Sold: 10 Story Office Tower in Downtown Milwaukee

Update:  This property is SOLD.

Beau Beach, MBA CCIM presents:

This is the perfect value-add investment opportunity for a savvy business owner or investor.  The two likely scenarios are:

Scenario #1:  Owner-Occupant

Why pay rent when you can own for less?

3,125 SF – 5,875 SF available for your business.  Update your suite of choice to your unique tastes, move your business in and let the other tenants pay the bills each month.  And nothing says you’ve “made it” quite like your company’s name atop your own office tower!

STOP PAYING RENT AND ENJOY THE ADVANTAGES OF OWNERSHIP

When you own commercial real estate you own a tangible asset that builds wealth. In most instances owning requires less monthly cash flow than leasing a comparable space. Experts agree, owning your own building makes sense and can be the best financial decision of your professional life. It will increase the long-term value of your business and provide you with many tax advantages over leasing.

The 6th Floor (3,125 SF) is move-in ready and the most likely location for your business.  If you prefer a larger space or a street level space, the first two floors could be combined to form a stacked, 5,875 SF suite.

GREAT SPACE IN A TIGHT MARKET

This is a rare market priced opportunity to own your own office building. With a scarcity of office properties for sale in the area, this opportunity won’t last long.  It’s the perfect size for a growing business or a satellite location.

Scenario #2:  Redevelopment

C9F(B) zoning permits retail, office, hotel and multifamily uses.  Perhaps a mixed-use renovation is the highest and best use.

Floors 1-2 could be combined, by interior staircase, which would result in an incredible stacked street level retail space.  Floors 3-4 could continue to be used for office space.  Floors 5-10 could be converted to apartments or hotel rooms.

The property does not qualify for historic designation or historic tax credits.

INCREDIBLE SELLER FINANCING

Skip the headaches that traditional lenders cause…Seller will finance with 20% down at 6% interest only!  Easy!

MORE ABOUT THIS EXCEPTIONAL OPPORTUNITY

$1M in recent building upgrades include common areas, façade, windows and HVAC.

Located in the most desirable area of downtown Milwaukee!  Less than a block from the famous Milwaukee Streetcar.  Immediately South of the BMO Harris development block which includes a new $137M 25-story tower and a $90M overhaul of a 20-story office tower into a mixed-use development.  Kitty-corner from the $70M Milwaukee Athletic Club redevelopment which will include new apartments on floors 8-12.

Built in 1892 to be home to the Sentinel Newspaper.

Attached parking structure with 427 spaces offering competitive hourly and monthly rates.  Parking is extremely convenient because the parking structure stairwell exits immediately next to the building entrance.

Surrounded by the retail, restaurants, hotel rooms and night life for which downtown Milwaukee is known.

Convenient rectangular +/- 3,100 SF floor plates with two elevators.  3,920 SF lot.  Fire sprinklers.  Current occupancy = 59%.

Easy to self manage.  Existing independent maintenance person will remain available for an affordable hourly rate.

Dry lower level for storage, janitorial, mechanicals and waste removal.  No evidence of settling.

We’ll prepare your offer and pay $500 of your legal fees.

Financial Snapshot available by request for serious buyers only.

LOCATION DESCRIPTION:

Milwaukee is the largest city in the state of Wisconsin and the fifth-largest city in the Midwest.  The seat of the eponymous county, it is on Lake Michigan’s western shore. Ranked by its estimated 2018 population, Milwaukee was the 31st largest city in the United States.  The city’s estimated population in 2018 was 594,511.

Milwaukee is the main cultural and economic center of the Milwaukee metropolitan area which had a population of 2,043,904 in the 2014 census estimate. It’s the third-most densely populated metropolitan area in The Midwest, surpassed only by Chicago and Detroit, respectively.

Milwaukee is considered a Gamma global city as categorized by the Globalization and World Cities Research Network with a regional GDP of over $105 billion.

Beginning in the early 21st century, the city has been undergoing its largest construction boom since the 1960s.  Major new additions to the city in the past two decades include the Milwaukee Riverwalk, the Wisconsin Center, Miller Park, The Hop streetcar system, an expansion to the Milwaukee Art Museum, Milwaukee Repertory Theater, and Pier Wisconsin, as well as major renovations to the UW–Milwaukee Panther Arena. The Fiserv Forum opened in late 2018 and hosts sporting events and concerts. Summerfest, the largest music festival in the world, is also a large economic engine and cultural attraction for the city. In 2018, Milwaukee was named “The Coolest City in the Midwest” by Vogue.

Milwaukee is the home to the international headquarters of six Fortune 500 companies: Johnson Controls, Northwestern Mutual, Manpower, Rockwell Automation, Harley-Davidson and Joy Global.

Other companies based in Milwaukee include Briggs & Stratton, Alliance Federated Energy, Hal Leonard, Wisconsin Energy, the American Society for Quality, A. O. Smith, Rexnord, Master Lock, American Signal Corporation, GE Healthcare Diagnostic Imaging and Clinical Systems and MGIC Investments.

The Milwaukee metropolitan area ranks fifth in the United States in terms of the number of Fortune 500 company headquarters as a share of the population. Milwaukee also has a large number of financial service firms, particularly those specializing in mutual funds and transaction processing systems, and a number of publishing and printing companies.

Service and managerial jobs are the fastest-growing segments of the Milwaukee economy, and health care alone makes up 27% the jobs in the city.