Five-Unit Apartment
1028 Banks Ave Superior, WI 54880
For Sale
$329,000
MULTI_FAMILY - Superior, WI
Property Size2,260 SF
Lot Size0.09 Acres
Price / SF$145.58
Days on Market30
Property Features for 1028 Banks Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
5
Rooms
Bedroom 3, Bathroom 4, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Basement, Bathroom 2
Basement
Concrete
Standard status
Active
APN
06-806-00223-00
Size
2,260 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3511
Utilities
Heating system
Natural Gas, Hot Water(Heating)
Building Details
Year built
1914
Floors in Building
2
Number of units
5
Listing Agency:
RE/MAX Results
(952) 829-2900
Listed By:
Megan Wilson · License #75787-94
(952) 829-2900
Added: Jul 1
Changed: Jul 11
Last Checked: Jul 30 at 2:06AM
MLS# 6126043
Copyright © 2026 Lake Superior Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully leased five-unit apartment building consists of three 1-bedroom units and two studio apartments. The property includes a full poured-concrete basement and has been described as solid and well maintained. Several units have been updated, and additional improvements may be possible as remaining units turn over.
The building is located on the corner of Banks Avenue and N 11th Street in Superior, Wisconsin. The seller reports a strong rental history, and the property’s existing systems include a Weil-McLain boiler with upgraded heating components. A new roof has also been recently installed.
From an operating standpoint, the current rent roll is reported at approximately $3,935 per month, with average monthly expenses of about $960, covering utilities, taxes, and insurance. For buyers seeking a straightforward multifamily asset, the mix of unit types may appeal to tenants looking for either 1-bedroom or studio layouts, while the combination of concrete basement space and recent roof and heating work supports continued day-to-day functionality.
The building is located on the corner of Banks Avenue and N 11th Street in Superior, Wisconsin. The seller reports a strong rental history, and the property’s existing systems include a Weil-McLain boiler with upgraded heating components. A new roof has also been recently installed.
From an operating standpoint, the current rent roll is reported at approximately $3,935 per month, with average monthly expenses of about $960, covering utilities, taxes, and insurance. For buyers seeking a straightforward multifamily asset, the mix of unit types may appeal to tenants looking for either 1-bedroom or studio layouts, while the combination of concrete basement space and recent roof and heating work supports continued day-to-day functionality.
Key Highlights
- Fully leased 5‑plex in Superior, with three 1‑bedroom units and two studio apartments
- Corner location on Banks Avenue and N 11th Street
- Full poured‑concrete basement, with natural gas and hot water heating
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $31.7k | $14.04 |
| − Vacancy | −$1.6k | −$0.70 |
| EGI | $30.1k | $13.34 |
| − OpEx | −$13.6k | −$6.00 |
| NOI | $16.6k | $7.34 |
2,260 SF · lease $14.04/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$236.8K
$207.2K – $276.3K
NOI $16,579 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$712.6K
$623.5K – $831.3K
NOI $49,879 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased five-plex with updated apartments, poured-concrete basement, and recent roof and boiler upgrades.
Where is this apartment building located?
The property is located at 1028 Banks Ave Superior, WI.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Fully leased 5‑plex in Superior, with three 1‑bedroom units and two studio apartments; Corner location on Banks Avenue and N 11th Street; Full poured‑concrete basement, with natural gas and hot water heating
