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The Bridgewater Building 518-522 N Water St 10 Unit Apartment Building $2,200,000 ($220,000/Unit) 6.07% Cap Rate Milwaukee, WI 53202
Executive Summary
The Bridgewater Building is a fully occupied, income-producing mixed-use asset in the heart of downtown Milwaukee’s most active urban corridor — National Register of Historic Places, built 1890, Walk Score 97. With 7 residential units and 4,912 SF of street-level commercial anchored by two tenants with one additional commercial unit currently vacant, the property offers an investor a rare combination of immediate yield and meaningful upside: residential rents average $253 below market on a comp set that supports $1,700/month one-bedrooms, and the single Airbnb-operated two-bedroom can be converted to a long-term lease or retained for premium short-term yield. Hines’ 333 North Water — a 333-unit luxury tower delivered two blocks away in 2024 — validates the submarket.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,200,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $220,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 6.07% | Building Size | 7,000 SF |
| No. Units | 10 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1980 |
| Property Subtype | Apartment | ||
| Zoning | C9F(A) | ||
| Price | $2,200,000 |
| Price Per Unit | $220,000 |
| Sale Type | Investment |
| Cap Rate | 6.07% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 7,000 SF |
| No. Stories | 4 |
| Year Built | 1980 |
| Zoning | C9F(A) |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Recycling
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Very walkable
80/100
Very drivable
80/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 392-0660-200-0 | Improvements Assessment | $1,466,200 |
| Land Assessment | $288,000 | Total Assessment | $1,754,200 |
Property Taxes
Parcel Number
392-0660-200-0
Land Assessment
$288,000
Improvements Assessment
$1,466,200
Total Assessment
$1,754,200
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