Concordia Palmtree Apartments | 2848 W Wisconsin Ave
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Concordia Palmtree Apartments 2848 W Wisconsin Ave
63 Unit Apartment Building $3,790,000 ($60,159/Unit) 8.41% Cap Rate Milwaukee, WI 53208
Investment Highlights
- Downtown Milwaukee location with several bus lines one block away.
Executive Summary
TWO BRICK BUILDINGS, total 63 Units in Downtown Milwaukee's Avenues West Neighborhood near Marquette University. Consists of 2 three-story buildings at the corner of 29th & Wisconsin. 60 of the units are one-bedroom, and 3 units are two-bedroom. FULLY OCCUPIED, and with a Resident Manager. This is a solid value-add opportunity because many rents are below market. Features 34 underground parking spaces that are under-utilized. Seller estimates 7.7 CAP today, but 9.6 CAP if owner keeps leasing new tenants at tested, successful higher market rent. 2 BUILDINGS: 2848 W Wisconsin, and 730 N 29th ST.
Showings by appointment only thru Lister 414-788-0449.
Showings by appointment only thru Lister 414-788-0449.
Financial Summary (Actual - 2023) 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 (Actual - 2023) 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 | $3,790,000 | Building Class | C |
| Price Per Unit | $60,159 | Lot Size | 0.50 AC |
| Sale Type | Investment | Building Size | 41,706 SF |
| Cap Rate | 8.41% | Average Occupancy | 100% |
| No. Units | 63 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 0.82/1,000 SF |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Price | $3,790,000 |
| Price Per Unit | $60,159 |
| Sale Type | Investment |
| Cap Rate | 8.41% |
| No. Units | 63 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.50 AC |
| Building Size | 41,706 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1962 |
| Parking Ratio | 0.82/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 60 | - | 700 - 750 |
| 2+1 | 3 | - | 700 - 800 |
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Walk Score ®
Very Walkable (77)
zoning
| Zoning Code | RM7 |
| RM7 |
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Concordia Palmtree Apartments | 2848 W Wisconsin Ave
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