6-Unit Remodeled Apartment
For Sale
$799,000
1144 North 33rd Street Unit 1150, Milwaukee, WI 53208
Updated multifamily property with varied bedroom layouts, modern kitchens, remodeled bathrooms, and basement laundry hookups.
Property Size6,376 SF
Price / SF$125.31
Days on Market114
Property Features for 1144 North 33rd Street Unit 1150
General Information
Standard status
Active
Size
6,376 SF
Property subtype
Multi-Family / Multi-Family
Amenities
Brick, Full, Yes
Wood, Brick
Building Details
Year Built
1908
Listing Agency:
RE/MAX Lakeside-South
(414) 241-4908
Listed By:
TKR Team* · License #82893-94
(414) 241-4908
Source:
Compass
Added: May 10
Changed: Aug 30
Last Checked: Aug 30 at 11:56AM
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 Lakeside-South
Investment Insights
Based on property information with market context.
This 6,376-square-foot apartment property, built in 1908, contains six units with a varied bedroom mix: three one-bedroom apartments, one two-bedroom apartment, one three-bedroom apartment, and one four-bedroom apartment. Interior improvements include modern kitchens with granite islands, remodeled bathrooms with granite tile and walk-in showers, and updated finishes throughout. The building is served by three boilers and includes basement laundry hookups.
Located at 1144 North 33rd Street, Unit 1150, in Milwaukee, Wisconsin, the property offers street parking. One apartment is leased through 10/16/2026, while the other units provide flexibility for tenant placement or market-rent leasing. The combination of unit diversity, substantial interior updates, and existing building infrastructure supports a range of multifamily ownership strategies.
Located at 1144 North 33rd Street, Unit 1150, in Milwaukee, Wisconsin, the property offers street parking. One apartment is leased through 10/16/2026, while the other units provide flexibility for tenant placement or market-rent leasing. The combination of unit diversity, substantial interior updates, and existing building infrastructure supports a range of multifamily ownership strategies.
Key Highlights
- Six‑unit apartment property totaling 6,376 square feet
- Unit mix includes three 1‑bedroom, one 2‑bedroom, one 3‑bedroom, and one 4‑bedroom apartment
- Updated kitchens feature granite islands and modern finishes
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
$59,386
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
7.43%
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%
$1,187,720
$1.2M
Cap Rate 7%
$848,371
$848.4K
Cap Rate 9%
$659,844
$659.8K
Market Conditions
NOI Build-Up for 6,376 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
$112.5K $17.64/SF
− Vacancy
−$4.5K −$0.71/SF
EGI
$108.0K $16.93/SF
− OpEx
−$48.6K −$7.62/SF
NOI
$59.4K $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%
$1,187,720
Cap Rate 7%
$848,371
Cap Rate 9%
$659,844
Alternative Uses
Best Use
Apartment 5plus
$848.4K
$742.3K – $989.8K
NOI $59,386 @ 7.0% cap · market cap 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,255 @ 7.0% cap · market cap 13.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
949
Businesses Nearby
Explore this area
Business Placement
Demographics for 53208, WI
29,644
Population
13,778
Households
2.2
Avg Household Size
33
Median Age
31%
College-Educated
89%
High-School Grad
4.2 sq mi
ZIP Area
7,058
Density / Sq Mi
$50,585
Median Household Income
$40,729
Median Earnings
$924
Median Rent
$196,300
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 multifamily property with varied bedroom layouts, modern kitchens, remodeled bathrooms, and basement laundry hookups.
Where is this apartment building located?
The property is located at 1144 North 33rd Street Unit 1150 Milwaukee, WI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Six‑unit apartment property totaling 6,376 square feet; Unit mix includes three 1‑bedroom, one 2‑bedroom, one 3‑bedroom, and one 4‑bedroom apartment; Updated kitchens feature granite islands and modern finishes
