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 Market77
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
Site & Location
Neighborhood
Yankee Hill
Public Transit
Yes
Additional Details
Gross Income
$49,440
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
Listed By:
Anna Cihla · License #5965690
(608) 333-2827
Source:
Crexi
Added: Aug 19
Changed: Nov 3
Last Checked: Nov 3 at 5:52AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$30,781
Cap Rate
5.17%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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
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
