Marquette Square Condominiums 920 Marquette Ave 11 Unit Apartment Building $4,000,000 ($363,636/Unit) 7.06% Cap Rate South Milwaukee, WI 53172

Marcus & Millichap is pleased to present Marquette Square located at 2315 10th Avenue in the City of South Milwaukee, Milwaukee County, Wisconsin. The property comprises a 0.57-acre corner parcel improved with a 3-story, mixed-use, commercial/condominium rental building. It was constructed in 2008. The first floor comprises six commercial suites with eight tenants, while the second and third floors contain 14 residential condominium rental units (three units are privately owned). The building has a brick and decorative concrete block exterior with stone and stuccolike accenting. It has a flat roof with 60 millimeter rubber membrane covering and 40 year warranty (per owner). The windows are vinyl-clad, double hung combination units.
Each commercial suite has its own gas-fired furnace and central air conditioner. Each condominium is heated and cooled with an individual NCP (Magic-Pak type) unit and also has its own electric water heater. An Otis elevator serves the condominium units. The residential condominium breakdown comprises (3) 1-bedroom/1-bath units, (4) 2-bedroom/2-bath units, and (4) 2-bedroom plus den/2-bath units. A refrigerator, stove, microwave, dishwasher, washer and dryer are provided to each unit. Some units features fireplaces and/or balconies. Residential tenants pay $26 per month for trash reimbursement. There is a sprinklered underground parking garage which provides 20 striped spaces.
Each 1-bedroom unit is entitled to one space, while each 2-bedroom and 3-bedroom unit
receives two spaces. The additional space is leased at $75 per month. With the exception of Unit 103, all commercial tenants pay their own utilities (including water and sewer) along with a monthly reimbursement fee (for all triple net charges).
Each residential tenant pays their own electric, gas (heat), and water/sewer expense.