Walker’s Point Carriage Factory Turned Coffee Hub Listed for $2.5 Million
Fully leased 524 S. 2nd St. offers rental income on prime southside street.
524 S. 2nd St. Photo by Jeramey Jannene.
A historic Walker’s Point building that has evolved from a carriage factory to a machine shop to a collection of restaurants and other businesses is for sale.
The four-story building at 524 S. 2nd St. is being offered for $2.5 million, nearly 30 times what its longtime owner paid for the property.
Dieter Wegner, who acquired the building in 1996 for $82,500, has listed the property with Alex Anderson of The Collaboration, a real estate brokerage affiliated with Compass.
The 14,828-square-foot building is fully leased, with Vendetta Coffee Bar occupying the first floor, Glassnote Candle Bar on the second floor and two apartments on the upper floors.
According to the listing, the four rental units collectively generate $192,000 in annual gross rent. The listing markets the property as an opportunity for an investor seeking an established income-producing building in the heart of Walker’s Point.
The property occupies a 6,970-square-foot lot on the east side of S. 2nd Street
It isn’t the only Walker’s Point property Wegner is attempting to sell.
Wegner’s holdings also include the building at 726-734 S. 6th St., which most recently housed the bar Promises. That building is also on the market, currently with an asking price of $775,000, a reduction from its original listing price.
From Carriages to Coffee
The S. 2nd Street building has a long history reflecting the transformation of Walker’s Point from an industrial neighborhood into one of Milwaukee’s most prominent dining and entertainment districts.
Constructed in 1897 for George Grady and Brothers Carriage, the building spent much of its existence housing industrial businesses.
Early occupants included Transpak and Automatic Screw Machine Products Co. From the 1950s through the 1970s, Milwaukee Tool & Machine Co. operated in the building. Despite its name, the company was distinct from the better-known Milwaukee Tool power tool manufacturer.
The building’s transition toward commercial and hospitality uses began during Wegner’s ownership.
In 1999, Adambomb Gallerie began operating on the first floor. Wild Grove Roastery & Coffee House followed in 2006, with Fuzion Cafe & Lounge arriving in 2008.
The next restaurant, INdustri Cafe, opened in January 2011. Operated by Robert Klemm and Chris Miller, it offered an upscale dining experience in a casual setting, drawing inspiration for its name from the building’s industrial history.
INdustri closed in 2014, making way for Spanish tapas restaurant Movida, which opened that August.
Movida became a fixture of Walker’s Point’s growing dining scene before relocating to Hotel Madrid, 600 S. 6th St., in 2020. The original space subsequently operated as the Carriage House, a private event venue.
Vendetta Coffee Bar opened in 2022, bringing an Italian-style cafe with espresso drinks, pastries and cocktails to the space. The business has a second location in Wauwatosa.
Photos
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