Converted Church Multifamily
1235 Michigan Avenue South Milwaukee, WI 53172
1235 Michigan Avenue, South Milwaukee, WI, 53172
$349,900
For Sale
$349,900
4-unit multifamily building with two 2-bedroom and two 1-bedroom apartments, each with separately metered utilities.
Property Size2,790 SF
Price / SF$125.41
Days on Market104
Property Features for 1235 Michigan Avenue
General Information
- Standard status
- Active
- Size
- 2,790 SF
- Property subtype
- Multi-Family / Multi-Family
Building Details
- Year Built
- 1901
Listing agency
Shorewest Realtors, Inc.
(414) 801-2497
Listed by
Alexander J Paszkowski · License #71707-94
(414) 801-2497
Source
Compass
Added: Apr 10 Updated: Jul 20 at 6:32PM Checked: Jul 22 at 8:56AM
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 Shorewest Realtors, Inc.
Investment Insights
Based on property information with market context.
This former church has been converted into a 4-unit multifamily property featuring two 2-bedroom units and two 1-bedroom units. Each unit has separately metered utilities, supporting more direct utility management and expense control.
A side parking lot provides off-street parking for approximately 4–5 vehicles, and there is an on-site storage shed for additional convenience.
The property offers a unit mix designed for flexibility, combining larger and smaller apartment layouts within a single building.
A side parking lot provides off-street parking for approximately 4–5 vehicles, and there is an on-site storage shed for additional convenience.
The property offers a unit mix designed for flexibility, combining larger and smaller apartment layouts within a single building.
Key Highlights
- Former church converted to a 4‑unit multifamily building built in 1901
- Unit mix includes two 2‑bedroom units and two 1‑bedroom units
- Each unit has separately metered utilities
Local Financial Insights For Multifamily LT 5
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 | $45.2k | $16.20 |
| − Vacancy | −$2.5k | −$0.89 |
| EGI | $42.7k | $15.31 |
| − OpEx | −$12.8k | −$4.59 |
| NOI | $29.9k | $10.72 |
2,790 SF · lease $16.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$427.1K
$373.7K – $498.3K
NOI $29,898 @ 7.0% cap · market cap 8.54%
Second Best
Apartment 5plus
$381.5K
$333.9K – $445.1K
NOI $26,708 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$661.6K
$578.9K – $771.9K
NOI $46,313 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - 4-unit multifamily building with two 2-bedroom and two 1-bedroom apartments, each with separately metered utilities.
Where is this quadplex located?
The property is located at 1235 Michigan Avenue South Milwaukee, WI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Former church converted to a 4‑unit multifamily building built in 1901; Unit mix includes two 2‑bedroom units and two 1‑bedroom units; Each unit has separately metered utilities
