Three-Unit
New
For Sale
$399,000
1212 The Strand, Waukesha, WI 53186
Two-bedroom and three-bedroom apartments are occupied by tenants, with shared rear parking and a full basement.
Property Size2,628 SF
Lot Size0.27 Acres
Price / SF$151.83
Days on Market4
Property Features for 1212 The Strand
General Information
Standard status
Active
Size
2,628 SF
Lot size
0.27 Acres
Property subtype
Multi Family Home
Zoning
B1
Occupancy
100%
Units
Unit Mix
1 x 3BR, 2 x 2BR
Multifamily Units
3
Additional Details
Gross Income
$34,500
Highway Access
Yes
Tenant in Place
Yes
Amenities
walk-in showers
radon mitigation system
full basement
spacious back yard
mature trees
Building Details
Building Size
2,628 SF
Year Built
1920
Listing Agency:
Shorewest Realtors, Inc.
(262) 567-8351
Listed By:
Suzanne Osum · License #3733294
(414) 915-8908
Source:
Howardandwilliams
Added: Oct 26
Changed: Oct 27
Last Checked: Oct 27 at 4:13AM
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 Shorewest Realtors, Inc.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1920 triplex contains three apartments: one with three bedrooms and two with two bedrooms each. All are rented, and each has a walk-in shower; the upper apartment includes a larger, updated shower with paneled walls. The 2,628-square-foot building has vinyl siding and windows, a radon mitigation system, and a full basement for storage and utilities. A Rheem water heater was manufactured in 2022.
The property sits on a 0.27-acre lot with mature trees and a backyard. Off-street parking is located at the rear. Downtown Waukesha, shops, restaurants, parks, Fox River Parkway, and freeway access are nearby.
The property sits on a 0.27-acre lot with mature trees and a backyard. Off-street parking is located at the rear. Downtown Waukesha, shops, restaurants, parks, Fox River Parkway, and freeway access are nearby.
Key Highlights
- Three apartments: one three‑bedroom unit and two two‑bedroom units
- All three units are currently rented
- 2,628‑square‑foot building on a 0.27‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,147
Cap Rate
7.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$602,940
$602.9K
Cap Rate 7%
$430,671
$430.7K
Cap Rate 9%
$334,967
$335.0K
Market Conditions
NOI Build-Up for 2,628 SF
Gross rent
$45.1K $17.16/SF
− Vacancy
−$2.0K −$0.77/SF
EGI
$43.1K $16.39/SF
− OpEx
−$12.9K −$4.92/SF
NOI
$30.1K $11.47/SF
Area
Waukesha County, WI
Vacancy
4.50%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$602,940
Cap Rate 7%
$430,671
Cap Rate 9%
$334,967
Alternative Uses
Best Use
Multifamily LT 5
$430.7K
$376.8K – $502.5K
NOI $30,147 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$398.8K
$348.9K – $465.3K
NOI $27,915 @ 7.0% cap · market cap 7.00%
Theoretical Best
Flex RnD
$1.34M
$1.17M – $1.56M
NOI $93,888 @ 7.0% cap · market cap 23.53%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 53186, WI
32,332
Population
15,066
Households
2.1
Avg Household Size
38
Median Age
39%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
2,566
Density / Sq Mi
$74,596
Median Household Income
$42,007
Median Earnings
$1,180
Median Rent
$277,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Two-bedroom and three-bedroom apartments are occupied by tenants, with shared rear parking and a full basement.
Where is this triplex located?
The property is located at 1212 The Strand Waukesha, WI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Three apartments: one three‑bedroom unit and two two‑bedroom units; All three units are currently rented; 2,628‑square‑foot building on a 0.27‑acre lot
