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Woodsview Apartments 5511 W National Ave 148 Unit Apartment Building For Sale Milwaukee, WI 53214
Investment Highlights
- Outstanding Optionality: Hotel-to-MF conversion potential (adds 30–40 units), whether market-rate, affordable or senior!
- Great Location: Across from VA Medical Center, near major employers, downtown and American Family Stadium.
- Untapped upside: Opportunity for programmatic renovations; +$127/unit rent lift projected
Executive Summary
Built in 1965, the three-story, elevatored building offers 148 apartment homes and a 62-room full-service hotel (currently Best Western Plus Milwaukee West), as well as a highly rated pizza pub and grill on the lower level with full commercial kitchen. The apartment homes have been updated over the years but never in a programmatic campaign. The hotel underwent a major PIP with over $2 million in capital improvements including room upgrades and major mechanical systems. Many of the hotel rooms already have kitchenettes (or are stubbed for gas) making a conversion to residential that much easier. The hotel, which is physically connected to the apartment homes, already features an attractive lobby, remodeled fitness center and even a large, indoor pool with whirlpool that could be utilized in the redevelopment. In addition, the apartments also have heated underground parking, another uncommon amenity for the area.
Property Facts Under Contract
| Sale Type | Investment | Building Size | 148,218 SF |
| No. Units | 148 | Average Occupancy | 99% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1966 |
| Apartment Style | Low-Rise | Parking Ratio | 0.19/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 2.74 AC |
| Sale Type | Investment |
| No. Units | 148 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.74 AC |
| Building Size | 148,218 SF |
| Average Occupancy | 99% |
| No. Stories | 3 |
| Year Built | 1966 |
| Parking Ratio | 0.19/1,000 SF |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Microwave
- Heating
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Vinyl Flooring
- Window Coverings
Site Amenities
- Controlled Access
- Fitness Center
- Laundry Facilities
- Property Manager on Site
- Spa
- Furnished Units Available
- Package Service
- Storage Space
- Elevator
- Maintenance on site
- Sundeck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 13 | - | 400 - 525 |
| 1+1 | 111 | - | 625 - 700 |
| 2+1 | 24 | - | 965 |
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Property Taxes
| Parcel Number | 436-1072-001 | Improvements Assessment | $9,156,600 |
| Land Assessment | $394,000 | Total Assessment | $9,550,600 |
Property Taxes
Parcel Number
436-1072-001
Land Assessment
$394,000
Improvements Assessment
$9,156,600
Total Assessment
$9,550,600
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Woodsview Apartments | 5511 W National Ave
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