This Multifamily Property is Off-Market.

4023-4209 50th St & 5020 40th Ave.
Kenosha, WI 53144 ·

56 Units · Multifamily For Sale

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Multifamily Property For Sale

Price N/A Cap Rate 7.78%
No. Units 56 Gross Rent Multiplier 3.96
Building Size 45,136 SF Occupancy 75%
Property Type Multifamily No. Stories 2
Property Sub-type Garden/Low-Rise Year Built 1976
Property Use Type Investment Lot Size 2.68 AC
Distressed Yes
Listing ID: 17904100 Date Created: 11/05/2012 Last Updated: 01/31/2013

Description

The property located at 4023-4209 50th Street & 5020 40th Avenue consists of seven brick buildings with two stories each and a total of 40 units. Located in Kenosha, WI (Kenosha County), the property was built in 1976 on a total of 2.68 acres. Kenosha is located approximately 35 miles south of Milwaukee and 55 miles north of Chicago.

Of the 56 units, 24 units are two-bed units with 1-bathroom and 32 units are two-bed with 1.5-bathrooms. Current rents are $625 & $650, respectively. One parking space is included in the rent. Rent also includes the gas heat, gas hot water, water and sewer. Tenants are responsible for their individual electric usage which includes the individual air conditioner. Occupied units include a range, refrigerator and the initial air conditioner unit. Should the a/c unit break, tenants must provide their own replacement. Vacant units have appliances ordered once leases are signed. The basements have storage units and laundry facilities; one pair per building that are leased.

This is a bank owned property with some deferred maintenance and upgrades needed. An additional 40 units are available less than half a mile away through the same bank

Kenosha is located approximately 35 miles south of Milwaukee and 55 miles north of Chicago.

Highlights

  • Bank Owned Property Priced Below Assessed Value
  • Range and Refrigerator Included in All Occupied Units
  • Laundry Facilities in Each Building (Leased) and Lot Parking (76 Spaces)
  • Value Add Opportunity After Upgrades - Two Units with Significant Upgrades Needed
  • Additional 40 Units Available Less than Half a Mile Away
  • Seven Buildings; Eight-Units in Each Building

Research

4023-4209 50th St & 5020 40th Ave., Kenosha, WI 53144 (Kenosha County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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