiser estimates (commercial $9.00/SF; studio $700, 1br $800, 2x2br $925, 3br $1,100/mo 'estimated to rent'). No documented roll -> NOT a GRM data point. Context only: appraiser GPI $65,892 would imply GRM 8.20. no evidence found (2026-10-06) for the missing side |
| grm | Second-unit rents never documented in the appraisal (only the listed unit's published rent). Covered by paired estimated rows; the underlying gap stands. no evidence found (2026-10-06) for the missing side |
| grm | Sale listing remarks survive on Redfin but contain NO rent figures; no rental listings found. Price stands alone -> not a GRM point. no evidence found (2026-10-06) for the missing side |
| grm | Redfin retains the sale but dropped the listing remarks; no rental listings found anywhere. no evidence found (2026-10-06) for the missing side |
| grm | A per-unit rental listing ('Unit Lower') existed but its rent figure is dead everywhere readable (ForRentUniversity 403; ApartmentHomeLiving 'no esta en alquiler'); snippets are not sources. no evidence found (2026-10-06) for the missing side |
| grm | Two per-unit rental listings existed; snippet-level rents ($2,475/mo 1,972 SF + $1,395/mo 986 SF -> implied $46,440/yr, GRM ~7.5) are NOT source-grade. All live pages dead/blocked (ForRent 404, RentalSource 'Listing Removed', Zumper no price, apartments/homes denied). Wayback/IA OFFLINE 2026-10-06 (control query on example.com also empty) and archive.ph holds no snapshot -> dated unreachable; re-run CDX when IA is back (the single highest-value open lead). no evidence found (2026-10-06) for the missing side |
| grm | Multiple per-unit rental listings existed around the sale (realtor.com M95390-48613 'Unit Lower'; rent.com/apartmentguide LV2012666915) but all are expired/gated/blocked with no readable rent figure. Wayback/IA offline 2026-10-06 -> dated unreachable. no evidence found (2026-10-06) for the missing side |
| grm | An AppFolio/LOVELY rental feed for unit #2919 was live 15 days after the sale but publishes NO rent figure in any readable payload. no evidence found (2026-10-06) for the missing side |
| grm | Rental feed exists (AppFolio, freshness 2026-08-01) with no price; no sale-listing rent schedule found. no evidence found (2026-10-06) for the missing side |
| grm | No sale-listing remarks and no rental listings with figures found. no evidence found (2026-10-06) for the missing side |
| grm | No documented rents found in any readable source. no evidence found (2026-10-06) for the missing side |
| grm | Founders 3 OM PDF has price $425,000 + cap 6.55% + NOI $27,820 but NO rent roll or gross rents -> not a GRM point. no evidence found (2026-10-06) for the missing side |
| grm | Rents gated behind broker OM contact ('See offering memorandum for financials') -- no outreach allowed -> dated unreachable. no evidence found (2026-10-06) for the missing side |
| grm | 'Fully occupied cash flowing brick 6 family' but zero rent figures published. no evidence found (2026-10-06) for the missing side |
| grm | All units vacant; no in-place rents and no published asking rents. no evidence found (2026-10-06) for the missing side |
| grm | 'Already rented... immediate cash flow' but zero rent figures published. no evidence found (2026-10-06) for the missing side |
| grm | Only VACANT-unit asking rents published ($1,000+/mo for 2 of 4 units) -- not in-place, partial, no roll. no evidence found (2026-10-06) for the missing side |
| grm | Price + unit detail but no rent roll or rent figures. no evidence found (2026-10-06) for the missing side |
| grm | Realmo page exposes neither price nor rents publicly. no evidence found (2026-10-06) for the missing side |
| grm | No rents/rent roll on listing page. no evidence found (2026-10-06) for the missing side |
| grm | No rent figures or roll on listing page. no evidence found (2026-10-06) for the missing side |
| grm | No rent figures or roll on listing page. no evidence found (2026-10-06) for the missing side |
| grm | No rent figures or roll on listing page. no evidence found (2026-10-06) for the missing side |
| grm | No rent figures or roll on listing page. no evidence found (2026-10-06) for the missing side |
| grm | No rent figures or roll on listing page. no evidence found (2026-10-06) for the missing side |
| grm | No rent figures or roll on listing page. no evidence found (2026-10-06) for the missing side |
| grm | Round 3 sweep (parent, 2026-10-06): every readable source for at-sale rents came back empty -- wisconsin.land pages are stubs, Xome shows facts only, Redfin home/90361469 is a condo-UNIT page (1996 unit sale, no rents), and Zillow/Trulia/apartments/hotpads/forrent/realtytrac pages are bot-walled or account-gated (named, dated). Wayback unqueryable (IA offline 2026-10-06). Price-side leads only. no evidence found (2026-10-06) for the missing side |
| grm | Flyer publishes a RATE CARD by unit type (Efficiency $699; Large Studio $739-799; 1BR $799-949, heat incl.) across 4 buildings -- no per-building rent roll, no price -> fails both sides. RETR: no 2024-2026 sales of the four addresses (the 1621-1623 N HUMBOLDT sale 2024-09-12 $391,000 doc 11450799 is a different building). no evidence found (2026-10-06) for the missing side |
| grm | Full rent roll + price $2,750,000 documented (GRM would be 16.07 on $171,281 gross) but SEATTLE -- outside the Milwaukee market universe -> cut, not a comp. no evidence found (2026-10-06) for the missing side |
| grm | Asking-GRM context leads from Redfin similar-listing cards (lane U1). No documented sales (RETR checked 2026-10-06; 2616-18 N Buffum's 2023-06-20 sale $200,000 predates the listing). If any closes, each becomes an instant GRM row. no evidence found (2026-10-06) for the missing side |
| cap_rate | 1. 625 E St Paul OM PDF, '8.34% Cap Rate' is an owner-supplied quote; primary document not retrievable via free logged-out routes (2026-10-06): LoopNet listing 35266395 expired, CityFeet 403, Showcase dead shell, realmo JS shell. Wayback availability API: no snapshot for the LoopNet listing page (checked 2026-10-06) |
| cap_rate | 2. BizTimes trade coverage paywalled (2026-10-06): 'Mixed-use Silver Spring Drive building in Whitefish Bay sold for $7 million' (401-415 E Silver Spring Dr) and 'Apartment building on Milwaukee's East Side sold for $8.25 million' (Sage on Prospect), titles show price only, body gated. Next action: owner's BizTimes subscription; likely no income data anyway. |
| cap_rate | 3. Marcus & Millichap Milwaukee reports (2026 Retail Investment Forecast; 2Q26 Multifamily), pages JS-rendered (no text via plain fetch 2026-10-06); WisBusiness/REJournals releases carry vacancy/rent but no retail or multifamily cap figure (only the office release states ~9%). Recorded as 'no cap figure found (2026-10-06)'. |
| cap_rate | 4. CBRE U.S. Cap Rate Survey H2 2025, free HTML carries the narrative ('Minimal Changes For Cap Rate Estimates') but no Milwaukee or Midwest line; metro exhibits gated. The 5.25-5.75% Milwaukee Class A figure exists only via RealCostIQ's citation (CUT row). Next action: owner's CBRE research access if that bracket becomes load-bearing. |
| cap_rate | 5. P1c sales-comps.json pending (2026-10-06), when fresh Riverwest 2021-2026 sales land with documented rents, rerun this file's recompute on them (method proven: the 37.2% build reproduces every published appraisal OAR to <0.05pp). |
| cap_rate | 6. Milwaukee Business Journal Katz Properties $11.2M east side apartment sale (2026-06-03), paywalled, no cap visible in the free index. Next action: owner's subscription if needed. |
| retail_rent | 902 E Chambers St Lower: quoted $1,095 ask no evidence found (2026-10-06) on the live listing (page now shows other prices; Apartments.com corroboration reads 'from $995') |
| cap_rate | CapRateIndex Milwaukee average cap: lane's 7.85/2.43 TTM no evidence found (2026-10-06); live page reads 8.04 avg TTM (0.43-22.97) and that is what ships |
| cap_rate | Eastside Mixed-Use (1800 N Farwell) NOI and the lane's 6.05% figure no evidence found (2026-10-06) (Crexi masks Cap Rate/NOI to anonymous reads); only the 7.87% year-one listing text is confirmable |
| sales | plan-v2.md '$131.5/SF building-SF basis', no evidence found (2026-10-06) from documented SF (7,868 GBA / 7,011 NRA); flagged, not used |
| all | heat/electric responsibility unverified on several fresh residential listings, no evidence found (2026-10-06) where marked in-row |