Remodeled Eight-Unit Apartment
For Sale
$1,300,000
1027 East Center Street, Milwaukee, WI 53212
Updated unit mix includes one- and two-bedroom apartments in Milwaukee’s Riverwest area.
Property Size6,768 SF
Price / SF$192.08
Days on Market162
Property Features for 1027 East Center Street
General Information
Standard status
Active
Size
6,768 SF
Property subtype
Multi-Family / Multi-Family
Net Operating Income
$96,646
Units
Unit Mix
6 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
8
Additional Details
Road Access
Yes
Amenities
Crawl Space, Yes
Brick
Building Details
Year Built
1928
Buildings
1
Listing Agency:
RE/MAX Service First
(262) 384-4552
Listed By:
Segal Goldman Realty Group* · License #76545-94
(262) 384-4552
Source:
Compass
Added: Mar 24
Changed: Aug 31
Last Checked: Aug 30 at 5:19AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Service First
Investment Insights
Based on property information with market context.
Built in 1928, this 6,768-square-foot brick apartment property contains eight units: six two-bedroom, one-bath apartments and two one-bedroom, one-bath apartments. Six of the two-bedroom residences have received extensive renovations, with five featuring full interior remodels and two incorporating additional space taken from rear hallways. Both one-bedroom units have also been modernized. The building includes a crawl space.
The property occupies the southwest corner of East Center Street and Humboldt Avenue at 1027 East Center Street in Milwaukee’s Riverwest area. Its established neighborhood setting and existing apartment configuration provide a clearly defined multifamily asset with a varied unit mix.
The property occupies the southwest corner of East Center Street and Humboldt Avenue at 1027 East Center Street in Milwaukee’s Riverwest area. Its established neighborhood setting and existing apartment configuration provide a clearly defined multifamily asset with a varied unit mix.
Key Highlights
- Eight‑unit apartment building with six 2BR/1BA units and two 1BR/1BA units
- 6,768 SF brick building constructed in 1928
- Five of six 2BR apartments have been fully gutted and remodeled
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$63,037
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,260,740
$1.3M
Cap Rate 7%
$900,529
$900.5K
Cap Rate 9%
$700,411
$700.4K
Market Conditions
NOI Build-Up for 6,768 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$119.4K $17.64/SF
− Vacancy
−$4.8K −$0.71/SF
EGI
$114.6K $16.93/SF
− OpEx
−$51.6K −$7.62/SF
NOI
$63.0K $9.31/SF
Area
Milwaukee, WI
Vacancy
4.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,260,740
Cap Rate 7%
$900,529
Cap Rate 9%
$700,411
Alternative Uses
Best Use
Apartment 5plus
$900.5K
$788.0K – $1.05M
NOI $63,037 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.42M – $1.90M
NOI $113,849 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
Explore this area
Business Placement
Demographics for 53212, WI
28,702
Population
15,749
Households
1.8
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
7,000
Density / Sq Mi
$42,679
Median Household Income
$36,578
Median Earnings
$1,038
Median Rent
$204,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated unit mix includes one- and two-bedroom apartments in Milwaukee’s Riverwest area.
Where is this apartment building located?
The property is located at 1027 East Center Street Milwaukee, WI.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Eight‑unit apartment building with six 2BR/1BA units and two 1BR/1BA units; 6,768 SF brick building constructed in 1928; Five of six 2BR apartments have been fully gutted and remodeled
