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1503-1515 E Kane Pl
Milwaukee, WI 53202
Multifamily Property For Sale
·
40 Units
Investment Highlights
- Highly Desirable, Lower East Side Location
- Low Maintenance Exterior (Brick)
- 100% Leased
- Walking Distance to Downtown, The Lakefrong and Local Restaurant/Bars
- Rubber Membrane Roof Covering Replaced 3 Years Ago/Boiler Replaced 10 Years Ago
- Most Units Feature Hardwood Flooring
Executive Summary
Marcus and Millichap is pleased to present Kane Place Apartments at 1503-1515 E. Kane Place in the city of Milwaukee. The property comprises a 0.21-acre parcel improved with a 40-unit apartment building. It was constructed in 1896 and contains 17,510 square feet (per assessor's records). The building has a brick exterior, flat roof with rubber membrane covering (per owner), and double hung combination windows. There is a basement laundry room, which houses leased washers and leased dr yers. The fully leased apartment building comprises (30) thirty studio/efficiency units and (10) ten 1-bedroom units. The studio/efficiency units have a variety of layouts. A refrigerator and stove are provided to each unit. Most units feature hardwood flooring.
The rubber membrane roof covering was replaced 3 years ago (per owner). The boiler was replaced 10 years ago (per owner). One water heater was replaced 4-5 years ago. The electric ser vice has been updated.
Approximately half of the windows have been replaced with vinyl-clad, double hung, combination units.
Each tenant pays for their own electric and reimburses for water/sewer and trash removal. The owner is responsible for common area electric and gas (heat and hot water). There is street parking available.
The rubber membrane roof covering was replaced 3 years ago (per owner). The boiler was replaced 10 years ago (per owner). One water heater was replaced 4-5 years ago. The electric ser vice has been updated.
Approximately half of the windows have been replaced with vinyl-clad, double hung, combination units.
Each tenant pays for their own electric and reimburses for water/sewer and trash removal. The owner is responsible for common area electric and gas (heat and hot water). There is street parking available.
Property Facts
| Price Per Unit | $88,750 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.86% | Lot Size | 0.21 AC |
| Gross Rent Multiplier | 8.65 | Building Size | 25,000 SF |
| No. Units | 40 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1896 |
| Property Subtype | Apartment | ||
| Zoning | RM4 | ||
| Price Per Unit | $88,750 |
| Sale Type | Investment |
| Cap Rate | 6.86% |
| Gross Rent Multiplier | 8.65 |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 25,000 SF |
| No. Stories | 3 |
| Year Built | 1896 |
| Zoning | RM4 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Storage Space
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Carpet
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 30 | $781.00 | 375 |
| 1+1 | 10 | $984.50 | 450 |
Property Taxes
| Parcel Number | 355-0073-000-3 | Improvements Assessment | $2,080,145 |
| Land Assessment | $280,000 | Total Assessment | $2,360,145 |
Property Taxes
Parcel Number
355-0073-000-3
Land Assessment
$280,000
Improvements Assessment
$2,080,145
Total Assessment
$2,360,145
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