5+ Days Ago
Location
227 N Water St, Milwaukee, WI 53202, USA|Historic Third Ward
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Management
Willowbrook Court
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Property Overview
227 North Water Street is an impressive rental property with a Zumper expert rating of 7.4, highlighting its desirability for renters. It features a remarkable amenities rating of 8 and a location rating of 9, ensuring convenience with numerous local attractions, including restaurants and cultural venues. Additionally, the property is recognized for its quality, achieving a rating of 9, and displays trustworthiness with a score of 7, reflecting its transparent management and appealing value per square foot.
This summary uses Zumper’s proprietary data. “Zumper Expert Ratings,” “Things you’ll love,” and “Great for” are based on our internal analyses of market trends and renter insights.
Things you’ll love
More space- High school nearby
Great for
Social life
Floor plans
| Commercial Space #2 | Studio | 0 bath | 2,836 sqft | $3,134 /mo | |||
| Commercial Space #1 | Studio | 0 bath | 2,753 sqft | $3,600 /mo | |||
| One Bedroom One Bathroom | 1 bed | 1 bath | 1,018 sqft | $1,400 /mo | |||
| One Bedroom Plus Den with Two Bathroom | 1 bed | 2 bath | 1,081 sqft | $1,500 /mo | |||
| Two Bedroom Two Bathroom | 2 bed | 2 bath | 1,557 sqft | $2,100 /mo | |||
| Two Bedroom Plus Den Two Bathroom | 2 bed | 2 bath | 1,634 sqft | $2,200 /mo |
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Policies and fees
Applicants
Application Fee
One-time.
$20
REQUIRED FEES
Deposit
One-time. Refundable: 100%.
$1,400–$3,433
SITUATIONAL FEES
Questions about this property’s policies and fees?
Building details
Property details
| Units | 15 |
|---|
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About 227 North Water Street
227 North Water Street cost $1,400–$3,600 per month. Located at 227 N Water St, Milwaukee, WI 53202, USA, 227 North Water Street has studio — 2 bedroom units available. Based on the average rent price of 2 bedrooms in Milwaukee, renting an apartment at 227 North Water Street is 181% more expensive per month.Other apartment buildings in or around Milwaukee include but are not limited to: 159 N Jackson St, 4050 W Layton Ave
Zumper Expert Rating
Our expert rating is based on a weighted average score of property attributes that renters care about most: price, amenities, location, quality, and trust.
7.4
/10
Very Good227 North Water Street is worth considering and a notable rental in the neighborhood. Residents prioritizing Location will find this property to be a solid option for their next home. It may not stand out for Price, but it offers a satisfying, above-average quality of life.
Price·5A score that weighs the cost and location of the property, which we calculate by comparing rent prices of recent units to the median price of nearby rentals, adjusting for overall quality and features.
Monthly rent at 227 North Water Street is significantly more expensive than other properties in local neighborhoods. Because of the risk associated with the significant cost difference, this building received a 5/10. Some might think the increased cost is justified by the amenities, but it's worth taking a thorough look for yourself and deciding if any premium benefits are worth the extra expense.
Amenities·8A score based on the amenities offered at this property compared to other rentals in the area. We consider the quantity, quality, and popularity of features both on site and within the units.
With multiple in-demand amenities, 227 North Water Street is committed to enhancing the renting experience. And while it may have fewer total conveniences and features than similar rentals nearby, it remains a top choice for renters wanting an specific standard of living.
Location·9A score based on proximity and ease of access to shops, restaurants, schools, and public transportation while considering the desirability of the area.
227 North Water Street is exceptional when it comes to location and conveniences. Communication with management or leasing staff is usually quick and easy and they often use advanced scheduling and communication tools to streamline the process. The location of this property offers easy access to popular points of interest in the area and options for getting around.
Quality·9A score based on what makes the property stand out, such as luxury features, unique offerings, age of the building, and our ability to verify the accuracy of these details.
227 North Water Street has a few standout characteristics that set it apart from similar properties nearby. Having both verified status and features that cater to discerning renters, this is a great option for renters looking for a specific and exceptional lifestyle.
Trustworthiness·7A score based on the accuracy, completeness, recency, and usefulness of the information provided by this property, so you can trust that what you see is what you get.
227 North Water Street provides some information about the features available in the community and its apartments, making it a reliable option for prospective renters. Renters should ask additional questions about amenities and non-negotiable items they are looking for.
227 North Water Street is great for:
Property highlights
We compared every listing in the surrounding area to determine which amenities are most common. If a building lacks an amenity that most others in the area have, it is a con. If a building has an amenity most others in the area do not, it is a pro. Similarly, price, schools, and size are calculated relative to the size, price, and distance to schools of the other properties nearby.How 227 North Water Street compares to other nearby properties.
Positives
- More space
- Studio is 2794 sqft larger than other listings nearby
- More space
- The 2-bedroom is 554 sqft larger than other listings nearby
- More space
- The 1-bedroom is 524 sqft larger than other listings nearby
- High school nearby
- There is a high school 0.2 mile away
Considerations
- Greater distance from grade schools
- The nearest elementary school is farther than 1 mile away
- Greater distance from middle schools
- The nearest middle school is farther than 1 mile away
- Priced higher than average
- 2-bedrooms are $250 more than the median rent in this area
- Priced higher than average
- 1-bedrooms are $250 more than the median rent in this area
- Lacks images
- Fewer than 10 photos available for this location
- No in-unit dishwasher
- Dishwashers aren't available
- No laundry facilities available
- This property doesn't offer on-site or in-unit washers and dryers
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Rent trends in Historic Third Ward
Studio apartments at 227 North Water Street cost about 149% more than the average rent price for studios in Historic Third Ward.
1-bedroom apartments here are priced 16% lower than 1-bedrooms in Historic Third Ward.
If you decide to upgrade your space, you can expect 2-bedrooms at 227 North Water Street to be 25% less than the average for similarly sized apartments in Historic Third Ward.
Median rents as of Mar 14 2026.
Historic Third Ward
Milwaukee
| Month | Median Rent |
|---|---|
| March 2024 | $875 |
| April 2024 | $872 |
| May 2024 | $847 |
| June 2024 | $849 |
| July 2024 | $818 |
| August 2024 | $825 |
| September 2024 | $834 |
| October 2024 | $890 |
| November 2024 | $1,110 |
| December 2024 | $1,072 |
| January 2025 | $911 |
| February 2025 | $855 |
| March 2025 | $846 |
| April 2025 | $846 |
| May 2025 | $887 |
| June 2025 | $864 |
| July 2025 | $874 |
| August 2025 | $895 |
| September 2025 | $898 |
| October 2025 | $912 |
| November 2025 | $942 |
| December 2025 | $961 |
| January 2026 | $902 |
| February 2026 | $909 |
| March 2026 | $895 |
| Month | Median Rent |
|---|---|
| March 2024 | $1,295 |
| April 2024 | $1,295 |
| June 2024 | $1,350 |
Affordability calculator
Can I afford to live at 227 N Water St?
Bedrooms
Rent-to-income ratio
30%
Slide to adjust the percentage of your monthly income you are willing to spend on rent.
The general rule of thumb is to spend around 30% or less of your income on rent.
Recommended income
$134,680/yr
With your selected rent-to-income ratio, you'd ideally want to make $134,680 annually to afford this studio median monthly rent price of $3,367.
For more information on rent affordability, visit our rent calculator.
Schools near 227 North Water Street
Cass Street Elementary School
1647 n cass st
milwaukee, WI, 53202
PK, K-8Public
C-
Milwaukee Academy of Chinese Language
2430 w wisconsin ave
milwaukee, WI, 53233
PK, K-8Public
C-
Acelero Learning - Penfield Children's Center
833 north 26th st
milwaukee, WI, 53233
PKPublic
Grant Gordon Learning Center
921 w meinecke ave
milwaukee, WI, 53206
PK, KPublic
B-
Acelero Learning - JO's Learning Academy
4801 west north ave
milwaukee, WI, 53208
PKPublic
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Internet available near 227 North Water Street
Getting around Milwaukee near 227 N Water St
Walking
8/10
No car? No problem. Everything you need is within a few blocks.
Driving
8/10
Commuting is easy with multiple accessible routes and plenty of parking.
Cycling
6/10
Peddling isn’t a problem with cyclist-friendly streets and bikeable destinations.
Transit
7/10
Popular public transit options are just a short walk from this location.
Points of interest for 227 N Water St, Milwaukee
Groceries
9/10
At least one grocery store within a few minutes' walk
Shopping
8/10
Variety of shops within a few minutes' walk
Cafes
6/10
Variety of cafés within walking distance
Restaurants
8/10
Variety of restaurants within a few minutes' walk
Primary schools
5/10
At least one elementary school within a 30-minute walk
High schools
6/10
At least one high school within a 30-minute walk
Parks
7/10
Moderate amount of park space nearby
Nightlife
10/10
Variety of bars right on the street
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