Listed by Newmark - Milwaukee
$1,250,000
The Historic Poole Property
Details
Property Type Multifamily, Industrial
Sub Type Commercial, Flex
Square Footage 18,500
Units 5
Tenancy Vacant
Price per SqFt $68
Acreage 0.670
Zoning B-4 Central Business
Parking Spaces 52 spaces
Parking per 1,000 SqFt 2.81
Investment Type Value Add
Multifamily | 5 Units
Marketing description
The Historic Poole Property is a prominent mixed-use asset located in the civic and commercial core of Port Washington, a historic North Shore community known for its vibrant downtown district, preserved architecture, and highly desirable lakefront setting along Lake Michigan
Positioned at the highly visible corner of North Wisconsin Street and West Main Street, the property sits immediately adjacent to the Ozaukee County Administration Center, establishing the asset as a prominent focal point within the city’s downtown environment. This location benefits from consistent pedestrian and civic activity, as well as direct connectivity to the restaurants, boutique shops, marina, and waterfront amenities that define Port Washington’s thriving harbor district.
The property totals approximately 18,500 square feet across multiple structures and parcels, anchored by a ~16,500-square-foot primary building and an adjacent ~2,000-square-foot residential building. The residential component comprises five multifamily units that provide immediate in-place income with
meaningful rent growth potential.
Three units are currently leased at rents substantially below prevailing market levels, creating a clear mark to-market opportunity upon renewal. Two additional units within the main building are vacant and lease ready, allowing for immediate stabilization or repositioning to align with current rental demand
Beyond the residential units, a substantial portion of the building remains available for adaptive reuse. The property’s flexible interior configuration and prominent downtown location support a variety of commercial uses—including boutique retail, office, hospitality, and experiential concepts—allowing investors to curate a dynamic mixed-use environment aligned with the continued growth of downtown Port Washington
With B4 Central Business District zoning, convenient on-site parking, and a walkable downtown setting steps from the harbor and marina, the property offers investors the opportunity to reposition a historic asset in a highly desirable lakefront market within the Milwaukee Metropolitan Statistical Area.
It consists of 3 parcels, one is a parking lot, one is a house, one is a former funeral home with residential on the second floor
Investment highlights
- Irreplaceable Downtown Corner:
- Prominent location at North Wisconsin Street and West Main Street in historic downtown Port Washington
- Adjacent to the Ozaukee County Administration Center, generating consistent civic activity and visibility
- Rare Mixed-Use Landmark:
- 18,500 SF across multiple structures on ~0.67 acres
- Architecturally prominent building in one of downtown’s most recognizable locations
- Immediate Residential Upside:
- Five multifamily units providing in-place income
- Three units leased below market; two vacant and lease-ready
- Significant Adaptive Reuse Potential:
- Large interior areas available for retail, office, hospitality, or creative commercial uses
- Flexible layout supports a curated mixed-use repositioning strategy
- Rosenberg 1 Ton Hydraulic Freight Elevator that goes between the basement and 1st floor
- Flexible Zoning & On-Site Parking:
- B4 Central Business District zoning allows a broad mix of uses
- Dedicated on-site parking enhances usability for tenants and visitors
- Strong Lakefront Market Fundamentals:
- Located along the shoreline of Lake Michigan in a desirable North Shore community
- Approximately 26 miles north of Downtown Milwaukee within the Milwaukee Metropolitan Statistical Area
- Generational Repositioning Opportunity:
- Opportunity to reposition and activate a cornerstone property in historic downtown Port Washington with multiple paths to value creation.
- Building Size ±18,500 SF Residential area: ±7,100 SF (5 units) Commercial/Flex area: ±11,400 SF
- Parcel Size ±0.67 Acres 3 parcels combined
- Zoning B-4 Central Business
- Parking 47 surface stalls 5 garage spaces
- Phase 1 – Residential Stabilization
- Renovate and lease the vacant units
- Upgrade finishes to support market-rate positioning
- Implement professional property management
- Phase 2 – Commercial Activation
- Lease commercial suites to boutique services and destination operators
- Curate a merchandising plan aligned with downtown demand
- Phase 3 – Adaptive Reuse Enhancements
- Reconfigure interiors for optimal footprints and circulation
- Enhance storefronts and signage
- Upgrade building systems and aestheticswhere accretive
- Phase 4 – Long-Term Stabilization
- Achieve stabilized mixed-use occupancy and cash flow
- Capture appreciation from continued downtown growth
- Investment Thesis :
- Control a cornerstone mixed-use property in a supplyconstrained, high-demand lakefront downtown with multiple levers for value creation
- Prominent downtown corner location
- Five-unit residential income base with upside
- ±11,400 SF of adaptive reuse potential
- Flexible B4 – Central Business zoning
- Rare downtown parking capacity
- Strong tourism, residential, and regional demand drivers
Listing Contacts
Listed by Newmark - Milwaukee
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Zoning
B4 CommercialCore CommercialCentral Business District
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