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    2820 W KILBOURN AVE Milwaukee, WI 53233

    Sponsored
    For Sale
    $1,900,000

    36-unit brick building, high NOI potential.

    Property size:
    23,535 SF

    Description

    Added:
    Jan 16, 2025
    Days on Market:
    356
    This exceptional investment opportunity presents a 36-unit multifamily property located at 2820 W Kilbourn Ave, Milwaukee, WI 53233. Priced at $1,900,000, this 23,535 square-foot brick building offers significant potential for value appreciation. Constructed in 1962, the property sits on a 0.54-acre lot and boasts a strong historical occupancy rate. The unit mix comprises thirty one-bedroom units (83.3% of the total) and six studio units (16.7%). Currently generating a net operating income (NOI) of $159,826, representing an 8.41% cap rate, projections indicate a substantial increase in NOI to $182,746. The current average rent per unit is $665, significantly below the market potential of $759, presenting a clear path to increased profitability through rental rate adjustments. This value-add opportunity allows for significant upside through improved revenue generation. The property's strong historical occupancy and favorable unit mix make it an attractive investment for experienced multifamily investors seeking immediate cash flow and long-term growth. This is a rare chance to acquire a well-located, established multifamily property in a growing Milwaukee market.

    Property Features for 2820 W KILBOURN AVE

    General Information

    Property type
    Multifamily properties
    Square Feet
    23,535 SF
    Price / Square Foot
    $80
    Elevators
    N/A
    Lot Size
    23,535 SF

    Building Details

    Year Built
    1962
    Buildings
    1
    Stories
    3

    HighLights

    • Prime Milwaukee location, 36‑unit brick building offering strong investment potential.
    • $1,900,000 asking price with a current 8.41% cap rate and substantial NOI.
    • 23,535 square foot building featuring a mix of one‑bedroom and studio units.
    Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.949753
    Latitude
    43.042024

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    FAQs

    What type of property is this?
    Multifamily property - 36-unit brick building, high NOI potential.
    Where is this multifamily property located?
    The property is located at 2820 W KILBOURN AVE Milwaukee, WI.
    What is the asking price?
    The asking price for this property is $1,900,000.
    What are key features of this property?
    This property features: Prime Milwaukee location, 36-unit brick building offering strong investment potential.; $1,900,000 asking price with a current 8.41% cap rate and substantial NOI.; 23,535 square foot building featuring a mix of one-bedroom and studio units.
    (773) 293-5067
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    2820 W KILBOURN AVE Milwaukee, WI 53233
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2820 W KILBOURN AVE Milwaukee, WI 53233
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