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224-246 E Chicago St
Milwaukee, WI 53202
Office Property For Sale
Investment Highlights
- Covered-land adaptive reuse opportunity with existing in place income through 2026 and rare underground parking
- Nearby headquarters construction boom plus catalytic multifamily developments will drive additional residents and visitors to the Third Ward
- Unparalleled mixture of "live, work, play" - Walking distance to city's best dining, shopping and entertainment
- Located in Milwaukee's upscale and affluent converted warehouse district - The Historic Third Ward
- Third Ward is home to diverse mix of strong national brands (West Elm, lululemon, Kimpton Hotel, Shake Shack) and high-end local boutiques and restaur
- Blocks from 75-acres Henry W. Maier Festival Park, home to Summerfest and weekly summer ethnic festivals attracting 2 million visitors annually
Executive Summary
Colliers is pleased to present The Third Ward Center, a premier historic mixed-use building within the heart of the Historic Third Ward in Milwaukee, Wisconsin. Located at 224-246 E Chicago St, the three-story building features 83,261 SF of exposed brick and timber with lofted open ceilings, an abundance of natural light from floor-to-ceiling windows and skylights, and attractive, updated tenant spaces. The building is currently 53% leased to two tenants, Restoration Hardware Outlet and Cramer-Krasselt marketing agency. With additional income from the rare underground parking, a new owner has the benefit of a cash flowing property with the value-add opportunity to redevelop or lease-up the building.
With its location in the midst of the Historic Third Ward, the site offers unmatched walkability and access to high end amenities including some of Milwaukee’s best restaurants, high end and boutique retailers, and a plethora of arts and entertainment options. The Historic Third Ward is Milwaukee’s former warehouse district that has been redeveloped into luxury apartments and condominiums as well as mix of sophisticated and eclectic commercial uses.
With its location in the midst of the Historic Third Ward, the site offers unmatched walkability and access to high end amenities including some of Milwaukee’s best restaurants, high end and boutique retailers, and a plethora of arts and entertainment options. The Historic Third Ward is Milwaukee’s former warehouse district that has been redeveloped into luxury apartments and condominiums as well as mix of sophisticated and eclectic commercial uses.
Property Facts Under Contract
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
86,939 SF
Building Class
B
Year Built
1917
Percent Leased
24%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
28,980 SF
Building FAR
2.73
Lot Size
0.73 AC
Zoning
C9G
Parking
59 Spaces (0.68 Spaces per 1,000 SF Leased)
Amenities
- Skylights
- High Ceilings
- Natural Light
- Open-Plan
Property Taxes
| Parcel Number | 392-0985-000-5 | Improvements Assessment | $7,293,100 |
| Land Assessment | $1,106,900 | Total Assessment | $8,400,000 |
Property Taxes
Parcel Number
392-0985-000-5
Land Assessment
$1,106,900
Improvements Assessment
$7,293,100
Total Assessment
$8,400,000
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