Cream City Brick
For Sale
Contact for pricing
1038 North Astor Street, Milwaukee, WI 53202
Fully leased three-unit property with in-unit laundry, remodeled apartments, and a fenced backyard.
Property Size3,060 SF
Price / SF$194.44
Days on Market12
Property Features for 1038 North Astor Street
General Information
Standard status
Active
Size
3,060 SF
Property subtype
Retail
Zoning
C9A
Occupancy
100%
Net Operating Income
$22,995
Additional Details
Gross Income
$49,440
Public Transit
Yes
Multifamily Units
3
Amenities
in-unit laundry
fenced backyard
Building Details
Year Built
1880
Buildings
1
Units
3
Tenancy
Multi
Construction
cream city brick
Listing Agency:
SNSHN Realty LLC
(608) 333-2827
Listed By:
Anna Cihla · License #5965690
Source:
Crexi
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 28 at 8:02PM
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 SNSHN Realty LLC
Investment Insights
Based on property information with market context.
This three-unit residential income property contains 3,060 square feet and dates to 1880. The building features cream city brick, high ceilings, large windows, hardwood floors, and separate in-unit laundry for each apartment. The front lower residence was remodeled in 2021, while the rear lower residence received remodeling in 2022. A fenced backyard adds outdoor space, and the property is zoned C9A.
The apartments are leased through 2027, with tenants responsible for all utilities. The property is situated in Milwaukee's Lower East Side near Brady Street, The Hop, Lake Michigan, restaurants, and entertainment.
The apartments are leased through 2027, with tenants responsible for all utilities. The property is situated in Milwaukee's Lower East Side near Brady Street, The Hop, Lake Michigan, restaurants, and entertainment.
Key Highlights
- Three‑unit building with 3,060 SF, constructed in 1880
- Leased through 2027 with tenants responsible for all utilities
- Front lower unit remodeled in 2021; rear lower unit remodeled in 2022
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
$30,781
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
5.17%
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%
$615,620
$615.6K
Cap Rate 7%
$439,729
$439.7K
Cap Rate 9%
$342,011
$342.0K
Market Conditions
NOI Build-Up for 3,060 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
$45.9K $15.00/SF
− Vacancy
−$1.9K −$0.63/SF
EGI
$44.0K $14.37/SF
− OpEx
−$13.2K −$4.31/SF
NOI
$30.8K $10.06/SF
Area
Milwaukee, WI
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$615,620
Cap Rate 7%
$439,729
Cap Rate 9%
$342,011
Alternative Uses
Best Use
Multifamily LT 5
$439.7K
$384.8K – $513.0K
NOI $30,781 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$407.2K
$356.3K – $475.0K
NOI $28,501 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$735.3K
$643.4K – $857.9K
NOI $51,474 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,517
Businesses Nearby
Explore this area
Business Placement
Demographics for 53202, WI
27,897
Population
18,629
Households
1.5
Avg Household Size
31
Median Age
66%
College-Educated
98%
High-School Grad
2.1 sq mi
ZIP Area
13,284
Density / Sq Mi
$68,482
Median Household Income
$52,339
Median Earnings
$1,234
Median Rent
$298,000
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?
Triplex - Fully leased three-unit property with in-unit laundry, remodeled apartments, and a fenced backyard.
Where is this triplex located?
The property is located at 1038 North Astor Street Milwaukee, WI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Three‑unit building with 3,060 SF, constructed in 1880; Leased through 2027 with tenants responsible for all utilities; Front lower unit remodeled in 2021; rear lower unit remodeled in 2022
