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Hidden Lane Apartments 1153-1161 Hidden Ln 36 Unit Apartment Building $6,150,000 ($170,833/Unit) 5.79% Cap Rate New Richmond, WI 54017
INVESTMENT HIGHLIGHTS
- ALL TWO BEDROOM, ONE BATHROOM WITH DETACHED GARAGE
- MICROWAVE, DISHWASHER, AND WASHER & DRYERS IN ALL UNITS
- SITS ON A BEAUTIFUL 2.47 ACRES
- PATIOS AND BALCONIES
- NEWER PITCHED SHINGLED ROOFS NEW IN 2017
- NON-RENT CONTROLLED CITY / RENTS CAN BE PUSHED TO $1500+
EXECUTIVE SUMMARY
HIDDEN LANE APARTMENTS IS A TURN-KEY STABILIZED 36-UNIT ASSET IN THE GROWING WESTERN WISCONSIN COMMUNITY OF NEW RICHMOND! THREE IDENTICAL BUILDINGS ALL WITH TWELVE TWO-BEDROOM, ONE-BATHROOM UNITS EACH! SLAB ON GRADE CONSTRUCTION. EVERY UNIT INCLUDES A DISHWASHER, MICROWAVE, AND A WASHER & DRYER PACKAGE. UNITS EITHER HAVE A MAIN FLOOR PATIO OR A SECOND FLOOR BALCONY. BALCONIES ARE SUPPORTED BY SOLID STEEL BEAMS AND TRUSSES. ENTRYWAYS AND COMMON HALLWAYS WERE ALL JUST PAINTED IN THE FALL OF 2024. PITCHED SHINGLED ROOFS ON BOTH THE BUILDINGS AND GARAGES WERE REPLACED IN 2017. THERE ARE 34 DETACHED SINGLE CAR GARAGES AND A NEWER ASPHALT PARKING LOT. CURRENT IN PLACE AVERAGE RENTS ARE $1,212.08 AND CAN GET TO AT LEAST $1,350.00+ WITH MINIMAL UNIT UPDATING. PROPERTY IS 100% OCCUPIED, HAS ROOM FOR ORGANIC RENT GROWTH, NO CITY OR GOVERNMENT RENT CONTROL, AND BUILT IN 2004!
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $6,150,000 | Apartment Style | Garden |
| Price Per Unit | $170,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.47 AC |
| Cap Rate | 5.79% | Building Size | 37,880 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 11.92 | No. Stories | 2 |
| No. Units | 36 | Year Built | 2004 |
| Property Type | Multifamily | Parking Ratio | 1.85/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | Multi-Family - High Density Multi-Family Commercial | ||
| Price | $6,150,000 |
| Price Per Unit | $170,833 |
| Sale Type | Investment |
| Cap Rate | 5.79% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 11.92 |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.47 AC |
| Building Size | 37,880 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2004 |
| Parking Ratio | 1.85/1,000 SF |
| Zoning | Multi-Family - High Density Multi-Family Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Deck
- Island Kitchen
- Patio
- Vinyl Flooring
- Window Coverings
SITE AMENITIES
- Security System
- Smoke Free
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 36 | $1,390 | 980 |
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Hidden Lane Apartments | 1153-1161 Hidden Ln
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