Booth St market study · private draftEvidence re-checked 2026-10-06

Every figure, its source

Source notes

One entry per rendered row and per derived figure block. Quotes are verbatim from the cited source; web links open the source itself; local evidence files are named but not published (the appraisal PDF contains tenant leases and appraisal confidentiality material). All evidence re-checked 2026-10-06.

Subject property facts (2600-2604 N Booth St)

Sale and SF facts re-checked 2026-10-06.

Assessor SearchResults re-read 2026-10-06: '3211644000 2600-2604 N BOOTH ST 2600 BOOTH STREET LLC 1880 ... Fin area 7,868 ... Sale date 1/26/2026 Sale price $850,000'

Web sources: City assessor record 3211644000

Documentary sources (local evidence files, not web-published): RETR_2026-01.csv Doc 11572508; https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3211644000; data/appraisal-extract.md; data/appraisal-source.pdf (assessment $838,300 land $30,000 + improvements $808,300, 2025 tax $17,403.35, PDF p.123; NRA table p.35; rent roll and leases pp.84-87, 151-250; market rents p.87)

Figures: sale $850,000 (contract 2026-01-13, deed 2026-01-26, RETR Doc 11572508); $108.03/SF on 7,868 SF GBA; $121.24/SF on 7,011 SF NRA; $141,666.67/unit on 6 units. In-place gross $90,120/yr = apartments $50,340 (2 × $1,800 + $1,495 per month pro forma is market; in place $4,195/mo × 12) + commercial $39,780 (lease sums per data/comps-final.json). Market gross $107,120/yr = $61,140 apartments + $45,980 commercial; market NOI $61,169 (appraiser build-up, opex $39,825). Upside $17,000/yr = $10,800 apartments + $6,200 commercial (delta_annual documented). $137,360 = $17,000 × 8.08 (blended GRM leg).

Rule 6b triangulation (value legs and agreement band)

Computed 2026-10-06 (P2b addendum); P2c and P1j addenda confirm the verdict UNCHANGED (data/comps-final.json p2c_addendum, p1j_addendum, 2026-10-06).

MISSION rule 6b (owner directive 2026-10-06). Value = GRM_smallMF x residential gross rent + GRM_smallRetail x retail gross rent (subject market split $61,140 residential / $45,980 retail = 57.1 / 42.9 pct, market gross $107,120). Cross-check = matched-mix blended GRM x market gross. Third leg = direct cap 7.2-8.5 pct on market NOI $61,169. Mixed-use GRMs are the CROSS-CHECK set only, never weighted-component input.

Documentary sources (local evidence files, not web-published): data/_p2b_triangulation.json (value_legs, agreement_band, distributions); data/comps-final.json (grm_evidence, cap_rate_evidence rows feeding the sets)

Legs: weighted-component resi $500,125 (GRM 8.18 × $61,140), retail leg no evidence found (2026-10-06): no retail-only comp with BOTH price and gross scheduled rent documented across P1a-h. 1326-1337 W Oklahoma Ave carries price + NOI but no published gross rent (gross leases, rents unpublished).; matched-mix blended $865,530 (GRM 8.08); direct cap $719,635 to $849,569 ($61,169 NOI at 8.5% to 7.2%); subject trade $850,000.

Riverwest adjustment note

From data/comps-final.json, re-checked 2026-10-06.

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.

Documentary source (local evidence file, not web-published): data/comps-final.json riverwest_adjustment_note (cap asks cited in the note are rowed in cap_rate_evidence with their own source links)

2600-2604 N Booth St (subject, apartments, in place)

Row date: 2026-01-12 (appraisal effective) · re-checked 2026-10-06 · disposition: FITS

Booth 1 1,440 SF $1,375 ($0.95); Booth 2 1,050 SF $1,495 ($1.42); Booth 3 1,421 SF $1,325 ($0.93); Total $4,195. Market rents used in pro forma: Booth 1 $1,800 ($1.25/SF/mo), Booth 2 $1,495 ($1.42), Booth 3 $1,800 ($1.27)

Documentary sources (local evidence files, not web-published): data/appraisal-extract.md (appraisal pp.35, 68-69; addenda rent roll p.125

Why it fits: Subject row (highlighted in the comp table): the study's own apartments, in place vs the appraiser's market rents

Recomputed in Python by the adjudicator: avg_rent_psf = avg_monthly_rent / avg_sf = 1.0726 $/SF/mo (match)

2600-2604 N Booth St (subject, apartments, pro forma (market))

Row date: 2026-01-12 (appraisal effective) · re-checked 2026-10-06 · disposition: FITS

Booth 1 1,440 SF $1,375 ($0.95); Booth 2 1,050 SF $1,495 ($1.42); Booth 3 1,421 SF $1,325 ($0.93); Total $4,195. Market rents used in pro forma: Booth 1 $1,800 ($1.25/SF/mo), Booth 2 $1,495 ($1.42), Booth 3 $1,800 ($1.27)

Documentary sources (local evidence files, not web-published): data/appraisal-extract.md (appraisal pp.35, 68-69; addenda rent roll p.125

Why it fits: Subject row (highlighted in the comp table): the study's own apartments, in place vs the appraiser's market rents

Recomputed in Python by the adjudicator: avg_rent_psf = avg_monthly_rent / avg_sf = 1.3027 $/SF/mo (match)

2105 N Booth St Unit 1 - 2105 N Booth St

Row date: no evidence found (2026-10-06); active 2026-10-06 (rentalsource index '2 days ago') · re-checked 2026-10-06 · disposition: FITS

2 beds (1) 2 Beds • 1 Bath $1,799 1000 ft ² 1 Available Managed By: Huettner Properties

Web sources: https://www.rentable.co/milwaukee-wi/2105-n-booth-st

Why it fits: Fresh 2026 active 2BR listing in small building 4 blocks from subject; top-of-market finish level sets the PSF ceiling for small units.

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.799 $/SF/mo (match)

2204 N Booth St Lower - 2204 N Booth St

Row date: no evidence found (2026-10-06); active 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

1ST MONTH FREE! | Spacious 2BR Riverwest Apartment with Park Views, Garage & Central A/C | 2 Bedrooms ... $1,950 | 1300 Sq Ft | Available Now

Web sources: https://www.collegerentals.com/property/2204-n-booth-st-lower-milwaukee-wisconsin/222023120-11678/

Why it fits: Fresh 2026 2BR, 1,300 SF, 6 blocks from subject, closest size match to units 1 and 3; concession signals the ceiling at $1.50/SF gross.

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.5 $/SF/mo (match)

2822 N Fratney St #A - 2822 N Fratney St

Row date: no evidence found (2026-10-06) for the 2026 cycle; Zillow shows prior cycle date on market 8/18/2025 · re-checked 2026-10-06 · disposition: FITS

$1,545 Total Monthly Price ... Last Updated: 2 Wks Ago ... Check Back Soon for Upcoming Availability.

Web sources: https://www.forrent.com/wi/milwaukee/2822-n-fratney-st/5ztz74n

Why it fits: Fresh 2026 2BR in Riverwest small building; highest small-unit PSF after full remodels ($1.66-1.71/SF).

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.6823 $/SF/mo (match)

914 E Townsend St Upper - 914 E Townsend St

Row date: 2026-09-30 · re-checked 2026-10-06 · disposition: FITS

Price history | 9/30/2026 | Listed for rent | $1,400 $1/sqft

Web sources: https://www.zillow.com/homedetails/914-E-Townsend-St-Milwaukee-WI-53212/40435195_zpid/

Why it fits: Fresh 2026 2BR, 1,150 SF, Riverwest; nearest-size active comp at $1.22/SF.

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.2174 $/SF/mo (match)

2611 N Humboldt Blvd - 2611 N Humboldt Blvd

Row date: 2026-05-23 · re-checked 2026-10-06 · disposition: FITS

More recently, it was listed as a rental in May 2026 with an asking price of $1,550 per month. That rental listing was removed on June 10, 2026.

Web sources: https://www.trulia.com/home/2611-n-humboldt-blvd-milwaukee-wi-53212-2085253849

Why it fits: Fresh 2026 leased comp at exactly the subject units 1/3 size (1,400 SF): $1.11/SF, gone in 18 DOM with zero cuts. 3BR layout (size anchor, not type match).

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.1071 $/SF/mo (match)

2138 N Buffum St Lower - 2138 N Buffum St

Row date: 2026-09-10 · re-checked 2026-10-06 · disposition: FITS

Be the first to enjoy this completely renovated two-bedroom, one-bath lower unit offering approximately 1,200 square feet ... Available immediately for $1,625 per month ... this two-unit property

Web sources: https://www.trulia.com/home/2138-n-buffum-st-milwaukee-wi-53212-68914424

Why it fits: SEED REFRESHED: appraisal's $2,000 comp (Jan 2026) is on market 9/10/2026 at $1,625 ($1.35/SF), the single most decision-relevant fresh comp (renovated duplex 2BR in Brewers Hill).

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.3542 $/SF/mo (match)

2518 N Humboldt Blvd (units 2518 + 2518 Lower) - 2518 N Humboldt Blvd

Row date: unit 2518: Zillow/HotPads page dated 2026-05-23; Lower 'Updated 5+ Days Ago' on 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

2518 N Humboldt Blvd #2518LOWER ... | Monthly rent | - | | Beds | 2 | | Baths | 1 | | Sqft | 1,246 | ... Highlights: On-site laundry, Garage parking, Large floor plan

Web sources: https://www.zumper.com/address/2518-n-humboldt-blvd-milwaukee-wi-53212-usa

Why it fits: Fresh 2026 2BR pair at 1,246 SF in small Humboldt building; PSF band $1.02-1.24 brackets the subject's target zone.

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.1336 $/SF/mo (match)

2846 N Holton St 2846A Upper (4 Family) - 2846-2848 N Holton St

Row date: no evidence found (2026-10-06) · re-checked 2026-10-06 · disposition: FITS

[$950 ... 2 bd | 1 ba | 870 sqft 2846 N Holton St (4 Family), 2846A Upper For Rent] (Zillow listing card, 2026-10-06)

Web sources: https://www.zillow.com/apartments/milwaukee-wi/2846-n-holton-st-(4-family

Documentary sources (local evidence files, not web-published): /CjKsgL/

Why it fits: Fresh 2026 2BR in a 4-family building (exact building typology); sets the low anchor at $1.09/SF (Harambee, west of Holton).

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.092 $/SF/mo (match)

3015-3015B N Pierce St (Duplex + Back House) - 3015-3015b N Pierce St

Row date: no evidence found (2026-10-06) · re-checked 2026-10-06 · disposition: FITS

Unit 3015 - Lower ... 3 bd, 1 ba ... 888 | Now | $1,395 | Unit 3015A - Upper 3 bd, 1 ba ... 1,650 | Now | $1,495

Web sources: https://www.zillow.com/apartments/milwaukee-wi/3015-3015b-n-pierce-st.-(duplex-+-back-house

Documentary sources (local evidence files, not web-published): /CsHVGR/

Why it fits: Fresh 2026, Riverwest 3-unit property (2-6 rule met); 3BR units bracket the subject's large-unit size ($0.91/SF at 1,650 SF shows the size discount).

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.1387 $/SF/mo (match)

3228 N Achilles St Lower (Duplex) - 3228 N Achilles St

Row date: no evidence found (2026-10-06) · re-checked 2026-10-06 · disposition: FITS

[$945 ... 2 bd | 1 ba | 1000 sqft 3228 N Achilles St. (Duplex)(Ace Property), 3228 Lower For Rent] (Zillow listing card, 2026-10-06)

Web sources: https://www.zillow.com/apartments/milwaukee-wi/3228-n-achilles-st/9RSmvk/

Why it fits: Fresh 2026 2BR duplex 2/1 at 1,000 SF, direct size match to unit 2; unrenovated tier at $0.95/SF.

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 0.945 $/SF/mo (match)

3314 N Buffum St 3314A Upper (Duplex) - 3314 N Buffum St

Row date: no evidence found (2026-10-06) · re-checked 2026-10-06 · disposition: FITS

[$845 ... 2 bd | 1 ba | 903 sqft 3314 N Buffum St. (Duplex), 3314A Upper For Rent] (Zillow listing card, 2026-10-06)

Web sources: https://www.zillow.com/apartments/milwaukee-wi/3314-n-buffum-st.-(duplex

Documentary sources (local evidence files, not web-published): /9RSn7S/

Why it fits: Fresh 2026 2BR duplex; low anchor $0.94/SF (Harambee/Riverwest border).

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 0.9358 $/SF/mo (match)

Charming 3 Apartments - 2920 N Bremen St

Row date: no evidence found (2026-10-06); listed/modified current Oct 2026 · re-checked 2026-10-06 · disposition: FITS

3BR/1.0BA | 3 bed | 1 bath | 3 sqft | $1,675 /mo | 1 unit available ... Unit size approx 950 sqft*

Web sources: https://www.zumper.com/apartment-buildings/p1114334/2920-n-bremen-st-riverwest-milwaukee-wi

Why it fits: Fresh 2026 3BR in 3-unit Riverwest building at $1.76/SF, highest fresh PSF in the small-building set (renovated).

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.7632 $/SF/mo (match)

825 E Clarke St (upper duplex) - 825 E Clarke St

Row date: 2025-12-05 · re-checked 2026-10-06 · disposition: FITS

More recently, it was listed as a rental in December 2025 with an asking price of $1,150 per month. That rental listing was removed on February 19, 2026.

Web sources: https://www.trulia.com/home/825-e-clarke-st-milwaukee-wi-53212-458762666

Why it fits: SEED REFRESHED with full 2026 price history: three cuts ($1,150 to $900) before removal at 76 DOM, the market's overpricing penalty, on the record.

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.2059 $/SF/mo (match)

2332 N Holton St #2332 - 2332 N Holton St

Row date: 2026-01-09 · re-checked 2026-10-06 · disposition: FITS

More recently, it was listed as a rental in January 2026 with an asking price of $1,590 per month. That rental listing was removed on February 22, 2026.

Web sources: https://www.trulia.com/home/2332-n-holton-st-2332-milwaukee-wi-53212-459657507

Why it fits: SEED REFRESHED: full 2026 listing cycle captured, $1,590 ($1.44/SF) moved in 44 DOM with zero cuts, the strongest clean read for large 2BR pricing.

Recomputed in Python by the adjudicator: rent $/SF/mo = avg_market_rent / avg_sf = 1.4389 $/SF/mo (match)

2600-2604 N Booth St (subject commercial), Paige Cross (Bakery), 2604 N Booth St

Row date: 2026-11-30 · re-checked 2026-10-06 · disposition: FITS

Paige Cross (Bakery): 1000 SF, base rent $14400/yr = $14.4/SF; potential $14400/yr = $14.4/SF; lease end 2026-11-30

Documentary sources (local evidence files, not web-published): data/appraisal-extract.md (appraisal pp.84-87; executed leases pp.151-250

Why it fits: Subject row (highlighted in the comp table): the study's own commercial leases, in place vs potential

Recomputed in Python by the adjudicator: rate $/SF/yr = annual_rent / sf = 14.4 $/SF/yr (match)

2600-2604 N Booth St (subject commercial), Anne Putra (Acupuncture clinic), 2600 N Booth St + 808 E Clarke St

Row date: 2026-07-31 · re-checked 2026-10-06 · disposition: FITS

Anne Putra (Acupuncture clinic): 1600 SF, base rent $16200/yr = $10.12/SF; potential $22400/yr = $14.0/SF; lease end 2026-07-31

Documentary sources (local evidence files, not web-published): data/appraisal-extract.md (appraisal pp.84-87; executed leases pp.151-250

Why it fits: Subject row (highlighted in the comp table): the study's own commercial leases, in place vs potential

Recomputed in Python by the adjudicator: rate $/SF/yr = annual_rent / sf = 10.125 $/SF/yr (match)

2600-2604 N Booth St (subject commercial), Erica Johnson (Salon), 810 E Clarke St

Row date: 2027-09-30 · re-checked 2026-10-06 · disposition: FITS

Erica Johnson (Salon): 500 SF, base rent $9180/yr = $18.36/SF; potential $9180/yr = $18.36/SF; lease end 2027-09-30

Documentary sources (local evidence files, not web-published): data/appraisal-extract.md (appraisal pp.84-87; executed leases pp.151-250

Why it fits: Subject row (highlighted in the comp table): the study's own commercial leases, in place vs potential

Recomputed in Python by the adjudicator: rate $/SF/yr = annual_rent / sf = 18.36 $/SF/yr (match)

Riverworks Commons, 3901-3925 N Richards St (unit 1,447 SF)

Row date: 2026-09-23 (LoopNet last updated); Bieck page live 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

'$14.00 /SF/YR' 'Triple Net (NNN)' 'Lease rate does not include utilities, property expenses or building services' (LoopNet, Date on Market: 11/21/2025, Last Updated: 9/23/2026); '$14.00 SF (NNN)' 'Common Area Maintenance, Ins. Taxes $6.37 SF' (Bieck).

Web sources: https://www.loopnet.com/Listing/3901-3925-N-Richards-St-Milwaukee-WI/25665397/ https://bieckmanagement.com/content/riverworks-commons-shopping-center

Why it fits: Size (1,447 SF) and retail-center character match; NNN with $6.37 add-ons = $20.37 gross-equivalent shows the true spread above pure MG quotes.

Recomputed in Python by the adjudicator: rate $/SF/yr = rate_mo x 12 / sf = 14.0 $/SF/yr (match); rate_mo = rate_sf_yr x sf / 12 (inverse check) = 1688.1667 $/mo (match)

1515 E North Ave (former restaurant space)

Row date: 2026-09-11 (Crexi API) / 2026-09-02 (commercialcafe) · re-checked 2026-10-06 · disposition: FITS

'$30.00/SF/YR' '1,620 SF' (commercialcafe, dated Sep 2, 2026); Crexi API leaseType 'NNN', perSqftAnnual 30.0 (updated 2026-09-11). Appraisal (CBRE brochure Dec 2025): '$25.00 ... triple-net rent ... broker lists operating expenses at $8.00 per square foot.'

Web sources: https://www.commercialcafe.com/commercial-property/us/wi/milwaukee/1515-e-north-ave-1/ https://www.crexi.com/lease/properties/1026385/wisconsin-east-side-multi-tenant-opportunity

Why it fits: 1,620 SF is just above the band but it is the live restaurant/service-space comp on an arterial; pins the NNN upper bound (rate rose $25 to $30 since the appraisal).

Recomputed in Python by the adjudicator: rate $/SF/yr = rate_mo x 12 / sf = 30.0 $/SF/yr (match); rate_mo = rate_sf_yr x sf / 12 (inverse check) = 4050.0 $/mo (match)

1845 N Farwell Ave (East Side Office Plaza)

Row date: 2026-10-03 (LoopNet last updated) · re-checked 2026-10-06 · disposition: FITS

'950 SF' '$14.00 /SF/YR' (LoopNet; Date on Market: 6/23/2025, Last Updated: 10/3/2026); 'Gross Lease includes all utilities, taxes and operating expenses' (Showcase).

Web sources: https://www.loopnet.com/Listing/1845-N-Farwell-Ave-Milwaukee-WI/36360148/ https://www.showcase.com/1845-n-farwell-ave-milwaukee-wi-53202/4214264/

Why it fits: 950 SF at $14.00 gross is the closest fresh match to the 1,000 SF bakery unit in size AND structure (all-in gross).

Recomputed in Python by the adjudicator: rate $/SF/yr = rate_mo x 12 / sf = 14.0 $/SF/yr (match); rate_mo = rate_sf_yr x sf / 12 (inverse check) = 1108.3333 $/mo (match)

1725A S 12th St

Row date: 2026-10-06 (live page; 'Available Mid November!') · re-checked 2026-10-06 · disposition: FITS

'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.' 'Rent: $975.00' 'CAM Fees Included With Rent' (Sidello Property Services, page live 2026-10-06, 'Available Mid November!').

Web sources: https://sidelloproperty.com/listing/47

Why it fits: 1,000 SF neighborhood retail at $11.70/SF all-in is the freshest small-shop data point; it brackets the LOW side of the appraiser's band (different submarket, so it bounds rather than sets).

Recomputed in Python by the adjudicator: rate $/SF/yr = rate_mo x 12 / sf = 11.7 $/SF/yr (match); rate_mo = rate_sf_yr x sf / 12 (inverse check) = 975.0 $/mo (match)

7911 W Becher St

Row date: 2026-09-23 · re-checked 2026-10-06 · disposition: FITS

'$1,100.00/MO' '900 SF' '+/- 900 sf of retail coming spring of 2026' (commercialcafe, dated Sep 23, 2026); Crexi 'Retail | Single tenant | 900 SqFt', leaseType 'Modified Gross' (updated 2026-09-16).

Web sources: https://www.commercialcafe.com/commercial-property/us/wi/milwaukee/7911-w-becher-st/ https://www.crexi.com/lease/properties/1089836/wisconsin-7911-w-becher-st

Why it fits: 900 SF storefront in a 1927 mixed-use building at $14.67/SF modified gross is the closest fresh analog to the Booth St stock (old building, small shop, MG).

Recomputed in Python by the adjudicator: rate $/SF/yr = rate_mo x 12 / sf = 14.6667 $/SF/yr (match); rate_mo = rate_sf_yr x sf / 12 (inverse check) = 1100.25 $/mo (see adjudication)

2514 E Capitol Dr (Shorewood storefront)

Row date: 2026-09-16 · re-checked 2026-10-06 · disposition: FITS

Crexi API: 'Retail | 2 spaces available | 1,475 SqFt - 1,500 SqFt', perSqftAnnualMin 19.5 (listing updated 2026-09-16).

Web sources: https://www.crexi.com/lease/properties/1013463/wisconsin-2514-e-capitol-dr

Why it fits: Fresh 1,475 SF storefront asking $19.50/SF: the top of the band on an arterial, showing what 1,400-1,500 SF retail asks when it has visibility.

Recomputed in Python by the adjudicator: rate $/SF/yr = rate_mo x 12 / sf = 19.5 $/SF/yr (match); rate_mo = rate_sf_yr x sf / 12 (inverse check) = 2396.875 $/mo (match)

409 E Silver Spring Dr (Whitefish Bay)

Row date: 2026-09-11 · re-checked 2026-10-06 · disposition: FITS

Crexi API: 'Office | 1 space available | 655 SqFt', leaseType 'Modified Gross', perSqftAnnualMin 19.5 (updated 2026-09-11).

Web sources: https://www.crexi.com/lease/properties/1070044/wisconsin-409-e-silver-spring-dr

Why it fits: 655 SF at $19.50 modified gross shows the small-unit premium the 500 SF salon enjoys ($18.36): the smaller the bay, the higher the $/SF.

Recomputed in Python by the adjudicator: rate $/SF/yr = rate_mo x 12 / sf = 19.5001 $/SF/yr (match); rate_mo = rate_sf_yr x sf / 12 (inverse check) = 1064.375 $/mo (match)

3575 N Oakland Ave (Sheridan Apartments ground floor)

Row date: 2025-12-11 (listing added; live 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

'$18/SF/Yr' '1,130 SF' 'AVAILABLE, Now' 'Added: Dec 11, 2025' (realmo listing, live 2026-10-06); appraisal: '$18.00' 'Modified gross rent. The tenant pays utilities and the landlord pays real property taxes, insurance and maintenance.'

Web sources: https://realmo.com/listing/3575-n-oakland-ave-shorewood-wi-53211/13125257

Documentary sources (local evidence files, not web-published): data/appraisal-extract.md (appraisal PDF pp.76-77

Why it fits: Live listing confirms the appraisal's $18.00 for 1,130 SF: the best-supported $14-18 band upper anchor (a 372 SF bay in the same building asks $16/SF).

Recomputed in Python by the adjudicator: rate $/SF/yr = rate_mo x 12 / sf = 18.0 $/SF/yr (match); rate_mo = rate_sf_yr x sf / 12 (inverse check) = 1695.0 $/mo (match)

1681-1683 N Van Buren St (DigiCOPY + Polished Nail Bar), in-place NNN rents

Row date: leases in place at 2021-12 sale (one expiring 2025 with renewal options, one mid-2028); quote re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

DigiCOPY’s base rent comes out to $25 per square foot, which will escalate to $27.23 per square foot by 2027. Polished’s rent is set at $18 per square foot. Both tenants are on triple net leases, meaning tenants pay property taxes, insurance and maintenance in addition to rent.

Web sources: https://biztimes.com/retail-building-on-milwaukees-east-side-sold-to-investor-for-more-than-1-5-million/

Why it fits: Documented in-place NNN rents on two small storefronts (service + retail), the closest rent structure evidence to the subject's 3 commercial bays; NNN vs the subject's modified gross is noted on the site.

Recomputed in Python by the adjudicator: DigiCOPY annual rent at $25/SF (bounds use 18-25 span across full 4,858 SF) = 87,444-121,450 $/yr (match)

Children's Wisconsin (pediatric health/dental), 2561 N 29th St, asking rent

Row date: asking as of re-open 2026-10-06 (live M&M listing) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $2,864,357 ... Cap Rate 7.00% ... Rent Per Square Feet $26.44 ... Lease Type Absolute Net

Web sources: https://www.marcusmillichap.com/properties/304998/childrens-wisconsin-awardwinning-pediatric-health-dental-care-system-milwaukee-msa

Why it fits: Asking absolute-net rent on a single-tenant medical credit, upper bound reference for specialty retail/medical rents; asking basis labeled. Building SF not published in the spec block (2026-10-06).

Booth & Clarke (subject) - 2600-2604 N Booth St (also 808/810 E Clarke St)

Row date: 2026-01-26 (deed date; contract closing date 2026-01-13 per accepted Counter-Offer No. 2) · re-checked 2026-10-06 · disposition: FITS

Assessor: 'with 4 commercial unit(s) and 3 residential unit(s)' ... 'Sale Date 1/26/2026 Legal Reference 11572508 Sale Price 850,000 Grantor(Seller) RIVER LEFT LLC'. Appraisal: 'EIGHT HUNDRED FIFTY THOUSAND DOLLARS ($850,000) ... Per Square Foot $108.03'. RETR: 'RIVER LEFT LLC -> 2600 BOOTH STREET LLC', $850,000.00.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3211644000

Documentary sources (local evidence files, not web-published): RETR_2026-01.csv Doc 11572508; appraisal-extract.md (data/appraisal-source.pdf pp.2-9, 35; RETR_2026-01.csv Doc 11572508; appraisal-extract.md (data/appraisal-source.pdf pp.2-9, 35

Why it fits: Subject. SF basis: price_sf on appraiser GBA 7,868 SF (assessor Fin area 7,868 SF agrees) = $108.03/SF; on NRA 7,011 SF (3,100 commercial + 3,911 apartments) = $121.24/SF. price_unit on 6 income units (3 commercial tenancies incl. 2600 N Booth + 808 E Clarke combined tenancy, 3x2BR apartments) = $141,666.67; assessor record card counts 4 commercial + 3 residential (7). NOTE: plan-v2.md's '$131.5/SF building-SF basis' could not be reproduced from any documented SF basis (7,868 GBA or 7,011 NRA) and is flagged for the adjudicator. Contract closing 1/13/2026 per Counter-Offer No. 2; deed conveyance date 1/26/2026 per RETR + assessor.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 108.0325 $/SF (match); price $/unit = sale_price / units = 141666.6667 $/unit (match)

1947-49 N Dr. Martin Luther King Jr Dr

Row date: 2025-04-16 · re-checked 2026-10-06 · disposition: FITS

Assessor: 'with 1 commercial unit(s) and 1 residential unit(s)' ... 'Sale Date 4/16/2025 Legal Reference 11502526 Sale Price 180,000 Grantor(Seller) L&C MGMT GROUP LLC'. Appraisal: 'The commercial unit is offered for lease at $36,000 per year and approximately $30.43 per square foot... The somewhat small one-bedroom apartment is estimated to rent for $800 per month.'

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3530665000

Documentary sources (local evidence files, not web-published): RETR_2025-04.csv Doc 11502526; appraisal-extract.md (data/appraisal-source.pdf pp.38-39; RETR_2025-04.csv Doc 11502526; appraisal-extract.md (data/appraisal-source.pdf pp.38-39

Why it fits: Mixed-use brick 1-2 story, Riverwest-adjacent MLK corridor; appraiser seed verified in RETR (Doc 11502526, $180,000, conveyance 4/25/2025, recorded 4/30/2025) and assessor (1,848 SF Fin area = appraisal GBA). Units agree (2). Size inferior to subject (1,848 vs 7,868 SF) but same mixed-use product type.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 97.4026 $/SF (match); price $/unit = sale_price / units = 90000.0 $/unit (match)

2034-36 N Dr. Martin Luther King Jr Dr

Row date: 2025-12-01 · re-checked 2026-10-06 · disposition: FITS

Assessor: 'with 2 commercial unit(s) and 1 residential unit(s)' ... 'Sale Date 12/1/2025 Legal Reference 11562152 Sale Price 329,000 Grantor(Seller) JAMES P FETZER TRUST'. Appraisal: '2-story brick, 2-br apt over commercial ~53% (~1,600 SF commercial per broker)... The larger two-bedroom apartment is estimated to have rented for $1,500 per month around the time of sale.'

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3530562100

Documentary sources (local evidence files, not web-published): Doc 11562152 (Nov/Dec-2025 RETR months not in CSV set; verified via assessor record card; appraisal-extract.md (data/appraisal-source.pdf pp.40-41; Doc 11562152 (Nov/Dec-2025 RETR months not in CSV set; verified via assessor record card; appraisal-extract.md (data/appraisal-source.pdf pp.40-41

Why it fits: Closest mixed-use analogue: 2-br apartment over commercial on MLK corridor, 3,030 SF (assessor Fin area = appraisal GBA). UNIT COUNT CONFLICT: appraisal documents 1 commercial + 1 apartment (2 income units, used in its OAR build-up); assessor card counts 2 commercial + 1 residential (3). price_unit computed on appraiser-documented 2 income units = $164,500; on assessor 3 units = $109,666.67. price_sf ($108.58) unaffected. Sale verified via assessor record card (Dec-2025 recorded deed absent from RETR CSV months).

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 108.5809 $/SF (match); price $/unit = sale_price / units = 164500.0 $/unit (match)

2670 N Holton St (2670-2672)

Row date: 2025-11-25 · re-checked 2026-10-06 · disposition: FITS

Assessor: 'with 4 commercial unit(s) and 1 residential unit(s)' ... 'Sale Date 11/25/2025 Legal Reference 11563376 Sale Price 195,000 Grantor(Seller) GREER REAL ESTATE LLC'. Appraisal: 'commercial ex-day care + two 2-br apts... Per the broker listing the two bedroom units were leased at $750 and $945 per month, gross.'

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3212352000

Documentary sources (local evidence files, not web-published): Doc 11563376 (Nov/Dec-2025 RETR months not in CSV set; verified via assessor record card; appraisal-extract.md (data/appraisal-source.pdf pp.42-43; Doc 11563376 (Nov/Dec-2025 RETR months not in CSV set; verified via assessor record card; appraisal-extract.md (data/appraisal-source.pdf pp.42-43

Why it fits: Mixed-use on the North Holton corridor (same corridor the subject sits one block off), 3,114 SF (assessor Fin area = appraisal GBA). UNIT COUNT CONFLICT: appraisal documents 1 commercial + 2 apartments (3, with both unit rents in its OAR build-up); assessor card counts 4 commercial + 1 residential (5). price_unit computed on appraiser-documented 3 units = $65,000; on assessor 5 units = $39,000. price_sf ($62.62) unaffected. Location inferior (appraiser adjusted +30% for the North Holton corridor).

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 62.6204 $/SF (match); price $/unit = sale_price / units = 65000.0 $/unit (match)

3201 N Holton St (3201-3205)

Row date: 2024-10-07 · re-checked 2026-10-06 · disposition: FITS

Assessor: '3201-3205 N HOLTON ST ... with 6 commercial unit(s) and 2 residential unit(s)' ... 'Sale Date 10/7/2024 Legal Reference 11456341 Sale Price 250,000 Grantor(Seller) SHVAAS LLC'. Appraisal: '1- and 2-story brick/frame, commercial 1,000 SF + 3-br + 2-br units = 31% commercial/69% apt... The two-bedroom apartment is estimated to have rented for $1,050 per month... the three-bedroom unit at $1,250 per month.'

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=2812310000

Documentary sources (local evidence files, not web-published): RETR_2024-10.csv Doc 11456341; appraisal-extract.md (data/appraisal-source.pdf pp.44-45; RETR_2024-10.csv Doc 11456341; appraisal-extract.md (data/appraisal-source.pdf pp.44-45

Why it fits: Mixed-use, North Holton corridor, 3,266 SF (assessor Fin area = appraisal GBA). Verified in RETR: Doc 11456341, $250,000, conveyance 10/7/2024 (recorded 10/11/2024), Shvaas LLC -> Duy Dinh Nguyen, No relationship. UNIT COUNT CONFLICT: appraisal (site inspection) documents 1 commercial (1,000 SF) + 2 apartments = 3 units; assessor record card spans address range 3201-3205 and counts 6 commercial + 2 residential (8). price_unit computed on appraiser-documented 3 units = $83,333.33; on assessor 8 units = $31,250. price_sf ($76.55) unaffected.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 76.5462 $/SF (match); price $/unit = sale_price / units = 83333.3333 $/unit (match)

800 E Chambers St

Row date: 2025-07-02 · re-checked 2026-10-06 · disposition: FITS

Assessor: 'with 0 commercial unit(s) and 6 residential unit(s)' ... 'Sale Date 7/2/2025 Legal Reference 11521359 Sale Price 540,000 Grantor(Seller) SJM SQUARED PROPERTIES, LLC'. Appraisal: 'commercial + 5 apartments: studio, 2x1-br, 1x2-br, 1x3-br ~30% commercial... The apartment units are rather small.'

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=2811005000

Documentary sources (local evidence files, not web-published): RETR_2025-07.csv Doc 11521359; appraisal-extract.md (data/appraisal-source.pdf pp.46-47; RETR_2025-07.csv Doc 11521359; appraisal-extract.md (data/appraisal-source.pdf pp.46-47

Why it fits: Most similar scale to subject: 6 income units (commercial + 5 apartments) in Riverwest, 4,626 SF (assessor Fin area = appraisal GBA), appraiser's greatest-weight sale. Verified in RETR Doc 11521359 (conveyance 7/2/2025, recorded 7/10/2025). Units agree at 6 (assessor counts 6 residential; appraisal 1 commercial + 5 apartments). Appraiser adjusted up 7% for condition vs subject.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 116.7315 $/SF (match); price $/unit = sale_price / units = 90000.0 $/unit (match)

823 E Clarke St (appraisal rent comp #1)

Row date: 2025-08-19 · re-checked 2026-10-06 · disposition: FITS

Assessor: '823 E CLARKE ST ... Duplex O/S ... 1,750 [Fin area] ... Sale Date 8/12/2025 $168,500 ... Grantor(Seller) GRANDVIEW CAPITAL LLC' (Legal Reference 11532681). Appraisal: 'A 1.5-story sided duplex... Updated unit... The building sold in August 2025 for $168,500 and $84,250 per unit.' Rent: '$1,150' per month, 'The tenant pays electricity and heat.'

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3210802000

Documentary sources (local evidence files, not web-published): RETR_2025-08.csv Doc 11532681; appraisal-extract.md (data/appraisal-source.pdf pp.56-57; RETR_2025-08.csv Doc 11532681; appraisal-extract.md (data/appraisal-source.pdf pp.56-57

Why it fits: Riverwest duplex one block from subject; appraiser's own rent comp with a documented sale. Verified: RETR Doc 11532681, conveyance 8/19/2025 (recorded 8/21/2025; assessor sale date 8/12/2025), $168,500, No relationship. SF cross-check: assessor Fin area 1,750 = appraisal building SF 1,750. Note: a prior trade 7/21/2025 at $130,000 (Doc 11524805, Steven D. Hoener -> Grandview Capital LLC) sits one month earlier and is not used. GRM basis is per-unit: documented sale price/unit $84,250 / documented unit rent; building-wide gross scheduled rent is not documented.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 96.2857 $/SF (match); price $/unit = sale_price / units = 84250.0 $/unit (match); GRM = per-unit price / (documented unit monthly rent x 12) = 6.1051 x (see adjudication)

2520 N Holton St (appraisal rent comp #2)

Row date: 2025-11-24 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2520 N HOLTON ST ... Duplex O/S ... 2,830 [Fin area] ... 0 commercial unit(s) and 2 residential unit(s) ... Sale Date 11/24/2025 Legal Reference 11560959 Sale Price 105,000 Grantor(Seller) YOSEF GOLDSTEIN'. Appraisal: 'The building sold in November 2025 for $105,000 and $52,500 per unit. The building was marketed as having deferred maintenance when sold.'

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3211511000

Documentary sources (local evidence files, not web-published): Doc 11560959 (Nov-2025 RETR month not in CSV set; verified via assessor record card; appraisal-extract.md (data/appraisal-source.pdf pp.58-59; Doc 11560959 (Nov-2025 RETR month not in CSV set; verified via assessor record card; appraisal-extract.md (data/appraisal-source.pdf pp.58-59

Why it fits: Riverwest duplex 4 blocks north of subject with documented sale + rents. UNIT COUNT conflict resolved to 2 (appraisal duplex, 2 units; assessor 2 residential). SF cross-check: assessor Fin area 2,830 = appraisal 2,830. Deferred-maintenance sale: prices below updated product; flagged as low-side evidence.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 37.1025 $/SF (match); price $/unit = sale_price / units = 52500.0 $/unit (match); GRM = per-unit price / (documented unit monthly rent x 12) = 3.5028 x (see adjudication)

2556 N Booth St (appraisal rent comp #3)

Row date: 2024-12-23 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2556 N BOOTH ST ... Duplex O/S ... 1,848 [Fin area] ... 0 commercial unit(s) and 2 residential unit(s) ... Sale Date 12/23/2024 Legal Reference 11476285 Sale Price 168,500 Grantor(Seller) ABIGAIL WALL'. Appraisal: 'The building sold in December 2024 for $168,500 and $84,250 per unit. The building was marketed as having deferred maintenance when sold.'

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3211476000

Documentary sources (local evidence files, not web-published): Doc 11476285 (Dec-2024 RETR month not in CSV set; verified via assessor record card; appraisal-extract.md (data/appraisal-source.pdf pp.60-61; Doc 11476285 (Dec-2024 RETR month not in CSV set; verified via assessor record card; appraisal-extract.md (data/appraisal-source.pdf pp.60-61

Why it fits: Same street as subject (2556 N Booth, ~2 blocks north), documented sale + rent. SF cross-check: assessor Fin area 1,848 = appraisal 1,848. Deferred-maintenance sale (low-side evidence, flagged). GRM per-unit basis.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 91.1797 $/SF (match); price $/unit = sale_price / units = 84250.0 $/unit (match); GRM = per-unit price / (documented unit monthly rent x 12) = 5.0149 x (see adjudication)

2330-2332 N Holton St (appraisal rent comp #4)

Row date: 2025-08-22 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2330-2332 N HOLTON ST ... Duplex O/S ... 2,190 [Fin area] ... 0 commercial unit(s) and 2 residential unit(s)'. RETR: '2330-2332 N. HOLTON STREET', $241,000.00, conv 08-22-2025, Doc 11533330, 'AB NORMAL 4 LLC -> BRANDOFINA, MARC', No relationship. Appraisal: 'Dishwasher, in-unit washer and dryer, balconies... The building sold in August 2025 for $241,000 and $120,500 per unit.'

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3211213000

Documentary sources (local evidence files, not web-published): RETR_2025-08.csv Doc 11533330; appraisal-extract.md (data/appraisal-source.pdf pp.62-63; RETR_2025-08.csv Doc 11533330; appraisal-extract.md (data/appraisal-source.pdf pp.62-63

Why it fits: Riverwest duplex 3 blocks north of subject; updated units. Verified in RETR Doc 11533330. SF cross-check: assessor Fin area 2,190 = appraisal 2,190. Later 3/11/2026 transfer at $0 (Marc Brandofina, Doc 11585175) is a non-sale and is excluded. GRM per-unit basis.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 110.0457 $/SF (match); price $/unit = sale_price / units = 120500.0 $/unit (match); GRM = per-unit price / (documented unit monthly rent x 12) = 6.3155 x (see adjudication)

2138 N Buffum St (appraisal rent comp #5, Brewers Hill)

Row date: 2025-09-22 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2138 N BUFFUM ST ... Ranch Res O/S A & 1/2 ... 2,637 [Fin area] ... 0 commercial unit(s) and 1 residential unit(s) ... Sale Date 9/22/2025 Legal Reference 11542714 Sale Price 325,000'. Appraisal: 'The building is listed by the assessor as a three-bedroom, two-bathroom single-family. The current landlord appears to operate the subject as a duplex... sold in September 2025 for $325,000 and $162,500 per unit.'

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3540137100

Documentary sources (local evidence files, not web-published): Doc 11542714 (Sep-2025 RETR month not in CSV set; verified via assessor record card; appraisal-extract.md (data/appraisal-source.pdf pp.64-65; Doc 11542714 (Sep-2025 RETR month not in CSV set; verified via assessor record card; appraisal-extract.md (data/appraisal-source.pdf pp.64-65

Why it fits: Brewers Hill (adjacent east of Riverwest), newer 2004 construction, documented sale + rent. UNIT COUNT CONFLICT: appraiser documents operation as a 2-unit duplex ($162,500/unit as quoted); assessor card counts 1 residential unit (3BR ranch). price_unit computed on operating 2 units = $162,500; on assessor 1 unit = $325,000. SF: assessor Fin area 2,637 used (appraisal states 2,753 SF building). GRM per-unit basis.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 123.2461 $/SF (match); price $/unit = sale_price / units = 162500.0 $/unit (match); GRM = per-unit price / (documented unit monthly rent x 12) = 6.7708 x (see adjudication)

1333-35 N Dr. Martin Luther King Jr Dr

Row date: 2025-05-27 · re-checked 2026-10-06 · disposition: FITS

Assessor: '1333-1335 N MARTIN L KING JR DR ... Store Bldg - Multi Story (Store & Apt, Store & Ofc ... 5,178 [Fin area] ... with 2 commercial unit(s) and 1 residential unit(s) ... Sale Date 5/27/2025 Sale Price 675,000'. RETR: conv 05-27-2025, Doc 11512121, 'CREAM CITY AQUATICS LLC -> 1333 MLK LLC', No relationship.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3610326000

Documentary sources (local evidence files, not web-published): RETR_2025-06.csv Doc 11512121; RETR_2025-06.csv Doc 11512121

Why it fits: Store-and-apartment building on the MLK mixed-use corridor (same corridor as appraisal seeds 1-2), 3 units, verified in RETR + assessor. Fresh 2025 trade not in the appraiser's set.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 130.3592 $/SF (match); price $/unit = sale_price / units = 225000.0 $/unit (match)

3439-55 N Dr. Martin Luther King Jr Dr

Row date: 2026-06-26 · re-checked 2026-10-06 · disposition: FITS

Assessor: '3439-3455 N MARTIN L KING JR DR ... Store Bldg - Multi Story (Store & Apt, Store & Ofc Billboard ... 10,304 [Fin area] ... with 1 commercial unit(s) and 4 residential unit(s), ... 10 total bedroom(s) ... Sale Date 6/26/2026 Sale Price 400,000'. RETR: conv 06-26-2026, Doc 11613995, 'Y & K ENTERPRISES LLC -> DHILLON BROTHERS, LLC', $400,000.00.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=2830911000

Documentary sources (local evidence files, not web-published): RETR_2026-06.csv Doc 11613995; RETR_2026-06.csv Doc 11613995

Why it fits: Mixed-use store-and-apartments on the MLK corridor, 5 income units, most recent 2026 trade in the set. Verified RETR + assessor.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 38.8199 $/SF (match); price $/unit = sale_price / units = 80000.0 $/unit (match)

707 E Brady St

Row date: 2025-07-30 · re-checked 2026-10-06 · disposition: FITS

Assessor: '707 E BRADY ST ... Store Bldg - Multi Story (Store & Apt, Store & Ofc ... 4,952 [Fin area] ... with 1 commercial unit(s) and 2 residential unit(s) ... Sale Date 7/25/2025 Sale Price 750,000'. RETR: conv 07-30-2025, Doc 11528564, '707 EAST BRADY LLC -> NEXGEN VENTURES LLC', $750,000.00, 3 units.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3600001000

Documentary sources (local evidence files, not web-published): RETR_2025-07.csv Doc 11528564; RETR_2025-07.csv Doc 11528564

Why it fits: Mixed-use store-and-apartments, Brady St commercial corridor (south edge of study area), 3 income units, verified RETR + assessor (assessor sale date 7/25/2025 vs RETR conveyance 7/30/2025).

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 151.454 $/SF (match); price $/unit = sale_price / units = 250000.0 $/unit (match)

808-814 E Chambers St

Row date: 2021-07-06 · re-checked 2026-10-06 · disposition: FITS

Assessor: '808-814 E CHAMBERS ST ... Tavern ... 5,338 [Fin area] ... with 1 commercial unit(s) and 4 residential unit(s) ... Sale Date 7/6/2021 Sale Price 400,000'. RETR: conv 07-06-2021, Doc 11136335, 'DINON, RITA J. -> MR PARTNERS 1 LLC', $400,000.00.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=2811004100

Documentary sources (local evidence files, not web-published): RETR_2021-07.csv Doc 11136335; RETR_2021-07.csv Doc 11136335

Why it fits: Tavern-and-apartments one block from appraisal seed 5 (800 E Chambers), 5 income units, verified RETR + assessor. Oldest year in set (2021) - time-sensitive.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 74.9344 $/SF (match); price $/unit = sale_price / units = 80000.0 $/unit (match)

818-824 E Center St

Row date: 2021-06-30 · re-checked 2026-10-06 · disposition: FITS

Assessor: '818-824 E CENTER ST ... Store Bldg - Multi Story (Store & Apt, Store & Ofc ... 8,608 [Fin area] ... with 3 commercial unit(s) and 2 residential unit(s) ... Sale Date 6/30/2021 Sale Price 585,000'. RETR: conv 06-30-2021, Doc 11133443, 'FUEL REAL ESTATE, LLC -> LEGITIMATE BUSINESS LLC', $585,000.00.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3140037000

Documentary sources (local evidence files, not web-published): RETR_2021-06.csv Doc 11133443; RETR_2021-06.csv Doc 11133443

Why it fits: Store-and-apartments in Riverwest (E Center St), 5 income units, verified RETR + assessor. 2021 trade - time-sensitive.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 67.96 $/SF (match); price $/unit = sale_price / units = 117000.0 $/unit (match)

2859-2861 N Booth St

Row date: 2025-06-10 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2859-2861 N BOOTH ST ... Duplex O/S / Res O/S A & 1/2 ... 3,529 [Fin area] ... Card 1 of 2'. RETR: conv 06-10-2025, Doc 11515899, 'SAIGH, MYLES -> SCHNEIDER, RANDY', 3 units, $430,000.00.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3140434000

Documentary sources (local evidence files, not web-published): RETR_2025-06.csv Doc 11515899; RETR_2025-06.csv Doc 11515899

Why it fits: Same street as subject (4 blocks north), 3 units, verified RETR + assessor. Assessor card 1 of 2 counts 2 residential units (duplex) with a second structure (house) on card 2; RETR deed count 3 used.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 121.8475 $/SF (match); price $/unit = sale_price / units = 143333.3333 $/unit (match)

3045-3047 N Booth St

Row date: 2025-04-11 · re-checked 2026-10-06 · disposition: FITS

Assessor: '3045-3047 N BOOTH ST ... Duplex O/S / Res O/S A & 1/2 ... 2,849 [Fin area] ... 0 commercial unit(s) and 2 residential unit(s) ... Sale Date 4/11/2025 Sale Price 399,900'. RETR: conv 04-11-2025, Doc 11500787, 'SAIGH, MYLES -> SCHAAF, MATTHEW', 2 units.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3141139000

Documentary sources (local evidence files, not web-published): RETR_2025-04.csv Doc 11500787; RETR_2025-04.csv Doc 11500787

Why it fits: Same street as subject (6 blocks north), 2 units, verified RETR + assessor (units agree).

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 140.365 $/SF (match); price $/unit = sale_price / units = 199950.0 $/unit (match)

2723-2725 N Booth St

Row date: 2025-02-20 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2723-2725 N BOOTH ST ... Duplex O/S / Duplex O/S ... 4,140 [Fin area] ... 0 commercial unit(s) and 2 residential unit(s) ... Card 1 of 2 ... Sale Date 2/20/2025 Sale Price 425,000'. RETR: conv 02-20-2025, Doc 11490859, '1126 KANE LLC -> COHEN, TIMOTHY', 2 units.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3211784000

Documentary sources (local evidence files, not web-published): RETR_2025-02.csv Doc 11490859; RETR_2025-02.csv Doc 11490859

Why it fits: Same street as subject (1 block north!), 2 units per RETR deed + assessor card 1; two structures ('Duplex O/S / Duplex O/S', card 2 of 2) leave a possible 4-unit reading - flagged, price_unit computed on documented 2.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 102.657 $/SF (match); price $/unit = sale_price / units = 212500.0 $/unit (match)

2568-2570 N Booth St

Row date: 2025-01-24 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2568-2570 N BOOTH ST ... Duplex O/S ... 2,398 [Fin area] ... 0 commercial unit(s) and 2 residential unit(s) ... Sale Date 1/24/2025 Sale Price 415,000'. RETR: conv 01-24-2025, Doc 11482423, 'STAY ON TRACK LLC -> REMEDY HOME HEALTH CARE INC', 2 units.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3211480000

Documentary sources (local evidence files, not web-published): RETR_2025-01.csv Doc 11482423; RETR_2025-01.csv Doc 11482423

Why it fits: Same street as subject (2 blocks north), 2 units, verified RETR + assessor (units agree).

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 173.0609 $/SF (match); price $/unit = sale_price / units = 207500.0 $/unit (match)

2044-2046 N Booth St

Row date: 2023-10-13 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2044-2046 N BOOTH ST ... Duplex O/S ... 2,904 [Fin area] ... 0 commercial unit(s) and 2 residential unit(s) ... Sale Date 10/11/2023 Sale Price 435,000'. RETR: conv 10-13-2023, Doc 11376684, 'POLIAK, JAMES -> GENTILE, NATHANIEL', 2 units.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3540181000

Documentary sources (local evidence files, not web-published): RETR_2023-10.csv Doc 11376684; RETR_2023-10.csv Doc 11376684

Why it fits: Same street as subject (5 blocks south), 2 units, verified RETR + assessor (assessor sale date 10/11/2023 vs RETR conveyance 10/13/2023).

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 149.7934 $/SF (match); price $/unit = sale_price / units = 217500.0 $/unit (match)

2337 N Weil St

Row date: 2024-06-19 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2337 N WEIL ST ... AP2 (Conventional Apt with 7-11 Units) ... 6,460 [Fin area] ... 0 commercial unit(s) and 8 residential unit(s) ... Sale Date 6/19/2024 Sale Price 600,000'. RETR: conv 06-20-2024, Doc 11430525, 'MICHAEL J. SCHRAMM -> EGC 2337 WEIL LLC', 8 units.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3211141000

Documentary sources (local evidence files, not web-published): RETR_2024-06.csv Doc 11430525; RETR_2024-06.csv Doc 11430525

Why it fits: Riverwest 8-unit apartment building 4 blocks from subject; upper end of the 2-8 unit band. Units agree (8). Verified RETR + assessor.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 92.8793 $/SF (match); price $/unit = sale_price / units = 75000.0 $/unit (match)

2342 N Weil St

Row date: 2025-03-26 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2342 N WEIL ST ... AP1 (Conventional Apt with 4-6 Units) ... 4,935 [Fin area] ... 0 commercial unit(s) and 4 residential unit(s)'. RETR: conv 03-26-2025, rec 03-27-2025, Doc 11494592, 'KOPACZ, GENE E. KOPACZ AND KAREN E. -> PURITAN LLC', No relationship, 4 units, $485,000.00.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3211129000

Documentary sources (local evidence files, not web-published): RETR_2025-03.csv Doc 11494592; RETR_2025-03.csv Doc 11494592

Why it fits: Riverwest 4-unit apartment building 3 blocks from subject. Units agree (4). NOTE: assessor's latest sale entry is a later 9/11/2025 transfer at $0 (Puritan LLC -> Benjamin N. Wasserman, Doc 11538353) - a non-sale, excluded; the priced 3/26/2025 trade is used.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 98.2776 $/SF (match); price $/unit = sale_price / units = 121250.0 $/unit (match)

2636-2638 N Weil St

Row date: 2024-03-25 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2636-2638 N WEIL ST ... AP1 (Conventional Apt with 4-6 Units) ... 3,448 [Fin area] ... 0 commercial unit(s) and 5 residential unit(s) ... Sale Date 3/25/2025 [sic 3/25/2024] Sale Price 455,000'. RETR: conv 03-25-2024, Doc 11408230, 'FPNG PROPERTY MANAGEMENT LLC -> 948 MEMORIAL DRIVE LLC', 2 units, $455,000.00 (a 2022 sale of the same building listed 5 units).

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3211909000

Documentary sources (local evidence files, not web-published): RETR_2024-03.csv Doc 11408230; RETR_2024-03.csv Doc 11408230

Why it fits: Riverwest 5-unit apartment building 2 blocks west of subject. UNIT COUNT CONFLICT: assessor card counts 5 residential (building type AP1 4-6 units) and the 2022 RETR sale listed 5 units, but the 2024 deed lists 2; price_unit computed on 5 (assessor + prior deed) = $91,000; on 2 = $227,500. Flagged.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 131.9606 $/SF (match); price $/unit = sale_price / units = 91000.0 $/unit (match)

3030-3032 N Fratney St

Row date: 2025-05-16 · re-checked 2026-10-06 · disposition: FITS

Assessor: '3030-3032 N FRATNEY ST ... AP1 (Conventional Apt with 4-6 Units) ... 3,645 [Fin area] ... 0 commercial unit(s) and 5 residential unit(s) ... Sale Date 5/16/2025 Sale Price 425,000'. RETR: conv 05-16-2025, Doc 11508089, 'RIVERWEST HOLDINGS, LLC -> YELLOW LEAF PROPERTIES', 5 units.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=2811010000

Documentary sources (local evidence files, not web-published): RETR_2025-05.csv Doc 11508089; RETR_2025-05.csv Doc 11508089

Why it fits: Riverwest 5-unit apartment building 3 blocks east of subject. Units agree (5). Same-buyer pair with 3036 N Fratney (Doc 11508128, same day, $410,000) - both are arm's-length priced trades from the same seller portfolio; only 3030-3032 is used as a row.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 116.5981 $/SF (match); price $/unit = sale_price / units = 85000.0 $/unit (match)

2828 N Fratney St

Row date: 2026-01-30 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2828 N FRATNEY ST ... AP2 (Conventional Apt with 7-11 Units) ... 5,327 [Fin area] ... 0 commercial unit(s) and 7 residential unit(s)'. RETR: conv 01-30-2026, Doc 11574375, 'HIGGINS INVESTMENTS LLC -> ECKES, JUSTIN', 7 units, $685,000.00.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3140135000

Documentary sources (local evidence files, not web-published): RETR_2026-01.csv Doc 11574375; RETR_2026-01.csv Doc 11574375

Why it fits: Riverwest 7-unit apartment building 3 blocks northeast of subject; one of the freshest trades (Jan-2026). Units agree (7). Later 4/10/2026 $0 transfer (Justin Eckes -> Eckes Investments LLC, Doc 11601895, 'Shareholder/partner/member') is related-party and excluded.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 128.5902 $/SF (match); price $/unit = sale_price / units = 97857.1429 $/unit (match)

905 E Clarke St

Row date: 2025-06-27 · re-checked 2026-10-06 · disposition: FITS

Assessor: '905 E CLARKE ST ... AP1 (Conventional Apt with 4-6 Units) ... 3,546 [Fin area] ... 0 commercial unit(s) and 4 residential unit(s) ... Sale Date 6/27/2025 Sale Price 455,000'. RETR: conv 07-02-2025, Doc 11520465, 'JAFFARI, SUHAIL -> BEATON, ANGELBERT', 4 units.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3210538000

Documentary sources (local evidence files, not web-published): RETR_2025-07.csv Doc 11520465; RETR_2025-07.csv Doc 11520465

Why it fits: Same street as subject (E Clarke, 5 blocks east), 4 units, verified RETR + assessor. Prior 2022 trade $405,000 (Doc 11247494) noted - price up 12% to 2025.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 128.3136 $/SF (match); price $/unit = sale_price / units = 113750.0 $/unit (match)

1018-1020 E Clarke St

Row date: 2026-05-07 · re-checked 2026-10-06 · disposition: FITS

Assessor: '1018-1020 E CLARKE ST ... Duplex O/S ... 2,720 [Fin area] ... 0 commercial unit(s) and 2 residential unit(s) ... Sale Date 5/7/2026 Sale Price 390,000'. RETR: conv 05-07-2026, Doc 11601261, '1018 E CLARKE WI LLC -> BARR, JACOB N.', 2 units.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3212262000

Documentary sources (local evidence files, not web-published): RETR_2026-05.csv Doc 11601261; RETR_2026-05.csv Doc 11601261

Why it fits: Same street as subject (E Clarke, 6 blocks east), 2 units, verified RETR + assessor (units agree). Most recent trade in the set alongside 3439-55 N MLK (Jun-2026).

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 143.3824 $/SF (match); price $/unit = sale_price / units = 195000.0 $/unit (match)

2220-2222 N Holton St

Row date: 2025-11-14 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2220-2222 N HOLTON ST ... Duplex O/S ... 2,484 [Fin area] ... 0 commercial unit(s) and 2 residential unit(s) ... Sale Date 11/14/2025 Legal Reference 11555758 Sale Price 215,000 Grantor(Seller) V & A INVESTMENTS LLC'.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3540034000

Documentary sources (local evidence files, not web-published): Doc 11555758 (Nov-2025 RETR month not in CSV set; verified via assessor record card; Doc 11555758 (Nov-2025 RETR month not in CSV set; verified via assessor record card

Why it fits: North Holton duplex 3 blocks from subject; fresher of two documented trades. Prior 9/29/2023 trade $381,500 (Doc 11371034, K&J Properties LLC -> Ace Property Acquisitions LLC, RETR_2023-09.csv) is a second arm's-length sale of the same building and shows a 44% lower 2025 resale - both facts kept for the adjudicator; the 2025 row is the comp.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 86.5539 $/SF (match); price $/unit = sale_price / units = 107500.0 $/unit (match)

1225-1229 E Wright St

Row date: 2024-04-22 · re-checked 2026-10-06 · disposition: FITS

Assessor: '1225-1229 E WRIGHT ST ... AP1 (Conventional Apt with 4-6 Units) ... 3,802 [Fin area] ... 0 commercial unit(s) and 6 residential unit(s) ... Sale Date 4/22/2024 Sale Price 625,000'. RETR: conv 04-22-2024, Doc 11414524, 'BRU HOLDINGS, LLC -> 1225 E WRIGHT, LLC', No relationship, $625,000.00.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3201225000

Documentary sources (local evidence files, not web-published): RETR_2024-04.csv Doc 11414524; RETR_2024-04.csv Doc 11414524

Why it fits: Riverwest 6-unit apartment building on E Wright (2 blocks south of subject's E Clarke frontage), verified RETR + assessor. Prior 2/17/2021 trade $460,000 (Doc 11101112) noted.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 164.3872 $/SF (match); price $/unit = sale_price / units = 104166.6667 $/unit (match)

2012-2014 N Palmer St

Row date: 2025-03-21 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2012-2014 N PALMER ST ... Triplex / Res O/S A & 1/2 ... 4,824 [Fin area] ... Card 1 of 2 ... Sale Date 3/21/2025 Sale Price 810,000 Grantor(Seller) L&C MANAGEMENT GROUP LLC'. RETR: conv 03-28-2025, Doc 11497316, 'L & C MANAGEMENT GROUP LLC -> TAHLIER, BRIAN', 4 units, $810,000.00.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3530475100

Documentary sources (local evidence files, not web-published): RETR_2025-03.csv Doc 11497316; RETR_2025-03.csv Doc 11497316

Why it fits: Brewers Hill 4-unit (triplex + house), fully renovated product - top of the small-property price band. Verified RETR + assessor (assessor sale date 3/21/2025 vs RETR conveyance 3/28/2025). Same seller as appraisal seed 1 (L & C Management Group LLC).

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 167.9104 $/SF (match); price $/unit = sale_price / units = 202500.0 $/unit (match)

2910 N Newhall St

Row date: 2023-04-11 · re-checked 2026-10-06 · disposition: FITS

Assessor: '2910 N NEWHALL ST ... Triplex ... 3,174 [Fin area] ... 0 commercial unit(s) and 3 residential unit(s) ... Sale Date 4/11/2023 Sale Price 607,600'. RETR: conv 04-11-2023, Doc 11330551, 'WS18, LLC -> THE BATES FAMILY TRUST', 3 units.

Web sources: https://assessments.milwaukee.gov/Summary.asp?AccountNumber=3151422000

Documentary sources (local evidence files, not web-published): RETR_2023-04.csv Doc 11330551; RETR_2023-04.csv Doc 11330551

Why it fits: Riverwest triplex 4 blocks east of subject, 2001-built (newer). Units agree (3). Verified RETR + assessor.

Recomputed in Python by the adjudicator: price $/SF = sale_price / sf = 191.4304 $/SF (match); price $/unit = sale_price / units = 202533.3333 $/unit (match)

Red Lobster, 2801 N Mayfair Rd, Wauwatosa

Row date: sold 2022-06-08 (RETR Doc 11254288); listing quote re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

The property is subject to a 25-year Triple-Net (NNN) lease with 21 years remaining on the base term. The current rent is $349,757 and will continue to increase by 2.00% annually.

Web sources: https://api.crexi.com/assets/178582

Documentary sources (local evidence files, not web-published): Crexi listing 178582 (M&M) + RETR Doc 11254288

Why it fits: RETR-verified sale (Doc 11254288, 2022-06-08) with documented NNN rent; single-tenant retail-credit. GRM 17.53 is the retail-credit half only (rule 6b CROSS-CHECK set, never weighted-component input). income_class=retail; structure=NNN; basis=actual.

Recomputed in Python by the adjudicator: price/sf = sale_price / sf = 820.84 $/SF (match); GRM = price / documented gross scheduled annual rent = 17.5265 x (match); implied cap (NNN) = rent / price = 5.7057 % (match)

1681-1683 N Van Buren St (DigiCOPY + Polished Nail Bar), Milwaukee

Row date: sold 2021-12 (reported 2021-12-30); quote re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

DigiCOPY’s base rent comes out to $25 per square foot, which will escalate to $27.23 per square foot by 2027. Polished’s rent is set at $18 per square foot.

Web sources: https://biztimes.com/retail-building-on-milwaukees-east-side-sold-to-investor-for-more-than-1-5-million/

Documentary sources (local evidence files, not web-published): BizTimes 2021-12-30 (state records

Why it fits: Press-documented sale (state records) with per-tenant NNN rents; GRM computable only as bounds (SF split between tenants unpublished) - see grm_evidence. Broker: Jeff Rowlett (M&M) marketed the property.

Recomputed in Python by the adjudicator: price/sf = sale_price / sf = 317.0 $/SF (match); price/unit = sale_price / units = 770000.0 $/unit (match)

Sentry Foods grocery, 7101 W Lisbon Ave, Milwaukee

Row date: sold 2024-10-07 (RETR Doc 11454969); quote re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS (cap quote flagged)

“Although the sellers received strong off-market interest, we were able to increase the property’s value by $100,000 through a competitive marketing process, ultimately closing at 95% of the list price with a 7.94% cap rate,” said Ben Kohl, associate.

Web sources: https://www.wisbusiness.com/2024/marcus-millichap-arranges-sale-of-sentry-foods-grocery-store-in-milwaukee/

Documentary sources (local evidence files, not web-published): RETR Doc 11454969 (price) + M&M press release via WisBusiness 2024-10-16 (cap quote

Why it fits: RETR-documented sale price + press-quoted cap (broker quote in M&M press release - QUOTE FLAGGED: stated cap is a broker statement, not a filed figure). 2.3-acre site. income_class=retail.

Recomputed in Python by the adjudicator: price/sf = sale_price / sf = 49.6932 $/SF (match); implied NOI = price x quoted cap (NOI not published - derived) = 99250.0 $/yr (match)

2-Tenant Medical Center (Children's Wisconsin + Park Pet Hospital), 7950 N Port Washington Rd, Fox Point

Row date: sold 2026 (BizTimes); listing activated 2026-02-23; quotes re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Marcus & Millichap is pleased to present the opportunity to acquire a fee simple interest in a high-quality multi-tenant medical property located at 7950 N. Port Washington Road in Fox Point, Wisconsin.

Web sources: https://api.crexi.com/assets/2361195

Documentary sources (local evidence files, not web-published): BizTimes (sale price) + Crexi 2361195 (M&M listing: ask $4,491,125 at 7.2% cap

Why it fits: Sale price press-documented ($4,000,000 BizTimes) vs ask $4,491,125 (M&M listing, 7.2% stated at ask). Implied cap at sale 8.08% = derived (NOI derived from ask x 7.2% = $323,361, then / sale price) - ESTIMATED basis. Suburban medical retail; north-shore trade area.

Recomputed in Python by the adjudicator: price/sf = sale_price / sf = 256.3932 $/SF (match); implied cap at sale = (ask x 7.2%) / sale (derived NOI basis) = 8.084 % (match)

2600-2604 N. Booth St., Milwaukee (Riverwest) -- SUBJECT

Row date: 2026-01-26 (RETR Doc 11572508) · re-checked 2026-10-06 · disposition: FITS

Current commercial: 2604 N. Booth Bakery $14,400 ($14.40); 2600 N. Booth Acupuncture $16,200 ($10.12); 810 E. Clarke Salon $9,180 ($18.36); Total 3,100 SF $39,780 ($12.83). Apartment roll total $4,195/mo.

Documentary sources (local evidence files, not web-published): RETR_2026-01.csv Doc 11572508 + data/appraisal-source.pdf (PDF pp.68, 84-87) [quotes via data/appraisal-extract.md, Phase 0b OCR]

Why it fits: The study's own trade: both sides documented (deed price + in-place rolls at sale). GRM 9.43 on in-place gross reflects BELOW-market rents (units 1/3 and the 2600 N. Booth commercial space) -- see paired stabilized row.

Recomputed in Python by the adjudicator: GRM = sale price / gross scheduled annual rent = 9.4319 x (match)

2600-2604 N. Booth St., Milwaukee (Riverwest) -- SUBJECT

Row date: 2026-01-26 (RETR Doc 11572508) · re-checked 2026-10-06 · disposition: FITS

Potential (market) apartment rents used in pro forma: Booth 1 $1,800 ($1.25/SF/mo), Booth 2 $1,495 ($1.42), Booth 3 $1,800 ($1.27) = $5,095/mo = $61,140/yr gross potential. Commercial potential total $45,980 ($14.83). Gross Potential Income $107,120.

Documentary sources (local evidence files, not web-published): data/appraisal-source.pdf (PDF pp.69, 86-87) [quotes via data/appraisal-extract.md, Phase 0b OCR]

Why it fits: Stabilized GRM at the appraiser's concluded market rents (broker saw up to $2,200/$2,000 on units 1/3). Labels the upside case: 9.43 -> 7.94 is what re-marking to market does to the multiplier.

Recomputed in Python by the adjudicator: GRM = sale price / gross scheduled annual rent = 7.935 x (match)

825 E. Clarke St., Milwaukee (Riverwest duplex)

Row date: 2025-08 (month per source) · re-checked 2026-10-06 · disposition: FITS

A 1.5-story sided duplex... A stall in a shared garage is included in the rent... Updated unit. The building sold in August 2025 for $168,500 and $84,250 per unit.

Documentary sources (local evidence files, not web-published): data/appraisal-source.pdf (PDF pp.56-57) [quotes via data/appraisal-extract.md, Phase 0b OCR]

Why it fits: Price + documented unit rent, same source. Partial-actual GRM overstates a whole-building GRM (unrented unit's value in price, its rent not in denominator); paired estimated row = whole-building view. Duplex, Riverwest: fits comp universe.

Recomputed in Python by the adjudicator: GRM = sale price / gross scheduled annual rent = 12.2101 x (match)

825 E. Clarke St., Milwaukee (Riverwest duplex)

Row date: 2025-08 (month per source) · re-checked 2026-10-06 · disposition: FITS

The building sold in August 2025 for $168,500 and $84,250 per unit.

Documentary sources (local evidence files, not web-published): data/appraisal-source.pdf (PDF pp.56-57) [quotes via data/appraisal-extract.md, Phase 0b OCR]

Why it fits: Extrapolation of a documented rent to the full building, labeled estimate. Sits between the partial-actual 12.21 and the appraisal mixed-use sales' implied GRMs.

Recomputed in Python by the adjudicator: GRM = sale price / gross scheduled annual rent = 6.1051 x (match)

2332 N. Holton St., Milwaukee (Riverwest duplex)

Row date: 2025-08 (month per source) · re-checked 2026-10-06 · disposition: FITS

Dishwasher, in-unit washer and dryer, balconies, access to attic. The building sold in August 2025 for $241,000 and $120,500 per unit.

Documentary sources (local evidence files, not web-published): data/appraisal-source.pdf (PDF pp.62-63) [quotes via data/appraisal-extract.md, Phase 0b OCR]

Why it fits: Price + documented unit rent, same source. Best-amenity seed (in-unit W/D, balconies). Partial-actual overstates whole-building GRM; see paired estimated row.

Recomputed in Python by the adjudicator: GRM = sale price / gross scheduled annual rent = 12.631 x (match)

2332 N. Holton St., Milwaukee (Riverwest duplex)

Row date: 2025-08 (month per source) · re-checked 2026-10-06 · disposition: FITS

The building sold in August 2025 for $241,000 and $120,500 per unit.

Documentary sources (local evidence files, not web-published): data/appraisal-source.pdf (PDF pp.62-63) [quotes via data/appraisal-extract.md, Phase 0b OCR]

Why it fits: Extrapolation of a documented rent to the full building, labeled estimate. Closest analog to the subject's apts on finish quality.

Recomputed in Python by the adjudicator: GRM = sale price / gross scheduled annual rent = 6.3155 x (match)

2453-2457 S Wentworth Ave (2 res + 1 retail/restaurant), past listing 683948 + deed

Row date: 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Total of 3 Tenants; 2 Residential and 1 Retail/Restaurant | $2,310 Gross Rent from Residential Tenants | $3,500 Gross Income from Retail Tenant | Total of $69,720 GROSS INCOME

Web sources: https://api.crexi.com/assets/683948

Why it fits: THE deep-past-listing pattern: expired listing carried the rent roll ($69,720/yr gross), RETR deed carried the price ($670,000, Doc 11243805). GRM 9.61. Implied caps below.

Recomputed in Python by the adjudicator: GRM = price / gross scheduled annual rent = 9.61 GRM (match)

4723 S 13th St (8-family brick), past listing 1057692 + deed

Row date: 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Brick 8 Family Conveniently Located on Milwaukee South-side .(8) 2 Bedroom 1 Bath Units. | Proforma Gross Income of $81,705.

Web sources: https://api.crexi.com/assets/1057692

Why it fits: Past listing + deed 6 weeks later. GRM 9.49 on PROFORMA gross (flag: proforma, not in-place). RETR type flag reads 'Condominium' (data quirk) but address/date/price align with the listing window.

Recomputed in Python by the adjudicator: GRM = price / gross scheduled annual rent = 9.49 GRM (match)

Red Lobster, 2801 N Mayfair Rd, Wauwatosa

Row date: sold 2022-06-08 (RETR Doc 11254288); quote re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

The property is subject to a 25-year Triple-Net (NNN) lease with 21 years remaining on the base term. The current rent is $349,757 and will continue to increase by 2.00% annually.

Web sources: https://api.crexi.com/assets/178582

Why it fits: Matched sale + documented gross scheduled rent. structure=NNN; basis=actual; income_class=retail. CROSS-CHECK set only (rule 6b): NNN corporate-credit GRM is not comparable to small-MF gross GRMs and never enters the weighted-component input.

Recomputed in Python by the adjudicator: GRM = price / gross scheduled annual rent = 17.5265 x (match)

1681-1683 N Van Buren St (DigiCOPY + Polished Nail Bar), Milwaukee

Row date: sold 2021-12 (reported 2021-12-30); quote re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

DigiCOPY’s base rent comes out to $25 per square foot, which will escalate to $27.23 per square foot by 2027. Polished’s rent is set at $18 per square foot.

Web sources: https://biztimes.com/retail-building-on-milwaukees-east-side-sold-to-investor-for-more-than-1-5-million/

Why it fits: Matched sale + documented per-tenant NNN rents. structure=NNN; basis=estimated (bounds); income_class=retail. CROSS-CHECK set only (rule 6b). GRM bounds = price / rent bounds (low GRM = price / high rent).

Recomputed in Python by the adjudicator: GRM bounds = price / gross rent bounds = 12.6801-17.6113 x (match)

2600-2604 N Booth St (subject)

Row date: 2026-01-12 · re-checked 2026-10-06 · disposition: FITS

0.75 x 0.0739 = 0.0554 (mortgage) + 0.25 x 0.065 = 0.0163 (equity) = 0.0717 -> Overall Capitalization Rate 7.2%. NOI $61,169 / 0.072 -> $849,569 -> $850,000

Documentary sources (local evidence files, not web-published): data/appraisal-extract.md (appraisal pp.96-98; RETR_2026-01.csv Doc 11572508

Why it fits: Subject row (highlighted in the comp table): the appraiser's concluded 7.2% overall rate on market rents, with the seller's 5.85% going-in on 2025 actuals shown as the in-place reality

573 W Lincoln Ave 575, 573 W Lincoln Ave, Milwaukee, WI 53207

Row date: 2025-11 · re-checked 2026-10-06 · disposition: FITS

Mixed Use | 6.60% CAP | 4,784 SqFt

Web sources: https://api.crexi.com/assets/2259527 https://www.crexi.com/properties/2259527/wisconsin-573-w-lincoln-ave-575

Why it fits: Small mixed-use (4,784 SF) on the subject's Lincoln Ave corridor; listing states cap and NOI. Listing expired after the pull, ask data.

Recomputed in Python by the adjudicator: cap rate = NOI / price = 6.6046 % (match)

Eastside Mixed-Use Property | 10 Residential | 5 Commercial, 1800 N Farwell Ave, Milwaukee, WI 53202

Row date: 2026-08 · re-checked 2026-10-06 · disposition: FITS

Price Improvement! Mixed Use | 7.87% CAP Year One | 16,200 SqFt

Web sources: https://api.crexi.com/assets/2658678 https://www.crexi.com/properties/2658678/wisconsin-eastside-mixed-use-property-10-residential-5-commercial

Why it fits: Eastside mixed-use (10 residential + 5 commercial) ~1 mile from the subject; ask data. NOTE: three different cap figures circulate on this listing (field 6.05%, description '7.87% CAP Year One', NOI/ask 6.50%), all preserved; Year-One vs in-place basis explains the spread. P2c MERGE (2026-10-06): same listing as M&M listing 305573 (saved capture 2026-10-06 16:53, now removed from the live M&M site) - one row kept, strongest source (live Crexi) primary. M&M spec block: Listing Price $2,700,000, Cap Rate 6.50%, Number of Units 15, Occupancy 97.0%, Price/Unit $180,000 (10 residential + 5 commercial, 16,200 SF).

Recomputed in Python by the adjudicator: DERIVED trace (lane-reported $175,466; no source documents it (2026-10-06)): cap rate = lane-reported NOI / price = 6.4987 % (see adjudication)

3211 N BUFFUM ST # 3213 MILWAUKEE WI 53212, 3211 N BUFFUM ST, MILWAUKEE, WI 53212

Row date: 2026-07 · re-checked 2026-10-06 · disposition: FITS

Multifamily • 7.4% CAP

Web sources: https://api.crexi.com/assets/2623147 https://www.crexi.com/properties/2623147/wisconsin-3211-n-buffum-st-3213-milwaukee-wi-53212

Why it fits: 53212 (Harambee/Riverwest line) small multi 2,474 SF, active ask with stated cap, direct submarket evidence.

Recomputed in Python by the adjudicator: cap rate = NOI / price = 7.4036 % (match)

117 E CHAMBERS ST MILWAUKEE WI 53212, 117 E CHAMBERS ST, MILWAUKEE, WI 53212

Row date: 2026-07 · re-checked 2026-10-06 · disposition: FITS

Multifamily • 8.11% CAP

Web sources: https://api.crexi.com/assets/2621260 https://www.crexi.com/properties/2621260/wisconsin-117-e-chambers-st-milwaukee-wi-53212

Why it fits: 117 E Chambers (53212, appraisal Sale #5 is 800 E Chambers) small multi 1,960 SF, active ask with stated cap.

Recomputed in Python by the adjudicator: cap rate = NOI / price = 8.1076 % (match)

2338 N Dr William Finlayson St 2340, 2338 Dr. William Finlayson St, Milwaukee, WI 53212

Row date: 2026-04 · re-checked 2026-10-06 · disposition: FITS

Multifamily | 2 Units | $114,950/unit

Web sources: https://api.crexi.com/assets/2446093 https://www.crexi.com/properties/2446093/wisconsin-2338-n-dr-william-finlayson-st-2340

Why it fits: 2338-40 N Finlayson (53212) duplex 3,167 SF; ask price + listing NOI imply 3.07%, low because NOI is in-place on a value-add ask; floor of the in-place band.

Recomputed in Python by the adjudicator: cap rate = NOI / price = 3.0722 % (match)

Bay View 7 Unit Multifamily Building, 835 E Norwich St, Milwaukee, WI 53207

Row date: 2026-09 · re-checked 2026-10-06 · disposition: FITS

Multifamily | 7 Units | $142,142/unit

Web sources: https://api.crexi.com/assets/2707490 https://www.crexi.com/properties/2707490/wisconsin-bay-view-fully-renovated-7-unit-multifamily-building

Why it fits: Bay View 7-unit (2-8 unit criterion) 7,602 SF, active ask; field says 6.73% but NOI/ask = 7.10%, both preserved (in-place vs proforma).

Recomputed in Python by the adjudicator: cap rate = NOI / price = 7.102 % (match)

4404 W Burleigh St, Milwaukee 53210 (MLS 1961814, eXp Realty)

Row date: 2026-05 · re-checked 2026-10-06 · disposition: FITS

Build your portfolio with this amazing 8 unit mix apartment/commercial space building. This property features 4 fully occupied commercial spaces and 4 one bedroom apartment units with long term tenants. The property has a great cash flow with an average gross income of over 68k annually with the potential to increase.

Web sources: https://www.exprealty.com/milwaukee-wi-real-estate/4404-w-burleigh-st

Why it fits: Nearest asset-class twin found in 2026 (8-unit mixed-use, pending 2026-05-09 at $475,000): same retail-over-apartments shape as the subject. Gross income documented, so cap is implied with the appraisal's build-up at 3 sensitivity opex ratios.

LoopNet Milwaukee, WI market trends page

Row date: 2026-10 · re-checked 2026-10-06 · disposition: FITS

$159 per SF Avg asking sale price $18 per SF Avg asking lease rate 20,609 SF Avg unit lease size 45,709 SF Avg building size for sale 8.61% Average cap rate

Web sources: https://www.loopnet.com/search/location/milwaukee-wi/

Why it fits: Live market-wide average cap (updated monthly, read 2026-10-06), metro ceiling bracket; all-types, so used only as a bracket, not as the subject's rate.

Matthews Real Estate Investment Sales, Southern Wisconsin Multifamily Market Report Q4 2025

Row date: 2026-01 · re-checked 2026-10-06 · disposition: FITS

Cap rates expanded to 8.2%, underscoring the continued reset in pricing expectations amid higher interest rates and cautious buyer sentiment.

Web sources: https://www.matthews.com/insights/southern-wisconsin-multifamily-market-report-q4-2025

Why it fits: 2025 closed-trade cap benchmark for the subject's counties (published 2026-01-15), multifamily side of the mix; brackets the apartment half of the subject.

CapRateIndex, Cap Rate by City: Milwaukee, WI

Row date: 2026-10 · re-checked 2026-10-06 · disposition: FITS

Milwaukee City Level 8.04 0.43 22.97 (Average TTM | Low TTM | High TTM)

Web sources: https://www.caprateindex.com/cap-rate-by-city/WI-Milwaukee

Why it fits: Trailing-12-month city average across property types (read 2026-10-06), second-aggregator corroboration of LoopNet's 8.61% bracket; the 2.43-22.97 spread confirms property-specific spread is huge, so brackets only.

1326-1337 W Oklahoma Ave (two-tenant strip), Founders 3 OM

Row date: 2026-04-24 (OM prepared; checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

Pricing $425,000 | Cap Rate 6.55% | Net Operating Income $27,820 | Lease Types Gross

Web sources: https://founders3.com/wp-content/uploads/2026/04/milwaukee-1326WOklahomaAveInvestment.pdf

Why it fits: True OM pro forma: price + NOI + cap, Milwaukee small income, 2026. Recompute 27,820/425,000 = 6.55% matches stated. Tenants: Ohana's Nail Salon (2-yr, Sep-2025) + second tenant; gross leases.

Recomputed in Python by the adjudicator: cap = NOI / price = 6.55 % (match)

3045 S 13th St (Oklahoma Center), Founders 3 OM

Row date: 2025-03-06 (OM prepared; checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

Pricing : $2,662,500 | Cap Rate 8.00% | Net Operating Income : $213,000 | Lease Types : NNN | Rentable Area : 25,036 SF

Web sources: https://founders3.com/wp-content/uploads/2025/04/milwaukee-oklahomaCenterInvestment.pdf

Why it fits: OM OFFERING block (numbers carried verbatim on api.crexi.com/assets/1511330 listing copy of the same OM; the OM PDF's pricing pages would not extract via free routes, web_fetch middle elided, direct urllib 404 2026-10-06). Recompute 213,000/2,662,500 = 8.00% matches. NNN credit-adjacent tenants, kept as small-income pricing evidence with that caveat.

Recomputed in Python by the adjudicator: cap = NOI / price = 8.0 % (match)

2900 W Arthur Ave package (2 mixed-use buildings, 9 units), Crexi listing 2551493

Row date: listed 2026-05-29 (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

Fully Occupied with a total of 9 units including two retail/commercial storefronts and 7 large apartments. Gross rent is $8,195/month.

Web sources: https://api.crexi.com/assets/2551493

Why it fits: Mixed-use package with documented gross rent AND listing NOI, the only 2026 row carrying both. Recompute 57,094/795,000 = 7.18% matches. GRM on documented gross = 8.08. Same street corner as the grm.json 2900 W Arthur sale row ($467,500, 5-unit scope), different offering scope (2 buildings), cross-referenced not merged.

Recomputed in Python by the adjudicator: cap = NOI / price = 7.18 % (match)

2217/2221/2227-2229 W Wells St (Marquette student portfolio, 4 buildings), Marcus & Millichap listing 2143488

Row date: listed 2025-08-18 (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

Marcus & Millichap is pleased to present a portfolio of Student Housing properties located on campus at Marquette University. Comprised of Four Buildings, the Properties consists of Six Units totaling 22 Bedrooms within One City Block on W Wells Street.

Web sources: https://api.crexi.com/assets/2143488

Why it fits: OM-backed M&M marketing: price + NOI + cap on small 2-8 unit buildings. Recompute 112,799/1,200,000 = 9.40% matches. 9.4% = highest quality-agnostic 2-8 unit point in this run (student leases, tenants pay all utilities).

Recomputed in Python by the adjudicator: cap = NOI / price = 9.4 % (match)

2340 S Kinnickinnic Ave (Bay View mixed-use), Crexi listing 2431932

Row date: listed 2026-03-19, Under Contract (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

The residential unit is 3 BR with many updates. Long term tenant pays $1900 per month. ... Long term upper tenant paying $1,900/mo. Lower tenant vacating, allowing an opportunity for owner/operator buyers to bring their business to this busy location.

Web sources: https://api.crexi.com/assets/2431932

Why it fits: Mixed-use with documented apt rent ($1,900/mo) + listing NOI. Title/field mismatch is the playbook price-cut artifact: 27,500/0.0671 = $409,836 original ask vs current $375,000 field. Recompute 27,500/375,000 = 7.33%. Prior deed 2023-06-27 $345,000 (RETR_2023-06.csv).

Recomputed in Python by the adjudicator: cap = NOI / price = 7.33 % (match)

4842 W Lisbon Ave (Uptown 3-unit mixed-use), Crexi listing 2332537

Row date: listed 2026-02-02 (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

Sale Price: $345,000 | Built in 1924, this 3-unit building in Milwaukee's Uptown neighborhood is for sale. This 3,284 SF building features two fully-leased apartment units upstairs and a leased commercial space on the main level. Located on the heavily trafficked Lisbon Avenue, the property is near North Avenue and a short distance to Highway 175, making it an excellent investment in a developing neighborhood.

Web sources: https://api.crexi.com/assets/2332537

Why it fits: Small mixed-use, price + stated cap 10.25% (description; NOI field not published). Uptown = west-side corridor, prices wider than Riverwest per the appraisal's +30% location adjustments narrative.

2800 W Lincoln Ave (bakery + 3BR residence), MLS 1944520, Shorewest

Row date: active-with-offer 2026 (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

The bakery has been operated by the same tenant for six years and, together with the residence, generates $4035 per month in rent, with tenants paying utilities.

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2800-W-Lincoln-Ave-2802-Milwaukee-WI-53215/1944520-METRO

Why it fits: Price + documented gross rent both on the MLS page. GRM 8.03 on $48,420/yr gross. Implied caps below (35/37.2/45% opex, 5.72% vacancy per appraisal build-up).

Recomputed in Python by the adjudicator: sensitivity 35%: NOI = gross*0.9428 - 0.35*gross = 28703.38 $ (match); sensitivity 35%: cap = NOI/price = 7.38 % (match); sensitivity 37.2%: NOI = gross*0.9428 - 0.372*gross = 27638.14 $ (match); sensitivity 37.2%: cap = NOI/price = 7.1 % (match)

2453-2457 S Wentworth Ave (2 res + 1 retail/restaurant), past listing 683948 + deed

Row date: listed 2021-10-08; SOLD 2022-05-05 (RETR_2022-05.csv Doc 11243805); checked 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Total of 3 Tenants; 2 Residential and 1 Retail/Restaurant | $2,310 Gross Rent from Residential Tenants | $3,500 Gross Income from Retail Tenant | Total of $69,720 GROSS INCOME

Web sources: https://api.crexi.com/assets/683948

Why it fits: THE deep-past-listing pattern: expired listing carried the rent roll ($69,720/yr gross), RETR deed carried the price ($670,000, Doc 11243805). GRM 9.61. Implied caps below.

Recomputed in Python by the adjudicator: sensitivity 35%: NOI = gross*0.9428 - 0.35*gross = 41330.02 $ (match); sensitivity 35%: cap = NOI/price = 6.17 % (match); sensitivity 37.2%: NOI = gross*0.9428 - 0.372*gross = 39796.18 $ (match); sensitivity 37.2%: cap = NOI/price = 5.94 % (match)

4723 S 13th St (8-family brick), past listing 1057692 + deed

Row date: listed 2023-02-23 (On Hold); SOLD 2023-04-03 (RETR_2023-04.csv $775,000); checked 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Brick 8 Family Conveniently Located on Milwaukee South-side .(8) 2 Bedroom 1 Bath Units. | Proforma Gross Income of $81,705.

Web sources: https://api.crexi.com/assets/1057692

Why it fits: Past listing + deed 6 weeks later. GRM 9.49 on PROFORMA gross (flag: proforma, not in-place). RETR type flag reads 'Condominium' (data quirk) but address/date/price align with the listing window.

Recomputed in Python by the adjudicator: sensitivity 35%: NOI = gross*0.9428 - 0.35*gross = 48434.72 $ (match); sensitivity 35%: cap = NOI/price = 6.25 % (match); sensitivity 37.2%: NOI = gross*0.9428 - 0.372*gross = 46637.21 $ (match); sensitivity 37.2%: cap = NOI/price = 6.02 % (match)

Riverwest portfolio (10 buildings, 25 units incl. 122-124 E Lloyd mixed-use), past listing 571897

Row date: listing 2021 era (Records dateActivated 2021-03-12; Closed); checked 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Investment opportunity containing 10 buildings with 25 units in Riverwest area of Milwaukee. ... Mixed Use Property: 2 Commercial Store Front Units 3 Loft Apartments 1 Apartment 1 BD / 1 BA Total Rent $5,260 ... Milwaukee Portfolio - $2,200,000

Web sources: https://api.crexi.com/assets/571897

Why it fits: Closed Riverwest portfolio with FULL documented rent roll (10 buildings itemized, $20875/mo total) and stated portfolio price $2,200,000. GRM 8.78. The one point that is the subject's own submarket with mixed-use inside it.

Recomputed in Python by the adjudicator: sensitivity 35%: NOI = gross*0.9428 - 0.35*gross = 148496.4 $ (match); sensitivity 35%: cap = NOI/price = 6.75 % (match); sensitivity 37.2%: NOI = gross*0.9428 - 0.372*gross = 142985.4 $ (match); sensitivity 37.2%: cap = NOI/price = 6.5 % (match)

10049 W Loomis Rd 10057

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 2 units @ $935; Type 2: ? units @ $1,000 | 10049 W Loomis Rd 10057, Franklin, WI 53132 - UNIQUE OPORTUNITY to own two Residential 3BR, 1BA homes on 4+ acres in Franklin. Each home offers 3 bedrooms, 1 full bath and detached 2-car garage. Property includes 5 parcels (5 Tax IDs) and is located in Franklin's Business District under B-3 Zoning for future development. Homes are are being sold in AS-IS condition and per tenants righs. | ['Type 1: 2 units @ $935', 'Type 2: ? units @ $1,000']

Web sources: https://www.shorewest.com/WI/Milwaukee/Franklin/10049-W-Loomis-Rd-10057-Franklin-WI-53132/1918445-METRO

Why it fits: 2-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 1.1 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 13764.82 $ (match); sensitivity 0.35x: cap = NOI/price = 1.15 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 13253.98 $ (match)

2410 W Howard Ave

Row date: listed 2026-06-25, Active w/ Offer 2026-08-10, DOM 56 (live MLS check 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

tes, the building benefits from a location that continues to attract tenants. A rare chance to acquire a high-income-producing asset with room to add value. | 2410 W Howard Ave, Milwaukee, WI 53221 - Calling all investors! This 8-unit multifamily property offers an outstanding opportunity to maximize returns through efficient management and strategic improvements. Whether you're looking to optimize operations, increase rents over time, or capitalize on long-term appreciation, this property checks all the boxes. Conveniently located near public transport | ['Type 1: 3 units @ $975', 'Type 2: 4 units @ $875', 'Type 3: 1 units @ $725']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2410-W-Howard-Ave-Milwaukee-WI-53221/1969078-METRO

Why it fits: 8-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 5.29 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 50862.24 $ (match); sensitivity 0.35x: cap = NOI/price = 5.5 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 48974.64 $ (match)

2312 N 71st St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 8 units @ $700 | 2312 N 71st St, Wauwatosa, WI 53213 - Check out this fantastic investment opportunity in Wauwatosa! This well-maintained property features 8 studio-style units. It includes a large private parking lot at the rear of the building. Seven units are currently rented at $700 per month, while the eighth unit is rented at $800, providing significant potential for future rent increases. The basement offer | ['Type 1: 8 units @ $700']

Web sources: https://www.shorewest.com/WI/Milwaukee/Wauwatosa/2312-N-71st-St-Wauwatosa-WI-53213/1946541-METRO

Why it fits: 8-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 5.08 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 39836.16 $ (match); sensitivity 0.35x: cap = NOI/price = 5.28 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 38357.76 $ (match)

6036 W Kaul Ave

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 2 units @ $800; Type 2: 2 units @ $1,025; Type 3: 2 units @ $1,100; Type 4: 1 units @ $1,200 | 6036 W Kaul Ave, Milwaukee, WI 53218 - Fantastic 8 unit multi-family brick building tucked away in the Silver Spring neighborhood bordering Havenwoods. The property features 2 bedroom units with an eat in Kitchen, spacious living rooms with large picture windows, good storage and bathrooms with ceramic tile and shower over tub. Four units per floor with a front and back stairwell. Separate utiliti | ['Type 1: 2 units @ $800', 'Type 2: 2 units @ $1,025', 'Type 3: 2 units @ $1,100', 'Type 4: 1 units @ $1,200']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/6036-W-Kaul-Ave-Milwaukee-WI-53218/1975291-METRO

Why it fits: 8-unit multifamily, Milwaukee metro, price + income datum documented

4701 N 52nd St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 8 units @ $822 | 4701 N 52nd St, Milwaukee, WI 53218 - Wonderful eight family in a convenient Milwaukee location! This great property offers eight two bedroom one bathroom units, each with large windows and ample space. The full basement offers storage area and laundry hook ups. Off street parking for 16 vehicles is an added perk. This is a great opportunity! | ['Type 1: 8 units @ $822']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/4701-N-52nd-St-Milwaukee-WI-53218/1967020-METRO

Why it fits: 8-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.72 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 46779.03 $ (match); sensitivity 0.35x: cap = NOI/price = 6.98 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 45042.97 $ (match)

8712-8714 W Mitchell St 8714A

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

uyers who want to control the whole corner. Six doors at under $100K each with documented income. Financials, rent roll, and leases on file. Do not disturb tenants; showings by appointment. | 8712-8714 W Mitchell St 8714A, West Allis, WI 53214 - One package, two buildings, six units in the heart of West Allis: a 4-family plus a duplex, fully occupied with $67,080 in scheduled annual rents and leases in place into 2027. Rents average just $932/unit with clear room to grow at each renewal. 2025 operating statements reflect a ~$25K one-time exterior renovation of the duplex - that reinves | ['Type 1: 1 units @ $1,130', 'Type 2: 5 units @ $892']

Web sources: https://www.shorewest.com/WI/Milwaukee/West+Allis/8712-8714-W-Mitchell-St-8714A-West-Allis-WI-53214/1977935-METRO

Why it fits: 6-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.38 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 39765.02 $ (match); sensitivity 0.35x: cap = NOI/price = 6.63 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 38289.26 $ (match)

1121 S 46th St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 3 units @ $1,250; Type 2: ? units @ $1,600; Type 3: ? units @ $995; Type 4: ? units @ $995 | 1121 S 46th St, West Milwaukee, WI 53214 - Fantastic investment opportunity! This all-brick 5-unit multifamily property sits on a desirable corner lot and is already rented, offering immediate cash flow from day one. The property features four 2-bedroom units and one 1-bedroom unit, providing a versatile mix that appeals to a variety of tenants. A full basement and 2-car garage add valuable storag | ['Type 1: 3 units @ $1,250', 'Type 2: ? units @ $1,600', 'Type 3: ? units @ $995', 'Type 4: ? units @ $995']

Web sources: https://www.shorewest.com/WI/Milwaukee/West+Milwaukee/1121-S-46th-St-West-Milwaukee-WI-53214/1978627-METRO

Why it fits: 5-unit multifamily, Milwaukee metro, price + income datum documented

1308 N Astor St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

St, Milwaukee, WI 53202 - Well maintained cream city brick 3 family in Milwaukee's desirable Lower East Side. Fully leased through 2027, the property generates $49,440 in annual rental income, with tenants responsible for all utilit | 1308 N Astor St, Milwaukee, WI 53202 - Well maintained cream city brick 3 family in Milwaukee's desirable Lower East Side. Fully leased through 2027, the property generates $49,440 in annual rental income, with tenants responsible for all utilities. The front lower unit was remodeled in 2021, the rear lower unit was remodeled in 2022, and each unit features its own in-unit laundry. Additional high | ['Type 1: 1 units @ $1,825', 'Type 2: 1 units @ $1,350', 'Type 3: 1 units @ $995']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/1308-N-Astor-St-Milwaukee-WI-53202/1976751-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 4.8 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 29663.71 $ (match); sensitivity 0.35x: cap = NOI/price = 4.99 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 28562.83 $ (match)

2767 N Holton St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

2767 N Holton St, Milwaukee, WI 53212 - Fully occupied brick 6 unit apartment building. All units are large 2BR 1BA with natural hardwoods and moldings throughout. | 2767 N Holton St, Milwaukee, WI 53212 - Fully occupied brick 6 unit apartment building. All units are large 2BR 1BA with natural hardwoods and moldings throughout. Off street parking for 6 cars in back. Tenants pay their own gas and electric. See offering memorandum for financials. | ['Type 1: 6 units @ $978']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2767-N-Holton-St-Milwaukee-WI-53212/1971467-METRO

Why it fits: 6-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.94 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 41742.6 $ (match); sensitivity 0.35x: cap = NOI/price = 7.21 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 40193.45 $ (match)

6139 W Appleton Ave 6143

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $1,100; Type 2: 1 units @ $700; Type 3: 1 units @ $650; Type 4: 1 units @ $750 | 6139 W Appleton Ave 6143, Milwaukee, WI 53210 - Back on the market after the previous buyer's financing fell through. Their loss is your gain, don't miss your opportunity to own this great investment property before it's gone again! Located in a high traffic area with great visibility throughout the day, this property has undergone extensive improvements (see docs tab for complete list), The prope | ['Type 1: 1 units @ $1,100', 'Type 2: 1 units @ $700', 'Type 3: 1 units @ $650', 'Type 4: 1 units @ $750']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/6139-W-Appleton-Ave-6143-Milwaukee-WI-53210/1954914-METRO

Why it fits: 7-unit multifamily, Milwaukee metro, price + income datum documented

1976 N Farwell Ave 1978

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 3 units @ $2,550; Type 2: ? units @ $840; Type 3: ? units @ $1,275 | 1976 N Farwell Ave 1978, Milwaukee, WI 53202 - First time available in a generation! This iconic mixed-use property occupies one of Milwaukee's premier East Side corners at Lafayette Place and Farwell Avenue. Built in the 1890s, this historic building features a highly visible commercial storefront paired with two residential apartments (1 BR/1 BA and 3 BR/2 BA), creating multiple income streams i | ['Type 1: 3 units @ $2,550', 'Type 2: ? units @ $840', 'Type 3: ? units @ $1,275']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/1976-N-Farwell-Ave-1978-Milwaukee-WI-53202/1974047-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 5.81 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 33184.94 $ (match); sensitivity 0.35x: cap = NOI/price = 6.03 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 31953.38 $ (match)

3137 S Howell Ave

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

3137 S Howell Ave, Milwaukee, WI 53207 - Great investment opportunity. Fully leased with great long term tenants. Leases are all month to month. Property is located in the a great Bay View neig | 3137 S Howell Ave, Milwaukee, WI 53207 - Great investment opportunity. Fully leased with great long term tenants. Leases are all month to month. Property is located in the a great Bay View neighborhood across from Humboldt Park and within walking distance of many trendy bars and restaurants. Home consists of two 1 bedroom 1 bath units and two 2 bedroom 1 bath units. Some hardwood floors. The prope | ['Type 1: 1 units @ $1,050', 'Type 2: 1 units @ $1,015', 'Type 3: 1 units @ $1,350', 'Type 4: 1 units @ $1,250']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/3137-S-Howell-Ave-Milwaukee-WI-53207/1978917-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.39 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 33184.94 $ (match); sensitivity 0.35x: cap = NOI/price = 6.64 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 31953.38 $ (match)

1916 E Webster Pl 1918, 1918A

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $1,675; Type 2: 1 units @ $805; Type 3: 1 units @ $1,060 | 1916 E Webster Pl 1918, 1918A, Milwaukee, WI 53211 - Turnkey 3-unit multifamily on Milwaukee's desirable East Side, fully rented and ready to perform from day one. Unit mix includes a unique 4-bed/2-bath unit with in unit washer and dryer, a 2-bed/1-bath, and a 1-bed/1-bath. Each unit features separate entrances and mechanicals, with a mix of hardwood flooring and carpet throughout. Walking distan | ['Type 1: 1 units @ $1,675', 'Type 2: 1 units @ $805', 'Type 3: 1 units @ $1,060']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/1916-E-Webster-Pl-1918

Documentary sources (local evidence files, not web-published): -1918A-Milwaukee-WI-53211/1979382-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 4.86 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 25182.14 $ (match); sensitivity 0.35x: cap = NOI/price = 5.05 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 24247.58 $ (match)

2560 N 41st St 2562

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

ultifamily portfolio consisting of four well maintained duplexes offering immediate cash flow. Each units are currently leased at $1,000 per month. All units are professionally managed, making this a truly hands off investment. Strong r | 2560 N 41st St 2562, Milwaukee, WI 53210 - Turnkey 6 unit multifamily portfolio consisting of four well maintained duplexes offering immediate cash flow. Each units are currently leased at $1,000 per month. All units are professionally managed, making this a truly hands off investment. Strong rental demand supports consistent occupancy and long term stability. Ideal for investors seeking scalable | ['Type 1: 2 units @ $1,000', 'Type 2: 2 units @ $1,000', 'Type 3: 2 units @ $1,000']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2560-N-41st-St-2562-Milwaukee-WI-53210/1960886-METRO

Why it fits: 8-unit multifamily, Milwaukee metro, price + income datum documented

2520 N Murray Ave 2522

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $850; Type 2: 1 units @ $850; Type 3: 1 units @ ?; Type 4: 1 units @ ? | 2520 N Murray Ave 2522, Milwaukee, WI 53211 - Strong investment opportunity on Milwaukee's Eastside. This well maintained 4-family features identical units with private entrances & separate heat and electric utilities, minimizing owner expenses. Low maintenance exterior and a side driveway with approximately six parking spaces add to operational ease. Rents are currently below market, offering imm | ['Type 1: 1 units @ $850', 'Type 2: 1 units @ $850', 'Type 3: 1 units @ ?', 'Type 4: 1 units @ ?']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2520-N-Murray-Ave-2522-Milwaukee-WI-53211/1973253-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

2900 W Arthur Ave 2902

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $825; Type 2: 1 units @ $1,350; Type 3: 1 units @ $970; Type 4: 2 units @ $850 | 2900 W Arthur Ave 2902, Milwaukee, WI 53215 - This MIXED USE, occupied 5-unit building is super well maintained and earns $4,845 per month in rent. There is a well established barber shop in the commercial unit, plus 4 nice apartments and a one-car garage. The units are all large and bright. Traditional old-world woodwork combines with updated mechanicals to make each unit a nice place to live or | ['Type 1: 1 units @ $825', 'Type 2: 1 units @ $1,350', 'Type 3: 1 units @ $970', 'Type 4: 2 units @ $850']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2900-W-Arthur-Ave-2902-Milwaukee-WI-53215/1964027-METRO

Why it fits: 5-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 7.1 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 34465.39 $ (match); sensitivity 0.35x: cap = NOI/price = 7.37 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 33186.31 $ (match)

4203 N 91st St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 4 units @ $995; Type 2: ? units @ $1,050; Type 3: ? units @ $1,050; Type 4: ? units @ $975 | 4203 N 91st St, Milwaukee, WI 53222 - Great opportunity to own a FULLY RENTED and RARE 2 bed 2 FULL bath multifamily property with immediate cash flow! This all brick building features low maintenance exterior, clean and spacious units with 4 garage spaces, 2 additional outside parking spaces and basement storage units. Furnaces and water heaters replaced in 2025, Roof replaced in 2016 , Electrica | ['Type 1: 4 units @ $995', 'Type 2: ? units @ $1,050', 'Type 3: ? units @ $1,050', 'Type 4: ? units @ $975']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/4203-N-91st-St-Milwaukee-WI-53222/1972663-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.13 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 28952.35 $ (match); sensitivity 0.35x: cap = NOI/price = 6.36 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 27877.87 $ (match)

3925 W Greenfield Ave

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $625; Type 2: 2 units @ $750; Type 3: 1 units @ $950; Type 4: 1 units @ $1,400 | 3925 W Greenfield Ave, Milwaukee, WI 53215 - Stop right here! This is a rare multi-family investment opportunity and it awaits a new investor!--This property features two duplexes on one lot!(4 total units) And they're all on a single, consolidated lot with just one tax bill to manage. Conveniently located just three blocks from Miller Parkway, the tenants can enjoy easy access to a wide range of | ['Type 1: 1 units @ $625', 'Type 2: 2 units @ $750', 'Type 3: 1 units @ $950', 'Type 4: 1 units @ $1,400']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/3925-W-Greenfield-Ave-Milwaukee-WI-53215/1978757-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.38 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 26498.16 $ (match); sensitivity 0.35x: cap = NOI/price = 6.62 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 25514.76 $ (match)

2208 W Locust St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

2208 W Locust St, Milwaukee, WI 53206 - Fully occupied cash flowing brick 6 family building! Each spacious unit features 2 bedrooms 1 bathroom w separate dining and | 2208 W Locust St, Milwaukee, WI 53206 - Fully occupied cash flowing brick 6 family building! Each spacious unit features 2 bedrooms 1 bathroom w separate dining and living rooms. Owner has updated each unit with flooring, paint, light kitchen and bathroom renovations. Opportunity to expand and finish the demo'd unit in basement, this unit is same layout as the other 6 but would need a full rehab. | ['Type 1: 6 units @ $900']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2208-W-Locust-St-Milwaukee-WI-53206/1971747-METRO

Why it fits: 6-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 9.25 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 38413.44 $ (match); sensitivity 0.35x: cap = NOI/price = 9.6 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 36987.84 $ (match)

5680 N 91st St

Row date: listed 2026-08-18, DOM 17 (live MLS check 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 4 units @ $1,000; Type 2: ? units @ $950; Type 3: ? units @ $1,000; Type 4: ? units @ $950 | 5680 N 91st St, Milwaukee, WI 53225 - Opportunity awaits with this well-maintained 4-family property featuring spacious 2-bedroom, 1-bath units and extensive recent improvements. Nearly all repairs and renovations have been completed within the last 24 months, including extensive tuckpointing and repairs/strengthening of the second-floor porches. Each unit offers an eat-in kitchen, individual forc | ['Type 1: 4 units @ $1,000', 'Type 2: ? units @ $950', 'Type 3: ? units @ $1,000', 'Type 4: ? units @ $950']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/5680-N-91st-St-Milwaukee-WI-53225/1976583-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.68 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 27743.04 $ (match); sensitivity 0.35x: cap = NOI/price = 6.94 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 26713.44 $ (match)

3069 N Sherman Blvd

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

3069 N Sherman Blvd, Milwaukee, WI 53210 - Add a strong income-producing property to your portfolio with this well-maintained Milwaukee investment opportunity. The property currently | 3069 N Sherman Blvd, Milwaukee, WI 53210 - Add a strong income-producing property to your portfolio with this well-maintained Milwaukee investment opportunity. The property currently generates approximately $5,145 per month in rental income, providing solid in-place cash flow from day one. The units have been mostly updated, offering an attractive opportunity for investors. Improvements throughout | ['Type 1: 1 units @ $1,250', 'Type 2: 1 units @ $1,245', 'Type 3: 1 units @ $1,250', 'Type 4: 1 units @ $1,400']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/3069-N-Sherman-Blvd-Milwaukee-WI-53210/1979807-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 8.81 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 36599.47 $ (match); sensitivity 0.35x: cap = NOI/price = 9.15 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 35241.19 $ (match)

5710 N 91st St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 4 units @ $1,000; Type 2: ? units @ $950; Type 3: ? units @ $1,000; Type 4: ? units @ $950 | 5710 N 91st St, Milwaukee, WI 53225 - Opportunity awaits with this well-maintained 4-family property featuring spacious 2-bedroom, 1-bath units and extensive recent improvements. Nearly all repairs and renovations have been completed within the last 24 months, including extensive tuckpointing and repairs/strengthening of the second-floor porches. Each unit offers an eat-in kitchen, individual forc | ['Type 1: 4 units @ $1,000', 'Type 2: ? units @ $950', 'Type 3: ? units @ $1,000', 'Type 4: ? units @ $950']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/5710-N-91st-St-Milwaukee-WI-53225/1976584-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.68 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 27743.04 $ (match); sensitivity 0.35x: cap = NOI/price = 6.94 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 26713.44 $ (match)

5750 N 91st St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 4 units @ $950; Type 2: ? units @ $1,000; Type 3: ? units @ $950; Type 4: ? units @ $950 | 5750 N 91st St, Milwaukee, WI 53225 - Opportunity awaits with this well-maintained 4-family property featuring spacious 2-bedroom, 1-bath units and extensive recent improvements. Nearly all repairs and renovations have been completed within the last 24 months, including extensive tuckpointing and repairs/strengthening of the second-floor porches. Each unit offers an eat-in kitchen, individual forc | ['Type 1: 4 units @ $950', 'Type 2: ? units @ $1,000', 'Type 3: ? units @ $950', 'Type 4: ? units @ $950']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/5750-N-91st-St-Milwaukee-WI-53225/1976586-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.59 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 27387.36 $ (match); sensitivity 0.35x: cap = NOI/price = 6.85 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 26370.96 $ (match)

3654 E Squire Ave

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

rental income and a location close to the lake, this property offers an excellent opportunity to add a solid income-producing asset to your portfolio. Whether you're an experienced investor or looking to expand your holdings, this prop | 3654 E Squire Ave, Cudahy, WI 53110 - Investor opportunity near Lake Michigan! This well-maintained 4-unit multifamily property is currently partially rented (2 units rented and 2 vacants) and offers a desirable mix of three 2-bedroom apartments and one 1-bedroom apartment. With four units generating rental income and a location close to the lake, this property offers an excellent opportunity to a | ['Type 1: 3 units @ $1,250', 'Type 2: ? units @ $1,250']

Web sources: https://www.shorewest.com/WI/Milwaukee/Cudahy/3654-E-Squire-Ave-Cudahy-WI-53110/1978625-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

9226 W Sheridan Ave

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

$390,000 / 4 Units / Built in 1959 Calling all investors! This fully occupied 4-unit property in Milwaukee offers a fantastic opportunity to add an income-producing property to your portfolio.

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/9226-W-Sheridan-Ave-Milwaukee-WI-53225/1981345-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.42 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 26320.32 $ (match); sensitivity 0.35x: cap = NOI/price = 6.66 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 25343.52 $ (match)

5730 N 91st St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $895; Type 3: ? units @ $850; Type 4: ? units @ $875 | 5730 N 91st St, Milwaukee, WI 53225 - Back on market due to buyer financing issue! New drain tile just completed! Wonderful four family in a convenient Milwaukee location! This great property offers four two bedroom one bathroom units, each with large windows and ample space. One unit has been recently updated with new paint and carpet throughout. The full basement offers storage area and laundry | ['Type 1: 1 units @ $895', 'Type 3: ? units @ $850', 'Type 4: ? units @ $875']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/5730-N-91st-St-Milwaukee-WI-53225/1966210-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

4480 N Hopkins St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

d from the ground up last year with all new panels & service! Units went thru rent ready renovations prior to current tenant occupancy (unit interior pictures reflect before tenants moved in) Attractive common areas, garage + big park | 4480 N Hopkins St, Milwaukee, WI 53209 - Brick apartment building with 6 rented units and great mechanicals is ready for it's next owner. Rents ranging between 800-875/month, newer boiler, roof, and water heater, electrical fully replaced from the ground up last year with all new panels & service! Units went thru rent ready renovations prior to current tenant occupancy (unit interior pictures refl | ['Type 1: 3 units @ $850', 'Type 2: 1 units @ $875', 'Type 3: 2 units @ $800']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/4480-N-Hopkins-St-Milwaukee-WI-53209/1961936-METRO

Why it fits: 6-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 9.56 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 35745.84 $ (match); sensitivity 0.35x: cap = NOI/price = 9.93 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 34419.24 $ (match)

3738 E Pulaski Ave

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $650; Type 2: 1 units @ $1,100; Type 3: 1 units @ $625 | 3738 E Pulaski Ave, Cudahy, WI 53110 - Turnkey, three unit Duplex+ just blocks from the lakefront! 2/3 units are currently rented with MTM leases. $2,400 in monthly revenue when fully rented. NEW ROOF, porch, and front staircase as of 2026. New flooring in main floor unit as of 9/17/2026. Schedule a showing today, opportunities like this do not last long! | ['Type 1: 1 units @ $650', 'Type 2: 1 units @ $1,100', 'Type 3: 1 units @ $625']

Web sources: https://www.shorewest.com/WI/Milwaukee/Cudahy/3738-E-Pulaski-Ave-Cudahy-WI-53110/1973501-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 4.65 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 16894.8 $ (match); sensitivity 0.35x: cap = NOI/price = 4.83 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 16267.8 $ (match)

5101 N 49th St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $1,050; Type 2: 1 units @ $850; Type 3: 1 units @ $935; Type 4: 1 units @ $850 | 5101 N 49th St, Milwaukee, WI 53218 - This 4 unit multi family property offers steady rental income in a well established Milwaukee neighborhood. The building offers off street parking for residents and a coin operated laundry onsite, both amenities that support tenant retention. Nearby, residents can reach McGovern Park for green space and recreation, or Harriet Tubman Park for playgrounds and wa | ['Type 1: 1 units @ $1,050', 'Type 2: 1 units @ $850', 'Type 3: 1 units @ $935', 'Type 4: 1 units @ $850']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/5101-N-49th-St-Milwaukee-WI-53218/1970990-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 7.43 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 26213.62 $ (match); sensitivity 0.35x: cap = NOI/price = 7.71 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 25240.78 $ (match)

1235 Michigan Ave

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $845; Type 2: 1 units @ $850; Type 3: 1 units @ $895; Type 4: 1 units @ $595 | 1235 Michigan Ave, South Milwaukee, WI 53172 - Historic character meets investment potential in this former church converted into a 4-unit multifamily property. The building features a desirable unit mix of two 2-bedroom units and two 1-bedroom units, appealing to a broad tenant base. Each unit has separately metered utilities for efficient management and expense control. A side parking lot offers | ['Type 1: 1 units @ $845', 'Type 2: 1 units @ $850', 'Type 3: 1 units @ $895', 'Type 4: 1 units @ $595']

Web sources: https://www.shorewest.com/WI/Milwaukee/South+Milwaukee/1235-Michigan-Ave-South-Milwaukee-WI-53172/1957377-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.51 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 22656.82 $ (match); sensitivity 0.35x: cap = NOI/price = 6.76 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 21815.98 $ (match)

3273 N 17th St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

Six units don't come up often! Check out this well maintained brick 6-unit apartment complex offers a stable income-producing asset with clear upside potential. Most units have been updated and each unit has its own separate gas and el | 3273 N 17th St, Milwaukee, WI 53206 - Six units don't come up often! Check out this well maintained brick 6-unit apartment complex offers a stable income-producing asset with clear upside potential. Most units have been updated and each unit has its own separate gas and electric meter, keeping utility costs off the owner's plate. Most of the building's mechanical systems have been updated. Adding | ['Type 1: 1 units @ $750', 'Type 2: 1 units @ $796', 'Type 3: 1 units @ $750', 'Type 4: 1 units @ $795']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/3273-N-17th-St-Milwaukee-WI-53206/1980134-METRO

Why it fits: 6-unit multifamily, Milwaukee metro, price + income datum documented

2904 W Arthur Ave 2906

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $700; Type 2: 1 units @ $1,050; Type 3: 1 units @ $850; Type 4: 1 units @ $800 | 2904 W Arthur Ave 2906, Milwaukee, WI 53215 - Great Location at 29th & Forest Home, 4 blocks south of Lincoln. This MIXED USE, fully-occupied 4-unit building is super well maintained and earns $3,350 per month in rent with room to improve. There is a well established salon retail store at the street, plus 3 large apartments. Two apartments are duplex-style in the store building, and the 3 bedroom | ['Type 1: 1 units @ $700', 'Type 2: 1 units @ $1,050', 'Type 3: 1 units @ $850', 'Type 4: 1 units @ $800']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2904-W-Arthur-Ave-2906-Milwaukee-WI-53215/1964029-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 7.17 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 24186.24 $ (match); sensitivity 0.35x: cap = NOI/price = 7.44 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 23288.64 $ (match)

813 S Shea Ave

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

at $850 per month and one unit at $700, generating $3,250 in monthly gross income and $39,000 annually. This income-producing property offers spacious units with functional layouts, large living areas, hardwood floors in select rooms, | 813 S Shea Ave, Milwaukee, WI 53215 - Solid 4-unit investment opportunity on Milwaukee's South Side! Fully rented with three units leased at $850 per month and one unit at $700, generating $3,250 in monthly gross income and $39,000 annually. This income-producing property offers spacious units with functional layouts, large living areas, hardwood floors in select rooms, painted interiors in select | ['Type 1: 1 units @ $850', 'Type 2: 1 units @ $850', 'Type 3: 1 units @ $850', 'Type 4: 1 units @ $700']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/813-S-Shea-Ave-Milwaukee-WI-53215/1957312-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.96 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 23119.2 $ (match); sensitivity 0.35x: cap = NOI/price = 7.22 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 22261.2 $ (match)

5112 W Center St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 3 units @ $850; Type 2: 1 units @ $850 | 5112 W Center St, Milwaukee, WI 53210 - Large Brick Mix Use Multi Family. 3 1 bedrooms units and 1 commercial unit. 1 residential unit is remodeled and the other 2 are ready for your finishing touches. Also listed as commercial MLS# 1975111 | ['Type 1: 3 units @ $850', 'Type 2: 1 units @ $850']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/5112-W-Center-St-Milwaukee-WI-53210/1974559-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 7.76 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 24186.24 $ (match); sensitivity 0.35x: cap = NOI/price = 8.06 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 23288.64 $ (match)

3052 N Buffum St 1-4

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $1,300; Type 2: 1 units @ $1,000; Type 3: 1 units @ $1,200; Type 4: 1 units @ $1,079 | 3052 N Buffum St 1-4, Milwaukee, WI 53212 - This recently remodeled 4-unit, multi-family property nestled directly between Harambee and Riverwest neighborhoods is a great property to add to your portfolio. With three of the four units currently rented, this property gives you the opportunity to generate rental income while owning the building you call home. | ['Type 1: 1 units @ $1,300', 'Type 2: 1 units @ $1,000', 'Type 3: 1 units @ $1,200', 'Type 4: 1 units @ $1,079']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/3052-N-Buffum-St-1-4-Milwaukee-WI-53212/1976782-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 10.46 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 32573.17 $ (match); sensitivity 0.35x: cap = NOI/price = 10.86 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 31364.32 $ (match)

1060 N 47th St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 3 units @ $875; Type 2: ? units @ $850; Type 3: ? units @ $550 | 1060 N 47th St, Milwaukee, WI 53208 - Well-maintained and fully rented 3-unit property in Milwaukee offering an excellent investment opportunity. The property features two spacious 2-bedroom units, each with a den, plus a studio/1-bedroom unit. Additional amenities include a detached garage, off-street parking, a large yard, and basement storage. Located on a quiet street with easy access to local | ['Type 1: 3 units @ $875', 'Type 2: ? units @ $850', 'Type 3: ? units @ $550']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/1060-N-47th-St-Milwaukee-WI-53208/1976742-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 5.9 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 16183.44 $ (match); sensitivity 0.35x: cap = NOI/price = 6.13 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 15582.84 $ (match)

2773 N 54th St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

2773 N 54th St, Milwaukee, WI 53210 - Great investment opportunity at 2773 N 54th St! This fully occupied 3-unit property offers three spacious 2-bedroom apartments, each with a full bath and comfortable living room | 2773 N 54th St, Milwaukee, WI 53210 - Great investment opportunity at 2773 N 54th St! This fully occupied 3-unit property offers three spacious 2-bedroom apartments, each with a full bath and comfortable living room; the main-floor and upper units also feature dining rooms. An impressive garage setup provides excellent parking and storage, including a 3-car garage and separate 1-car garage with wo | ['Type 1: 1 units @ $1,000', 'Type 2: 1 units @ $1,000', 'Type 3: 1 units @ $1,200']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2773-N-54th-St-Milwaukee-WI-53210/1981091-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 8.77 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 22763.52 $ (match); sensitivity 0.35x: cap = NOI/price = 9.11 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 21918.72 $ (match)

6221 W Thurston Ct 6221A/6221B

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $1,200; Type 2: 2 units @ $700; Type 3: ? units @ $840 | 6221 W Thurston Ct 6221A/6221B, Milwaukee, WI 53218 - Brick triplex with Cashflow potential! This property now has 1 vacancy for the savvy investor who would like to owner occupy while renting the upper units to assist in monthly expenses. Property was previously fully rented at $2,740/month exceeding the 1percent rule. Two 1bedroom units upstairs and a 2bedroom downstairs with a flexroom most rec | ['Type 1: 1 units @ $1,200', 'Type 2: 2 units @ $700', 'Type 3: ? units @ $840']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/6221-W-Thurston-Ct-6221A/6221B-Milwaukee-WI-53218/1980183-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 7.51 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 19491.26 $ (match); sensitivity 0.35x: cap = NOI/price = 7.8 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 18767.9 $ (match)

1522 S 15th St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $700; Type 2: 1 units @ $700; Type 3: 2 units @ $1,300 | 1522 S 15th St, Milwaukee, WI 53204 - MUST SEE! Excellent 3-unit investment opportunity to add to your portfolio.This property includes a spacious duplex at the front of the lot and a single-family home at the back (zoned RT4). The duplex features a 2BR/1BA units both renting for $700/mo. The single-family home is a 3BR/2BA renting for $1300/mo. Can't pass this one by. Make an offer. | ['Type 1: 1 units @ $700', 'Type 2: 1 units @ $700', 'Type 3: 2 units @ $1,300']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/1522-S-15th-St-Milwaukee-WI-53204/1966671-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 7.71 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 19206.72 $ (match); sensitivity 0.35x: cap = NOI/price = 8.01 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 18493.92 $ (match)

1558 S 13th St 1560/1562

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $700; Type 2: 1 units @ $1,090; Type 3: 1 units @ $1,000 | 1558 S 13th St 1560/1562, Milwaukee, WI 53204 - LIVE HERE. LIVE HAPPY. Make this southside Milwaukee Triplex home or an investment! Three units. Spacious rooms. Eat-in kitchens. Extra rooms. Large yard. Not far from Historic Mitchell St., freeway, and Bayview. Unit/room sizes are approx. and not verified. | ['Type 1: 1 units @ $700', 'Type 2: 1 units @ $1,090', 'Type 3: 1 units @ $1,000']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/1558-S-13th-St-1560/1562-Milwaukee-WI-53204/1978686-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 8.13 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 19846.94 $ (match); sensitivity 0.35x: cap = NOI/price = 8.45 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 19110.38 $ (match)

2632 N 2nd St 2634

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

al income. The property is already producing rental income and offers investors the opportunity to acquire an income-producing asset with immediate cash flow and potential for future value-add improvements. The property features a class | 2632 N 2nd St 2634, Milwaukee, WI 53212 - Cash-flowing 3-unit investment opportunity in Milwaukee's Harambee neighborhood! This spacious 4,324 sq. ft. multifamily property offers 7 bedrooms and 3 bathrooms across three units and is being sold with tenants already in place. All three units are currently rented, generating a combined $2,585/month, or $31,020/year in gross scheduled rental income. Th | ['Type 1: 3 units @ $800', 'Type 2: 3 units @ $1,150', 'Type 3: 1 units @ $635']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2632-N-2nd-St-2634-Milwaukee-WI-53212/1979534-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 7.7 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 18388.66 $ (match); sensitivity 0.35x: cap = NOI/price = 8.0 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 17706.22 $ (match)

1538 S 9th St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $600; Type 2: 1 units @ $300; Type 3: 1 units @ $425 | 1538 S 9th St, Milwaukee, WI 53204 - Long time family owned 3 unit investment property has been thoroughly maintained for decades. Currently all units tenant occupied with long term month to month tenants. Front duplex has two bedrooms in the upper and lower units. Full basement with high efficiency furnace (2nd furnace in attic), separate circuit panels, and 2 water heaters. Back 2 bedroom cottag | ['Type 1: 1 units @ $600', 'Type 2: 1 units @ $300', 'Type 3: 1 units @ $425']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/1538-S-9th-St-Milwaukee-WI-53204/1976192-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 4.03 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 9425.52 $ (match); sensitivity 0.35x: cap = NOI/price = 4.19 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 9075.72 $ (match)

2421 S 5th Pl

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ ?; Type 2: ? units @ $700; Type 4: ? units @ $850 | 2421 S 5th Pl, Milwaukee, WI 53207 - Add to your portfolio with this cash-flowing 4-family investment property on Milwaukee's South Side! Professionally managed and offering a versatile unit mix, the property features one studio, two 1-bedroom units, and one 2-bedroom unit. Two units are currently rent-ready, offering an opportunity to place tenants and increase income right away. If you're lookin | ['Type 1: 1 units @ ?', 'Type 2: ? units @ $700', 'Type 4: ? units @ $850']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/2421-S-5th-Pl-Milwaukee-WI-53207/1979407-METRO

Why it fits: 4-unit multifamily, Milwaukee metro, price + income datum documented

516 N 28th St 518

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

purchase your first income-producing property, this is an opportunity you won't want to miss. All three units currently leased. | 516 N 28th St 518, Milwaukee, WI 53208 - Great investment opportunity! Whether you're looking to expand your investment portfolio or purchase your first income-producing property, this is an opportunity you won't want to miss. All three units currently leased. | ['Type 1: 1 units @ $700', 'Type 2: 1 units @ $700', 'Type 3: 1 units @ $850']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/516-N-28th-St-518-Milwaukee-WI-53208/1974851-METRO

Why it fits: 3-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 7.01 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 16005.6 $ (match); sensitivity 0.35x: cap = NOI/price = 7.28 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 15411.6 $ (match)

1978 S 12th St

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

unit mix with rents: Type 1: 1 units @ $1,500; Type 2: 1 units @ $600 | 1978 S 12th St, Milwaukee, WI 53204 - Fully rented duplex with income already in place. Upper unit is a 3-bed, 1-bath with a primary suite, walk-in closet, and flex den that functions as a 4th bedroom. Lower unit offers 2 beds, 1 bath. Updated kitchen with epoxy countertops and a renovated bath with walk-in glass shower help retention. Big-ticket items handled: roof and upper carpet (2022), window | ['Type 1: 1 units @ $1,500', 'Type 2: 1 units @ $600']

Web sources: https://www.shorewest.com/WI/Milwaukee/Milwaukee/1978-S-12th-St-Milwaukee-WI-53204/1964649-METRO

Why it fits: 2-unit multifamily, Milwaukee metro, price + income datum documented

Recomputed in Python by the adjudicator: cap = NOI/price = 6.69 % (match); sensitivity 0.35x: NOI = gross*0.9428 - 0.35*gross = 14938.56 $ (match); sensitivity 0.35x: cap = NOI/price = 6.95 % (match); sensitivity 0.372x: NOI = gross*0.9428 - 0.372*gross = 14384.16 $ (match)

2553-2565 S. Logan Ave.

Row date: 2025 taxes; 2026 assessment (Ogden flyer; checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

BAY VIEW ROW HOUSES 2553-2565 S. LOGAN AVE. BAY VIEW, WI 53207 SALE PRICE: $810,000 | COMMENTS: Five -unit Apartment Building, with LR/DR, Kitchen, 3 BR, 1 BA Two stories, unfi nished basement, exterior brick, vinyl siding, roof asphalt shingles, individual furnaces, washer/ dryer hookups, 40-gallon water heaters, each unit. | First time on market since 1970’s. Long term tenants. Tenants pay own utilities, including water/ sewer. | REAL ESTATE TAXES: $18,352.59 (2025)

Web sources: https://www.crexi.com/properties/2592689/wisconsin-bay-view-row-houses

Why it fits: Bay View row houses: Ogden flyer states 'Five-unit Apartment Building', 5-unit multifamily, Milwaukee metro; stated cap 6.25%

771 N JEFFERSON ST # 773

Row date: sold after listing (warranty deed recorded 2026); listing checked 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Located in the Heart of downtown Milwaukee. 5 apartments consisting of 3 -1 bedroom units, 1 studio and 1 2 bedroom and 2 store fronts. An opurtonity to own a clasic down town building | Mixed Use | 6.34% CAP | 7,144 SF | Good rental income | conveyance date 01/30/2023, recorded 02/03/2023, $935,000, Fox Properties LLC -> D&A Investment Group LLC

Documentary sources (local evidence files, not web-published): /Users/markkvetkovskiy/Projects/jay-orcholski-booth-1031/offmarket/deep/records/cffec230141b.json

Why it fits: downtown mixed-use, 8 units, 7,144 SF (Crexi 709318 'Mixed Use | 6.34% CAP'), 8-unit mixed-use, Milwaukee metro

2905 N Bartlett Ave, Milwaukee 53211

Row date: not documented in local trove (checked 2026-10-06) · re-checked 2026-10-06 · disposition: FITS

Occupied 7-unit apartment building: MLS unit mix (Unit 1 = 6 units 3+BR, Unit 2 = 1 unit 1-2BR) and live leasing as 'Richland Apartments on Bartlett' at $1,595/mo, 2 of 7 units available (Trulia/Zumper)

Documentary sources (local evidence files, not web-published): /Users/markkvetkovskiy/Projects/jay-orcholski-booth-1031/daily/evidence/043.txt

Why it fits: 7-unit East Side apartment building (MLS 1982625, Richland Apartments on Bartlett), occupied, asking $1,700,000, 7-unit, Milwaukee metro

Recomputed in Python by the adjudicator: GRM = price/gross = 88.82 GRM (match)

2254-2264 S Kinnickinnic Ave (Bayview Value-Add Retail, M&M listing 184775)

Row date: listing active 2025-08-18 (CARW firstActiveDate); Wayback capture 2025-09-11; re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Listing Price: $1,520,000 ... Cap Rate 2.59% ... Three Occupied Units with Triple Net Leases Long Term Tenancy by Toppers Pizza & Babe’s Ice Cream ... Rentable SF 7,004

Web sources: https://web.archive.org/web/20250911001914/https://www.marcusmillichap.com/properties/184775/bayview-valueadd-retail

Why it fits: The 2.59% Bayview MARK-TO-MARKET point: in-place NNN rents on long-term tenancy produce a 2.59% going-in at ask while the re-tenanting potential on this high-traffic Kinnickinnic corner is the value story. NOI $39,368 = derived from stated cap x price (noi not separately published). Retail condo portion of a 10-unit mixed-use condominium (6,839 SF residential at the same $1.52M per CARW payload 777184).

Recomputed in Python by the adjudicator: implied NOI = price x stated cap = 39368.0 $/yr (match)

Children's Wisconsin, 2561 N 29th St (M&M listing 304998)

Row date: asking as of re-open 2026-10-06 (live M&M listing) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $2,864,357 ... Cap Rate 7.00% ... Rent Per Square Feet $26.44 ... Lease Type Absolute Net

Web sources: https://www.marcusmillichap.com/properties/304998/childrens-wisconsin-awardwinning-pediatric-health-dental-care-system-milwaukee-msa

Why it fits: M&M-marketed going-in point (5.43-7.00% band member): 7.00% at ask on absolute-net medical. NOI $200,505 = derived from stated cap x price (not separately published). Rent $26.44/SF absolute net.

Recomputed in Python by the adjudicator: implied NOI = price x stated cap = 200504.99 $/yr (match)

2-Tenant Medical Center, 7950 N Port Washington Rd, Fox Point (Crexi 2361195, M&M)

Row date: listing activated 2026-02-23; sold 2026 (BizTimes); quotes re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Price Improvement! Mixed Use | 7.87% CAP Year One | ... Marcus & Millichap is pleased to present the opportunity to acquire a fee simple interest in a high-quality multi-tenant medical property located at 7950 N. Port Washington Road in Fox Point, Wisconsin.

Web sources: https://api.crexi.com/assets/2361195

Why it fits: Ask/sale pair: 7.2% stated at ask, 8.08% implied at the $4,000,000 sale (NOI derived from ask x 7.2% = $323,361 - estimated basis). The 8.08% at-sale point sits inside the study 7.2-8.5% direct-cap band (corroborating). NOTE field-mismatch artifact: three cap figures circulate (7.2% title, 7.87% year-one description, NOI/ask), year-one vs in-place basis explains the spread.

Recomputed in Python by the adjudicator: implied NOI = ask x stated cap = 323361.0 $/yr (match); implied cap at sale = derived NOI / sale = 8.084 % (match)

Red Lobster, 2801 N Mayfair Rd, Wauwatosa (RETR Doc 11254288)

Row date: sold 2022-06-08 (RETR Doc 11254288); quote re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

The property is subject to a 25-year Triple-Net (NNN) lease with 21 years remaining on the base term. The current rent is $349,757 and will continue to increase by 2.00% annually.

Web sources: https://api.crexi.com/assets/178582

Why it fits: Closed trade with documented rent: 5.71% implied going-in NNN (below the study band because corporate-credit NNN prices tighter; not a small-mixed-use datapoint). GRM 17.53 cross-check only.

Recomputed in Python by the adjudicator: implied cap = rent / price = 5.7057 % (match)

Sentry Foods, 7101 W Lisbon Ave (RETR Doc 11454969)

Row date: sold 2024-10-07 (RETR Doc 11454969); press quote re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS (cap quote flagged)

“Although the sellers received strong off-market interest, we were able to increase the property’s value by $100,000 through a competitive marketing process, ultimately closing at 95% of the list price with a 7.94% cap rate,” said Ben Kohl, associate.

Web sources: https://www.wisbusiness.com/2024/marcus-millichap-arranges-sale-of-sentry-foods-grocery-store-in-milwaukee/

Why it fits: Closed trade with QUOTE-FLAGGED cap (broker statement in press release, corroborated by REBusinessOnline 2024-10-21 and ConnectCRE; price undisclosed in press, documented $1,250,000 via RETR Doc 11454969). 7.94% at sale sits inside the study 7.2-8.5% band (corroborating). NOI $99,250 = derived from quoted cap x RETR price.

Recomputed in Python by the adjudicator: implied NOI = price x quoted cap = 99250.0 $/yr (match)

1681-1683 N Van Buren St (DigiCOPY + Polished Nail Bar)

Row date: sold 2021-12 (reported 2021-12-30 per state records); quote re-opened 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

DigiCOPY’s base rent comes out to $25 per square foot, which will escalate to $27.23 per square foot by 2027. Polished’s rent is set at $18 per square foot.

Web sources: https://biztimes.com/retail-building-on-milwaukees-east-side-sold-to-investor-for-more-than-1-5-million/

Why it fits: Closed 2-storefront trade with documented rents; implied cap only as bounds (per-tenant SF split unpublished 2026-10-06). The low implied caps reflect the below-market in-place rents (mark-to-market case, like Bayview).

Recomputed in Python by the adjudicator: gross rent bounds = sf x $18.00-$25.00 = 87,444-121,450 $/yr (match); cap bounds = (rent x (1-0.0572) x (1-opex)) / price = 2.94-4.83 % (match)

The Cambridge Place (M&M listing 200156, 30 units)

Row date: asking as of capture 2026-10-06 16:49 (listing since removed from live M&M site; capture retained) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $4,597,000 ... Cap Rate 6.17% ... Number of Units 30 ... GRM 10.26 ... Occupancy 95.0% ... Price/Unit $153,233 ... Price/Gross SF $262.39 ... Gross SF 17,520

Web sources: https://www.marcusmillichap.com/properties/200156/

Why it fits: M&M-marketed going-in band member (5.43-7.00%): 6.17% at ask, large multifamily context (30 units, outside the 2-6 comp rule). NOI $283,635 = derived from stated cap x price. Spec-block figures internally consistent (price/unit and price/gross SF recomputed).

Recomputed in Python by the adjudicator: implied NOI = price x stated cap = 283635.0 $/yr (match); price/unit cross-check = 153233.33 $/unit (match)

The Lodge, Waukesha (M&M listing 309783, 248 units)

Row date: asking as of capture 2026-10-06 16:52 (listing since removed from live M&M site; capture retained) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $55,443,000 ... Cap Rate 5.43% ... Number of Units 248 ... GRM 11.15 ... Occupancy 100.0% ... Price/Unit $223,560

Web sources: https://www.marcusmillichap.com/properties/309783/

Why it fits: M&M-marketed going-in band member (low end, 5.43% at ask): 248-unit suburban multifamily context. NOI $3,010,555 = derived from stated cap x price.

Recomputed in Python by the adjudicator: implied NOI = price x stated cap = 3010554.9 $/yr (match)

1851-1853-1855 N. Humboldt Avenue (M&M listing 310241, 11 units)

Row date: asking as of capture 2026-10-06 16:52 (listing since removed from live M&M site; capture retained) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $1,645,000 ... Cap Rate 6.94% ... Number of Units 11 ... GRM 8.76 ... Occupancy 96.0% ... Price/Unit $149,545 ... Price/Gross SF $185.73 ... Gross SF 8,857

Web sources: https://www.marcusmillichap.com/properties/310241/

Why it fits: M&M-marketed going-in band member (6.94% at ask): 11-unit Lower East Side, ~0.5 mi from the subject (closest M&M multifamily point geographically). NOI $114,163 = derived from stated cap x price.

Recomputed in Python by the adjudicator: implied NOI = price x stated cap = 114162.7 $/yr (match)

Waukesha Industrial Portfolio (M&M listing 303996, 8 assets / 38 tenancies, Sussex)

Row date: asking as of capture 2026-10-06 16:51 (listing since removed from live M&M site; capture retained) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $18,000,000 ... Cap Rate 7.41% ... Gross SF 152,275 ... Price/Gross SF $118.21 ... 38 tenancies across Eight assets, with no tenant exceeding 10% of portfolio rent; largest tenant is 9.6 percent.

Web sources: https://www.marcusmillichap.com/properties/303996/

Why it fits: M&M-marketed going-in band member (high end, 7.41% at ask): diversified industrial portfolio, Milwaukee metro context (Waukesha County). NOI $1,333,800 = derived from stated cap x price.

Recomputed in Python by the adjudicator: implied NOI = price x stated cap = 1333800.0 $/yr (match)

2021 Marcus Millichap Investment Forecast (Q1 2021 book)

Row date: 2021-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

2016-2020 Household Growth / Lowest Growth / Metro / Trailing-5-Year Total / Cleveland 500 / Pittsburgh 2,500 / San Jose 6,600 / Milwaukee 7,400 / New Haven-Fairfield County 11,100

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2021/Q1/2021%20Marcus%20Millichap%20Investment%20Forecast.pdf?rev=612dacdcecf14bfb9fb1fc9831016e6c

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2021 Marcus Millichap Investment Forecast (Q1 2021 book)

Row date: 2021-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee 0.9% 0.4% 0.2% -7.4% 3,300 2,400 2,400 2,000 4.8% 3.5% ... 3.5% 3.7% $1,068 $1,127 $1,172 $1,205 $81,200 $88,700 $90,000 $91,400 Milwaukee

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2021/Q1/2021%20Marcus%20Millichap%20Investment%20Forecast.pdf?rev=612dacdcecf14bfb9fb1fc9831016e6c

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2021 Marcus Millichap Investment Forecast (Q1 2021 book)

Row date: 2021-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

1,690 1,090 420 110 5.3% 4.3% 4.5% 4.6% $11.27 $12.18 $12.63 $12.67 Milwaukee

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2021/Q1/2021%20Marcus%20Millichap%20Investment%20Forecast.pdf?rev=612dacdcecf14bfb9fb1fc9831016e6c

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2022 U.S. Multifamily Investment Forecast

Row date: 2022-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Investors seeking Class A/B apartments home in on Downtown neighborhoods as well as suburbs just west like Wauwatosa, West Allis and Brookfield, where cap rates in the low- to mid-5 percent range are common. Buyers chasing first-year returns above 7 percent favor Class C properties in northwest suburbs along the Interstate 41 corridor.

Web sources: https://www.maclaren-group.com/wp-content/uploads/2022/01/2022-Multifamily-Investment-Forecast.pdf

Documentary sources (local evidence files, not web-published): mirror of marcusmillichap.com book

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2022 U.S. Multifamily Investment Forecast

Row date: 2022-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

a streak of annual rent gains dating back to 2011 and an average first-year return 100-plus basis points above the national average, out-of-state acquisitions remain limited.

Web sources: https://www.maclaren-group.com/wp-content/uploads/2022/01/2022-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2022 U.S. Multifamily Investment Forecast

Row date: 2022-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

The median home price jumped from roughly $269,000 at the end of 2019 to $339,000 in the late stages of last year.

Web sources: https://www.maclaren-group.com/wp-content/uploads/2022/01/2022-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2022 U.S. Multifamily Investment Forecast

Row date: 2022-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Investors from Wisconsin accounted for roughly two-thirds of buy-side activity over the past two years.

Web sources: https://www.maclaren-group.com/wp-content/uploads/2022/01/2022-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2022 U.S. Multifamily Investment Forecast

Row date: 2022-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

The vacancy rate dips to 2.7 percent as absorption outpaces new supply. This will be the lowest year-end recording in at least a decade and the Class C rate should hold under 2 percent. ... the mean effective rent moves up to $1,360 per month in 2022.

Web sources: https://www.maclaren-group.com/wp-content/uploads/2022/01/2022-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2022 U.S. Multifamily Investment Forecast

Row date: 2022-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee 0.0% -7.1% 3.8% 2.6% 2,581 2,054 2,200 1,100 3.5% 3.7% 2.8% 2.7% $1,173 $1,205 $1,300 $1,360 $93,110 $98,428 $104,217 Milwaukee

Web sources: https://www.maclaren-group.com/wp-content/uploads/2022/01/2022-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2023 U.S. Multifamily Investment Forecast

Row date: 2023-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Trades in the Milwaukee metro have historically been weighted to the sub-$10 million tranche, with local purchasers generally accounting for roughly three-quarters of these deals.

Web sources: https://www.theneemagroup.com/wp-content/uploads/2023/01/2023-U.S.-Multifamily-Investment-Forecast.pdf

Documentary sources (local evidence files, not web-published): mirror of marcusmillichap.com book

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2023 U.S. Multifamily Investment Forecast

Row date: 2023-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Availability will increase to 4.5 percent this year, Milwaukee’s highest year-end rate since 2017. ... Milwaukee notes the nation’s 10th-fastest pace this year, as the average effective rate reaches $1,525 per month.

Web sources: https://www.theneemagroup.com/wp-content/uploads/2023/01/2023-U.S.-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2023 U.S. Multifamily Investment Forecast

Row date: 2023-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee -6.1% 1.6% 1.9% 0.2% 2,054 1,784 2,100 2,500 3.7% 2.2% 3.5% 4.5% $1,207 $1,323 $1,465 $1,525 $103,400 $114,900 $123,500 Milwaukee

Web sources: https://www.theneemagroup.com/wp-content/uploads/2023/01/2023-U.S.-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2023 U.S. Retail Investment Forecast

Row date: 2023-02 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

The metro entered 2023 with one of the nation’s highest average cap rates at 7 percent.

Web sources: https://nycbuildingadvisors.com/wp-content/uploads/2023/02/2023-Retail-Investment-Forecast.pdf

Documentary sources (local evidence files, not web-published): mirror of marcusmillichap.com book

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2023 U.S. Retail Investment Forecast

Row date: 2023-02 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Also accounting for the country’s lowest average price per square foot, Milwaukee should remain attractive to cost-sensitive private buyers focused on sub-$5 million listings.

Web sources: https://nycbuildingadvisors.com/wp-content/uploads/2023/02/2023-Retail-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2023 U.S. Retail Investment Forecast

Row date: 2023-02 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Completions outpace retailer space demand, pushing vacancy up to 4.9 percent. Multi-tenant availability lies in the double digits, while the single-tenant metric will hold under 4 percent. ... Multi-tenant availability that exceeds 15 percent could caution buyers that pursue shopping center listings in Milwaukee County outside of the city

Web sources: https://nycbuildingadvisors.com/wp-content/uploads/2023/02/2023-Retail-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2023 U.S. Retail Investment Forecast

Row date: 2023-02 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

The average marketed rate expands at a slightly slower pace this year, reaching $14.02 per square foot.

Web sources: https://nycbuildingadvisors.com/wp-content/uploads/2023/02/2023-Retail-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2023 U.S. Retail Investment Forecast

Row date: 2023-02 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee -6.1% 1.6% 1.9% 0.2% 160 70 230 330 5.6% 5.0% 4.6% 4.9% $12.66 $13.16 $13.60 $14.02 $260 $269 $277 Milwaukee

Web sources: https://nycbuildingadvisors.com/wp-content/uploads/2023/02/2023-Retail-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Multifamily Market Report 2Q/24

Row date: 2024-05 (2Q24 report); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

The metro’s average cap rate has held between 6.1 and 6.2 percent since 2021, while the mean sale price has remained in the $122,000 to $125,000 per-unit range going back to 2022.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2024/Q2/2Q24%20MF%20Local%20Reports%20Round%201/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Multifamily Market Report 2Q/24

Row date: 2024-05 (2Q24 report); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee’s Class C vacancy rate of 3.1 percent in the first quarter ranked as the fourth lowest among major U.S. markets. That tightness allowed the local average effective rent in lower-tier units to surge by more than 10 percent year-over-year, one of just two locations in the country to notch a double-digit gain.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2024/Q2/2Q24%20MF%20Local%20Reports%20Round%201/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Multifamily Market Report 2Q/24

Row date: 2024-05 (2Q24 report); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Two standout areas registered both Class C vacancy below 2 percent and segment rent growth above 15 percent — Franklin-Oak Creek and Washington-Ozaukee Counties. ... Racine’s 23 percent rent surge to $1,333 per month not only led the metro, but its pace of growth also ranked as the fastest in the entire country.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2024/Q2/2Q24%20MF%20Local%20Reports%20Round%201/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Multifamily Market Report 2Q/24

Row date: 2024-05 (2Q24 report); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Softer demand results in a mild vacancy increase to 4.5 percent. Milwaukee will be one of just six major markets nationally to surpass 2.5 percent rent growth in 2024, with the local figure climbing to $1,586 per month.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2024/Q2/2Q24%20MF%20Local%20Reports%20Round%201/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Multifamily Market Report 2Q/24

Row date: 2024-05 (2Q24 report); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Class C assets comprised roughly two-thirds of the apartments that changed hands from October 2023 through March 2024 ... The area’s mid-tier vacancy rate fell nearly 300 basis points year-over-year to 2.9 percent in March 2024.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2024/Q2/2Q24%20MF%20Local%20Reports%20Round%201/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Retail Market Report 2Q/24

Row date: 2024-05 (2Q24 report); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Retail 2024 Outlook / 20 / 3.9% / 215,000 ... +0.1% / 0.2% / 4.0% / $15.40 per sq. ft. ... JOBS 1,000 ... will be created ... will be completed ... decrease in vacancy ... in asking rent

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2024/Q2/2Q24%20Retail%20Local%20Reports/Milwaukee%20Retail%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Retail Market Report 2Q/24

Row date: 2024-05 (2Q24 report); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Sales Trends / Average Price per Square Foot / Average Price / Average Cap Rate / Average Cap Rate / $240 / $250 / $260 / $270 / $280 ... 6.0% / 6.5% / 7.0% / 7.5% / 8.0%

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2024/Q2/2Q24%20Retail%20Local%20Reports/Milwaukee%20Retail%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2024 U.S. Multifamily Investment Forecast

Row date: 2024-02-01 (book; per MMI press release); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

For the third straight year, vacancy in Milwaukee will stand below every major market across the country except New York.

Web sources: https://www.myersmultifamily.com/wp-content/uploads/2025/03/2024-Multifamily-Investment-Forecast.pdf

Documentary sources (local evidence files, not web-published): mirror of marcusmillichap.com book

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2024 U.S. Multifamily Investment Forecast

Row date: 2024-02-01; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Last year, Milwaukee stood out as the only major U.S. metro to record an increase in transaction velocity relative to the prior annual period. ... Improving rent rolls here are benefiting cap rates, which lifted by a pace that was nearly half that of the national average last year.

Web sources: https://www.myersmultifamily.com/wp-content/uploads/2025/03/2024-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2024 U.S. Multifamily Investment Forecast

Row date: 2024-02-01; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

A minor lift to Milwaukee’s vacancy rate brings the metro’s measure to 3.7 percent by year-end. Still, this will stand more than 100 basis points below any other major Midwestern market. ... The metro’s nationally strong pace of rent growth will raise its average effective rate to $1,590 per month

Web sources: https://www.myersmultifamily.com/wp-content/uploads/2025/03/2024-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2024 U.S. Multifamily Investment Forecast

Row date: 2024-02-01; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee 2.6% 1.3% 0.6% 0.8% 1,900 2,300 3,000 2,750 2.2% 3.2% 3.6% 3.7% $1,326 $1,452 $1,535 $1,590 $113,900 $121,400 $118,800 Milwaukee

Web sources: https://www.myersmultifamily.com/wp-content/uploads/2025/03/2024-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Retail Market Report Q4 2024 (MMI press release quoting report)

Row date: 2024-12-02; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Moderate Vacancy Increase: Retail vacancy rates are forecasted to increase by 0.3% to 4.3%, a level that still reflects strong occupancy relative to historical trends. • Rental Rate Growth: Average asking rents rose to $15.02 per square foot, a 4.3% increase, driven by strong leasing activity. • Supply Challenges: Milwaukee is projected to see a net loss of 260,000 square feet of retail stock

Web sources: https://www.wisbusiness.com/2024/marcus-millichap-releases-q4-2024-milwaukee-retail-market-report/

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2025 U.S. Multifamily Investment Forecast

Row date: 2025-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

By the end of 2024, transactions fell 31 percent year over year and nearly 50 percent from the 2022 peak — the lowest level of activity since 2013.

Web sources: https://www.myersmultifamily.com/wp-content/uploads/2025/07/2025-Multifamily-Investment-Forecast.pdf

Documentary sources (local evidence files, not web-published): mirror of marcusmillichap.com book

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2025 U.S. Multifamily Investment Forecast

Row date: 2025-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Class A construction has hit its highest level since at least 2009, raising segment vacancy to the 5 percent threshold entering this year. Although this has shifted Milwaukee from the third-tightest U.S. market in 2024 to the tenth in 2025, overall metro vacancy remains relatively low.

Web sources: https://www.myersmultifamily.com/wp-content/uploads/2025/07/2025-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2025 U.S. Multifamily Investment Forecast

Row date: 2025-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Availability is projected to rise to 4.5 percent — Milwaukee’s highest since 2017 — but will still tie with Chicago for the lowest vacancy rate among the major Midwest markets. ... Milwaukee will be one of only 14 major markets to exceed 3.2 percent rent growth in 2025, reaching $1,633 per month despite rising vacancy

Web sources: https://www.myersmultifamily.com/wp-content/uploads/2025/07/2025-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2025 U.S. Multifamily Investment Forecast

Row date: 2025-01 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee 1.9% 0.0% -0.2% 0.7% 2,300 2,700 2,100 2,800 3.2% 4.0% 4.2% 4.5% $1,450 $1,544 $1,580 $1,633 $122,400 $118,100 $109,100 Milwaukee

Web sources: https://www.myersmultifamily.com/wp-content/uploads/2025/07/2025-Multifamily-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2025 U.S. Retail Investment Forecast (IPA 2025 Milwaukee Retail IF = same text)

Row date: 2025-01-30 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

The metro’s average price of $269 per square foot in 2024 — the lowest of major markets — and a 7.3 percent mean cap rate should continue to lure out-of-state buyers.

Web sources: https://swmpropertyadvisors.com/wp-content/uploads/2025/03/2025-Retail-Investment-Forecast.pdf https://www.institutionalpropertyadvisors.com/-/media/Files/IPA/Research%20PDFs/2025/Investment%20Forecast%20Book/2025%20IPA%20Retail%20Market%20Reports/2025%20IPA%20Milwaukee%20Retail%20Investment%20Forecast%20Report%20pdf.pdf

Documentary sources (local evidence files, not web-published): mirror of marcusmillichap.com book; IPA page:

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2025 U.S. Retail Investment Forecast

Row date: 2025-01-30 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Building on a 20 percent jump in sales activity during 2024, single-tenant net leased assets are poised to garner outsized interest in 2025 ... Waukesha County is also pivotal, capturing 20 percent of last year’s transactions.

Web sources: https://swmpropertyadvisors.com/wp-content/uploads/2025/03/2025-Retail-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2025 U.S. Retail Investment Forecast

Row date: 2025-01-30 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

As a result of a minimal construction slate that is already highly accounted for, vacancy in Milwaukee will decrease to 4.1 percent — the lowest rate since at least 2007. ... the average asking rent will rise to $14.95 per square foot. Multi-tenant properties may weigh on growth, however, after noting a 15.6 percent drop last year.

Web sources: https://swmpropertyadvisors.com/wp-content/uploads/2025/03/2025-Retail-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2025 U.S. Retail Investment Forecast

Row date: 2025-01-30 (book); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee 1.9% 0.0% -0.5% 0.7% 210 330 220 120 4.2% 4.2% 4.3% 4.1% $14.34 $14.83 $14.73 $14.85 $272 $268 $269 Milwaukee

Web sources: https://swmpropertyadvisors.com/wp-content/uploads/2025/03/2025-Retail-Investment-Forecast.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

IPA Milwaukee Multifamily Market Report 2Q/25 (sources: Marcus & Millichap Research Services)

Row date: 2025-05 (2Q25 report); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee had the second-highest average cap rate among major U.S. mar­kets entering April. The rate grew by 60 basis points in 2024 — its largest annual gain since at least 2000. So far in 2025, the average cap rate has held steady, possibly indicating an inflection point.

Web sources: https://www.institutionalpropertyadvisors.com/-/media/Files/IPA/Research%20PDFs/2025/2Q%202025/2025%202Q%20IPA%20Multifamily%20Market%20Reports/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

IPA Milwaukee Multifamily Market Report 2Q/25

Row date: 2025-05; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Despite the average price per unit rising by 6.5 percent year over year — representing the third-largest increase in the nation — transaction velocity remained roughly consistent with the prior 12-month period.

Web sources: https://www.institutionalpropertyadvisors.com/-/media/Files/IPA/Research%20PDFs/2025/2Q%202025/2025%202Q%20IPA%20Multifamily%20Market%20Reports/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

IPA Milwaukee Multifamily Market Report 2Q/25

Row date: 2025-05; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Class B vacancy posted the largest annual decline among classes, falling 50 basis points to 3.6 percent — just below the 4.0 percent metro level. ... Tight conditions led the metro to record the 11th-fastest rent growth rate among major markets throughout the year ended in March, pushing the measure up to $1,617 per month. • Suburban rents grew by 4.1 percent to a monthly rate of $1,589, outperforming urban core rents, which stayed roughly flat at $1,904 per month.

Web sources: https://www.institutionalpropertyadvisors.com/-/media/Files/IPA/Research%20PDFs/2025/2Q%202025/2025%202Q%20IPA%20Multifamily%20Market%20Reports/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

IPA Milwaukee Multifamily Market Report 2Q/25

Row date: 2025-05; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Vacancy will move up to 4.2 percent this year as deliveries slightly outpace demand. While below the national vacancy rate of 5.1 percent, this is still 210 basis points above the metro’s post-2008 low set in early 2022. ... driving the average monthly rate up to $1,665 by year-end.

Web sources: https://www.institutionalpropertyadvisors.com/-/media/Files/IPA/Research%20PDFs/2025/2Q%202025/2025%202Q%20IPA%20Multifamily%20Market%20Reports/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2026 U.S. Multifamily Investment Forecast (+ standalone 2026 Milwaukee MF Investment Forecast sheet)

Row date: 2025-12/2026-01 (book; data as of Dec 2025); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

As a result of plummeting new supply and steady renter demand in the metro, vacancy will edge down to 3.6 percent. The level is 20 basis points below the metro’s prior decade-long average. ... the average effective rent will rise only to $1,692 per month, as Milwaukee’s year-over-year rent growth slows to its lowest level since 2020.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2026%20Multifamily%20Investment%20Forecast%20pdf.pdf https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2026%20Multifamily%20Market%20Reports/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Documentary sources (local evidence files, not web-published): metro sheet:

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2026 U.S. Multifamily Investment Forecast

Row date: 2025-12/2026-01; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Nearby Waukesha County may remain an investment focus in 2026, supported by sub-$100,000 per-unit entry costs and proximity to employment centers. ... In that area, rent growth for lower-tier properties hovered near 10 percent, and Class A vacancy has held steady near its long-term average.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2026%20Multifamily%20Investment%20Forecast%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2026 U.S. Multifamily Investment Forecast

Row date: 2025-12/2026-01; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee 0.3% 0.2% -0.4% -0.9% 2,900 2,300 3,600 850 4.0% 4.1% 3.7% 3.6% $1,552 $1,606 $1,655 $1,692 $118,100 $109,500 $114,600 Milwaukee

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2026%20Multifamily%20Investment%20Forecast%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2026 U.S. Retail Investment Forecast

Row date: 2026-02/03 (book; press release 2026-03-11); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Across commercial real estate property types in Milwaukee last year, the retail sector recorded the largest year-over-year increase in transaction velocity, rising by more than 30 percent, as both single- and multi-tenant deal flow improved in 2025.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2026%20Retail%20Investment%20Forecast%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2026 U.S. Retail Investment Forecast

Row date: 2026-02/03; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Vacancy will edge up to 4.1 percent despite the slow-down in Milwaukee’s delivery schedule. ... the average asking rent is expected to soften amid a mea-sured level of net absorption, declining to $14.52 per square foot this year.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2026%20Retail%20Investment%20Forecast%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

2026 U.S. Retail Investment Forecast

Row date: 2026-02/03; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee 0.3% 0.2% -0.9% -1.1% 350 180 430 170 3.4% 3.4% 4.0% 4.1% $14.30 $14.76 $14.62 $14.52 $268 $269 $268 Milwaukee

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2026%20Retail%20Investment%20Forecast%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Multifamily Market Report 2Q/26

Row date: 2026-05/06 (2Q26 report); quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

2026 FORECAST / EMPLOYMENT Jobs will be lost Decrease Y-O-Y 3,000 0.4% / CONSTRUCTION Units will be added Inventory increase Y-O-Y 1,050 0.6% / VACANCY Vacancy rate BPS decrease Y-O-Y 3.9% 20 / RENT Average effective rent by year-end Increase Y-O-Y $1,715 2.5%

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2Q%202026%20Multifamily%20Market%20Reports/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Multifamily Market Report 2Q/26

Row date: 2026-05/06; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Only about 8.5 percent of units offer concessions, below the national rate of 17 percent, while elevated lease trade-out rates in early 2026 point to fur-ther rent growth by year-end. Renewal conversions near multiyear highs around 71 percent, far exceeding the U.S. average of 56 percent ... This year will mark the end of an 11-year supply wave, during which inventory expanded roughly 17 percent.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2Q%202026%20Multifamily%20Market%20Reports/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Multifamily Market Report 2Q/26

Row date: 2026-05/06; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Deal flow in the year ended March 2026 rose nearly 35 percent, the metro’s largest single-year increase since 2022. ... investors primarily targeted vintage Class B/C assets trading around $100,000 per unit.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2Q%202026%20Multifamily%20Market%20Reports/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Multifamily Market Report 2Q/26

Row date: 2026-05/06; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Milwaukee vacancy is expected to rank among the nation’s tightest in 2026, at just under 4 percent and roughly 140 basis points below the U.S. mean. ... with vacancy falling to the second lowest level nationally in March, at 3.2 percent. Meanwhile, no CBD deliveries this year should help local vacancy retreat from its elevated 2025 level of 6.6 percent.

Web sources: https://www.marcusmillichap.com/-/media/Files/MM/Research%20Reports/Market%20Reports/2026/2Q%202026%20Multifamily%20Market%20Reports/Milwaukee%20Multifamily%20Market%20Report%20pdf.pdf

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

Milwaukee Metro Area Retail report Q3 2026 (MMI press release quoting report)

Row date: 2026-09-09; quote re-verified 2026-10-06 · re-checked 2026-10-06 · disposition: FITS

Leasing activity fell to its lowest level since at least 2011 as slower population growth, household formation and employment conditions reduced the need for additional retail space. • Retail fundamentals may receive support from the apartment sector, where multifamily vacancy declined 70 basis points year over year to 2.6 percent, tying for the second-lowest rate nationally. • Construction completions in 2026 are projected to total roughly half of the prior 10-year annual average, with two Costco locations accounting for approximately 80 percent of expected deliveries. • Investment activity increased 20 percent in the year ended June

Web sources: https://www.wisbusiness.com/2026/marcus-millichap-releases-milwaukee-metro-area-retail-report-for-q3-2026/

Why it fits: CONTEXT row (class=milwaukee-wide): research-report metro-level datapoint, not a property comp (P2c task item 4). Quote re-verified against the saved PDF text (or live press page) 2026-10-06.

VASA Fitness, 13995 W National Ave, New Berlin, WI 53151 (M&M listing 181286)

Row date: capture saved 2026-10-06 (P1i sitemap sweep); live M&M URL checked 2026-10-06 -> removed (SelectedPropertyNotFound redirect) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $13,379,500 ... Cap Rate 7.00% ... Tenant Name Vasa Fitness ... Years Remaining On Lease 15.3 ... Guarantor Corporate Guarantee ... Rentable SF 62,024 ... Lease Type Triple Net (NNN) ... Rent Per Square Feet $15.10 ... Marcus & Millichap is please to present VASA Fitness in New Berlin, WI. Gallery View Map Street View × VASA Fitness | New 15 Year NNN Lease | Milwaukee MSA Close

Web sources: https://www.marcusmillichap.com/properties/181286/

Why it fits: FITS: M&M asking listing in scope (New Berlin, Waukesha County) with price $13,379,500 + stated cap 7.00% + documented NNN rent $15.10/SF (VASA Fitness, corporate guarantee). NOI $936,565 = derived from stated cap x price and agrees with rent x SF within stated-cap rounding. Single-tenant net-lease pricing = cap-lane market context (rule 5), not a small-mixed-use datapoint. Folded: cap_rate_evidence + grm_evidence CUT-context (GRM 14.29).

Recomputed in Python by the adjudicator: price/SF = price / rentable SF (derived; no spec field) = 215.71 $/SF (match); GRM = price / gross scheduled rent (rent/SF x SF) = 14.29 x (match); NNN consistency: documented rent (rent/SF x SF) vs implied NOI (stated cap x price) - stated-cap rounding = 936562.4 $ (match); implied cap round-trip = NOI / price (NOI DERIVED from stated cap x price) = 7.0 % (match)

O'Reilly, 3405 W Fond du Lac Ave, Milwaukee, WI 53210 (M&M listing 302462)

Row date: capture saved 2026-10-06 (P1i sitemap sweep); live M&M URL checked 2026-10-06 -> removed (SelectedPropertyNotFound redirect) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $1,732,000 ... Cap Rate 6.15% ... Tenant Name O'Reilly ... Years Remaining On Lease 8.2 ... Guarantor Corporate Guarantee ... Rentable SF 6,500 ... Lease Type Double Net ... Rent Per Square Feet $16.38 ... Marcus & Millichap is pleased to present this O'Reilly Auto Parts in Milwaukee, WI. This was built-to-suit in 2020 and is secured by a long-term double net lease through

Web sources: https://www.marcusmillichap.com/properties/302462/

Why it fits: FITS: M&M asking listing in scope (3405 W Fond du Lac Ave, Milwaukee 53210) with price $1,732,000 + stated cap 6.15% + documented double-net rent $16.38/SF (O'Reilly Auto Parts, built-to-suit 2020, corporately guaranteed to Dec 2034). NOI $106,518 = derived from stated cap x price; documented rent x SF = $106,470 (0.05% stated-cap rounding). Net-leased retail going-in point (Red Lobster-band analog) = cap-lane market context (rule 5). Folded: cap_rate_evidence + grm_evidence CUT-context (GRM 16.27).

Recomputed in Python by the adjudicator: price/SF = price / rentable SF (derived; no spec field) = 266.46 $/SF (match); GRM = price / gross scheduled rent (rent/SF x SF) = 16.27 x (match); NNN consistency: documented rent (rent/SF x SF) vs implied NOI (stated cap x price) - stated-cap rounding = 106470.0 $ (match); implied cap round-trip = NOI / price (NOI DERIVED from stated cap x price) = 6.15 % (match)

Checkers Ground Lease, 3431 W Fond du Lac Ave, Milwaukee, WI 53210 (M&M listing 303137)

Row date: capture saved 2026-10-06 (P1i sitemap sweep); live M&M URL checked 2026-10-06 -> removed (SelectedPropertyNotFound redirect) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $699,000 ... Cap Rate 5.75% ... Tenant Name Checkers ... Years Remaining On Lease 13.9 ... Guarantor Franchisee Guarantee ... Rentable SF 978 ... Lease Type NNN Ground Lease ... Rent Per Square Feet $41.08 ... Marcus & Millichap is pleased to present this single-tenant Checkers with dual drive-thru. This location was built-to-suit in 1997 and Checkers signed a 20 year renewal

Web sources: https://www.marcusmillichap.com/properties/303137/

Why it fits: FITS: M&M asking listing in scope (3431 W Fond du Lac Ave, Milwaukee 53210) with price $699,000 + stated cap 5.75% + documented NNN ground-lease rent $41.08/SF (Checkers, franchisee guarantee, 13.9 yrs). NOI $40,193 = derived from stated cap x price; documented rent x SF = $40,176 (0.04% stated-cap rounding). Ground-lease pricing (land + structure lease) = cap-lane context only (rule 5), not fee-simple small-mixed-use. Folded: cap_rate_evidence + grm_evidence CUT-context (GRM 17.40).

Recomputed in Python by the adjudicator: price/SF = price / rentable SF (derived; no spec field) = 714.72 $/SF (match); GRM = price / gross scheduled rent (rent/SF x SF) = 17.4 x (match); NNN consistency: documented rent (rent/SF x SF) vs implied NOI (stated cap x price) - stated-cap rounding = 40176.24 $ (match); implied cap round-trip = NOI / price (NOI DERIVED from stated cap x price) = 5.75 % (match)

Hillside Office Center, 3960 Hillside Dr, Delafield, WI 53018 (M&M listing 171185)

Row date: capture saved 2026-10-06 (P1i sitemap sweep); live M&M URL checked 2026-10-06 -> removed (SelectedPropertyNotFound redirect) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $3,950,000 ... Cap Rate 5.50% ... Rentable SF 17,664 ... Lot Size 4.31 acres ... Year Built 2000 ... This 25,200 (Gross) SF office property in Delafield’s Hillside Business Park offers a stable, low management investment with strong I-94 frontage. The well-maintained

Web sources: https://www.marcusmillichap.com/properties/171185/

Why it fits: FITS: M&M asking listing in scope (Delafield, Waukesha County) with price $3,950,000 + stated cap 5.50% on 17,664 SF office (built 2000). NOI $217,250 = derived from stated cap x price (not separately published). Office class = Milwaukee-metro cap context only (rule 5 lane is small mixed-use).

Recomputed in Python by the adjudicator: price/SF = price / rentable SF (derived; no spec field) = 223.62 $/SF (match); implied cap round-trip = NOI / price (NOI DERIVED from stated cap x price) = 5.5 % (match)

N60W14434 Kaul Ave, N60W14434 Kaul Ave, Menomonee Falls, WI 53051 (M&M listing 306599)

Row date: capture saved 2026-10-06 (P1i sitemap sweep); live M&M URL checked 2026-10-06 -> removed (SelectedPropertyNotFound redirect) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $1,675,000 ... Cap Rate 7.95% ... Lot Size 1.59 acres ... Year Built 1989 ... Rentable SF 15,365 ... This investment offers a 15,365 square foot 100 percent leased multi-tenant industrial asset located in Menomonee Falls, Wisconsin, one of the most sought-after

Web sources: https://www.marcusmillichap.com/properties/306599/

Why it fits: FITS: M&M asking listing in scope (N60W14434 Kaul Ave, Menomonee Falls, Waukesha County) with price $1,675,000 + stated cap 7.95% on 15,365 SF industrial (built 1989). NOI $133,163 = derived from stated cap x price (not separately published). Industrial class = Milwaukee-metro cap context (Waukesha Industrial precedent).

Recomputed in Python by the adjudicator: price/SF = price / rentable SF (derived; no spec field) = 109.01 $/SF (match); implied cap round-trip = NOI / price (NOI DERIVED from stated cap x price) = 7.95 % (match)

N59W14283 Bobolink Ave, N59W14283 Bobolink Ave, Menomonee Falls, WI 53051 (M&M listing 306601)

Row date: capture saved 2026-10-06 (P1i sitemap sweep); live M&M URL checked 2026-10-06 -> removed (SelectedPropertyNotFound redirect) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $595,000 ... Cap Rate 6.26% ... Lot Size 1.09 acres ... Year Built 1967 ... Rentable SF 5,000 ... This investment provides, a 5,008 square foot, 100 percent leased single tenant industrial asset located in Menomonee Falls, Wisconsin—one of the most desirable

Web sources: https://www.marcusmillichap.com/properties/306601/

Why it fits: FITS: M&M asking listing in scope (N59W14283 Bobolink Ave, Menomonee Falls, Waukesha County) with price $595,000 + stated cap 6.26% on 5,000 SF industrial (built 1967). NOI $37,247 = derived from stated cap x price (not separately published). Industrial class = Milwaukee-metro cap context (Waukesha Industrial precedent).

Recomputed in Python by the adjudicator: price/SF = price / rentable SF (derived; no spec field) = 119.0 $/SF (match); implied cap round-trip = NOI / price (NOI DERIVED from stated cap x price) = 6.26 % (match)

Miracle Mile Shopping Center, 5655-5679 S 27th St, Milwaukee, WI 53221 (M&M listing 308003)

Row date: capture saved 2026-10-06 (P1i sitemap sweep); live M&M URL checked 2026-10-06 -> removed (SelectedPropertyNotFound redirect) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $7,900,000 ... Cap Rate 8.32% ... Gross SF 93,056 ... Rentable SF 93,056 ... Price/Gross SF $84.90 ... Lot Size 6.00 acres ... Year Built 1958 ... Marcus & Millichap is pleased to present Miracle Mile Shopping Center. The center features two new long-term leases with Ollie’s Bargain Outlet and Palm Halal Market,

Web sources: https://www.marcusmillichap.com/properties/308003/

Why it fits: FITS: M&M asking listing in scope (5655-5679 S 27th St, Milwaukee 53221) with price $7,900,000 + stated cap 8.32% on 93,056 SF neighborhood retail center (built 1958). NOI $657,568 = derived from stated cap x price (not separately published). Large retail center = Milwaukee-wide cap context, not a small-retail comp (rule 5 retail criteria not met at center scale).

Recomputed in Python by the adjudicator: Price/Gross SF = price / gross SF (spec block cross-check) = 84.9 $/SF (match); implied cap round-trip = NOI / price (NOI DERIVED from stated cap x price) = 8.32 % (match)

Eastside Portfolio, 2634 N Stowell Ave, Milwaukee, WI 53211 (M&M listing 301853)

Row date: capture saved 2026-10-06 (P1i sitemap sweep); live M&M URL checked 2026-10-06 -> removed (SelectedPropertyNotFound redirect) · re-checked 2026-10-06 · disposition: FITS

Listing Price: $3,200,000 ... Cap Rate 5.96% ... Number of Units 14 ... GRM 10.82 ... Occupancy 100.0% ... Price/Unit $228,571 ... Marcus & Millichap is pleased to present a portfolio of multifamily properties located on Milwaukee’s highly desirable Eastside. Comprised of two apartment communities

Web sources: https://www.marcusmillichap.com/properties/301853/

Why it fits: FITS: M&M asking listing in scope (14-unit MF portfolio: 2905 N Bartlett Ave + 2634 N Farwell Ave; listing address 2634 N Stowell Ave, Milwaukee 53211) with price $3,200,000 + stated cap 5.96% + M&M-stated GRM 10.82, 100% occupancy. NOI $190,720 = derived from stated cap x price. RULE 6B TRIANGULATION: 5.96% sits OUTSIDE the 7.2-8.5% direct-cap band but it is an ASKING cap on 53211 multifamily - the move criterion is a closed 53212 mixed-use/small-MF SALE cap - inputs UNCHANGED, this row is the named delta. 14 units = outside the 2-6 unit small-MF input set (rule 5). Dedupe: 2905 N Bartlett Ave already carries property-level rows (MLS 1982625, asking $1,700,000, partial roll 1 of 7 units) - different marketing vehicle and price basis; portfolio row kept at portfolio granularity, NOT merged.

Recomputed in Python by the adjudicator: price/unit = price / units (spec block cross-check) = 228571.43 $/unit (match); implied cap round-trip = NOI / price (NOI DERIVED from stated cap x price) = 5.96 % (match)