Milwaukee office, house, condominium, retail, warehouse 120,000 sq.ft., historic & new market tax credits Start Price USD 4,800,000.00 Current Price USD 4,800,000.00 Time Left 28 days 3 hours 36 minutes Bid Count 0 Buy It Now Price - Reserve Price - Start Time Thursday, September 18, 2008 End Time Wednesday, December 17, 2008 Location Milwaukee, Wisconsin See more about 'Milwaukee office, house, condominium, retail, warehouse' Description Located in the south part of downtown Milwaukee, Francis A. Walsh built this historic large cream city brick warehouse with wood floors in 1899.  He merged with the American Can Company in 1901.  The building was then used for storage and was purchased by John Deere for a show room and equipment warehouse.  The John Deere archives show this as their Building Number 1 according to their records.  This is the 2nd largest historic building in the district and is in great shape.  The six floors total 120,000 square feet, one of which is partially below grade.   The building is approximately 143 feet by 140 feet.  It is mostly large open spaces with only one brick firewall in the middle.  This wall divides each 20,000 square foot floor into two equal 10,000 square foot areas. There are arched openings in the wall that connect each side.    The floor to ceiling heights are: B - 11 feet 1 inch, 1st - 14 feet,  2nd - 11 feet 9 inches,  3rd - 11 feet 9 inches,  4th - 11 feet 7 inches,  5th - 14 feet 4 inches around by the outer wall sloping down to 11 feet 1 inch at the center drain.  The building has a complete fire sprinkler system with the three upper floors having a dry system.   The roof was insulated and replaced 12 years ago.    There are 2 large 6,000 pound freight elevators.  2007 taxes were $27,398,  gas and electric were $39,000,  gross rent is $210,000 with 35,000+ sq.ft. vacant.  Projected 2009 rent with existing tenants is $230.000 with 35,000+ vacant. Historic tax credits are available if desired, but a historic restoration is not required.   Federal Renewal Community and New Market tax credits are available (for more information, see http://www.mkedcd.org/projects/RC/index.html).   This includes a capital gains exclusion for properties held at least five years. Additional adjacent property is also available separately.  That is the 220,000 square foot Lindsay Building to the north.  The almost half acre parking lot across the street is also available separately.  Parking across the street is also available on a rental basis.  I have owned the Walsh Building since 1996 and have used it for a warehouse.    Serious buyers can contact me to schedule a tour.             THE NEIGHBORHOOD:  This building is ready for redevelopment as it is located in the hottest neighborhood in Milwaukee.  Formerly a commercial area, this neighborhood is quickly being redeveloped into an exciting place to live and work. This is a unique neighborhood where values are steadily increasing.  The Walsh Building neighbors new high priced condominiums,  new restaurants and new businesses.  This could be a mix of offices,  retail space, condominiums and/or apartments.  The building could also just remain a storage facility.   Historic tax credits are available if desired, but a historic restoration is not required.   Federal Renewal Community and New Market tax credits are available (see http://www.mkedcd.org/projects/RC/index.html for more information.)   This includes a capital gains exclusion for properties held at least five years.  Located 1000 feet to the east across the river is the new  $90,000,000  Harley - Davidson museum and office complex.  The first phase is a new recently completed museum complex and is expected to bring in 350,000 visitors per year,  The 20 acre site includes some nice green space and is a great addition to our growing neighborhood.   It can be seen at their website at http://www.h-dmuseum.com .  They have a live web cam that you can zoom onto building in the background. It is 1/3 of a mile away so it is not a great image http://www.h-dmuseum.oxblue.com/?locale=en_US&bmLocale=en_US.Located 125 feet to the east is a new 12 story building with 150 condos.  There are pre-sales of units approaching and exceeding  $1,500,000.00.  There is also office and retail on the 1st and 2nd floor. There are eight floors added to the original 1925 warehouse.  Parking was placed on parts of the first 5 levels of the old warehouse.   Although there have been construction delays, the project is now being completed and finished units are being sold.  Their website is http://www.firstplacemilwaukee.com/design.mhtml . There are numerous other new projects in the area.                                   Here is an overview of projects in the area.   Milwaukee Journal, June 2008, http://www.jsonline.com/story/index.aspx?id=758987.  Milwaukee Journal, May 2007,  Business Section Front Page: http://www.jsonline.com/story/index.aspx?id=607752 .It is an easy walk to the new Amtrak train station, the 75 acre Summerfest festival park along Lake Michigan, Grand Avenue Mall, major banks, new Milwaukee Public Market, the Historic Third Ward area and other downtown entertainment. Also, the newly completed Marquette freeway interchange with new entry and exit ramps now provides easy access to the area. This is a link to a bird's eye view of the buildings and neighborhood. http://maps.live.com/default.aspx?v=2&cp=r54nz97p6n5s&style=o&lvl=1&tilt=-90&dir=0&alt=-1000&scene=5431723&encType=1 .  There are new projects nearby that are not shown in this slightly out dated view.ZONING:  The current zoning allows for either commercial and/or residential uses.  From the city website:  INDUSTRIAL-MIXED (IM). This district is intended to provide for the orderly conversion of certain older industrial and warehousing areas with multi-story buildings to residential, commercial or office uses for which the buildings, at the present time, may be better suited. These areas have an urban character. Buildings were typically built without setbacks or yards and often with little or no off-street parking.The information contained herein is believed to be true, but no warranty is given.  All information contained herein is subject to change without notice.       Place a Bid!