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1328 W Greenfield Ave 13 Unit Apartment Building $1,000,000 ($76,923/Unit) 6.56% Cap Rate Milwaukee, WI 53204
Investment Highlights
- Current rents renewed at $1,100/mon - still below the in-place market high of $1,250/mon
- Strong electrical: 400A to the building, 100A per unit
- Current cap rate: 4.57% (reflective of 3 vacant units) | Broker proforma cap rate: 9.25%
- Tenants pay their own electric and heat
- Private parking · Approximately 23 spaces
Executive Summary
Kiser Group is pleased to present 1328 W Greenfield Ave is a 13-unit, all 3-bedroom multifamily opportunity located in the Walker's Point neighborhood in Milwaukee's south side, offered at $1,000,000. The property presents a value-add opportunity for a new owner. The current NOI of $45,651 and 4.57% cap rate are reflective of 3 vacant units. Once stabilized, the asset is underwritten to a proforma cap rate of 9.25% on NOI of $92,463. Prior to a recent renewal, long-term leases were at $900/month; ownership has since renewed tenants at $1,100/month, which remains below the in-place market high of $1,250/month. Ownership has converted the building from a central boiler system to
individual furnaces per unit, and electrical service has been upgraded to 400 amps to the building and 100 amps per unit.
individual furnaces per unit, and electrical service has been upgraded to 400 amps to the building and 100 amps per unit.
Property Facts
| Price | $1,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $76,923 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 6.56% | Building Size | 16,237 SF |
| No. Units | 13 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | Parking Ratio | 0.8/1,000 SF |
| Zoning | RM4 | ||
| Price | $1,000,000 |
| Price Per Unit | $76,923 |
| Sale Type | Investment |
| Cap Rate | 6.56% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 16,237 SF |
| No. Stories | 2 |
| Year Built | 1900 |
| Parking Ratio | 0.8/1,000 SF |
| Zoning | RM4 |
Amenities
Site Amenities
- Laundry Facilities
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Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 433-1110-000-X | Improvements Assessment | $904,400 |
| Land Assessment | $13,000 | Total Assessment | $917,400 |
Property Taxes
Parcel Number
433-1110-000-X
Land Assessment
$13,000
Improvements Assessment
$904,400
Total Assessment
$917,400
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1328 W Greenfield Ave