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    Wauwatosa Multifamily Property with Retail Title is generated by Realmo AI

    7416 Harwood Ave, Wauwatosa, WI 53213

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    For Sale
    $6,150,000

    48-unit multifamily property with three retail suites in Wauwatosa.

    Type:Multifamily
    Property size:
    23,351 SF
    Price / SF:
    $263/SF
    Added:
    Apr 3, 2026
    Days on Market:
    65
    Last Refresh:
    Apr 3 at 4:59 am

    Property Features for 7416 Harwood Ave

    General Information

    Standard status
    Active
    Size
    23,351 SF
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Matthew E. Whiteside

    Listing agent Matthew E. Whiteside License #License(s): WI: 56948-090

    Listing office Marcus & Millichap

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 Marcus & Millichap

    HighLights

    • Prime location in the Village of Wauwatosa, offering strong walkability, bike access, and proximity to local shops, dining, and entertainment.
    • Convenient access to major employers at the Milwaukee Regional Medical Center (MRMC), including Froedtert Hospital and the Medical College of Wisconsin.
    • Strong transportation links with easy access to I‑41 and I‑94, providing direct routes to downtown Milwaukee, northern Wisconsin, southern Wisconsin, and Chicago.
    • Diverse income streams from 48 apartment units and three ground‑level commercial suites, generating a total of $7,050 per month in commercial income.
    • On‑site amenities including laundry facilities, storage cages, and parking options (surface stalls and overflow agreement).
    • Mix of unit types (efficiency, studio, and one‑bedroom) with varying rental rates, offering diverse options for tenants.

    Overview

    Located in the Village of Wauwatosa, this property at 7416 Harwood Avenue features a 48-unit multifamily building with three retail suites. Originally built as the Underwood Hotel in 1930 and converted to apartments in 1953, the property offers a mix of residential and commercial spaces. The building includes 18,350 square feet of apartment space and approximately 5,001 square feet of commercial space, totaling 23,351 square feet. The unit mix comprises eight efficiency units (approximately 250 square feet), eleven studio units (approximately 300 square feet), and twenty-nine one-bedroom, one-bathroom units (approximately 450 square feet). Additionally, there are three ground-level commercial suites: Harwood Hair (approximately 2,500 square feet), Tranquil Escape Day Spa (approximately 1,000 square feet), and American Family Insurance (approximately 1,501 square feet). Residential units include a refrigerator and range, and approximately 22 units feature updated flooring and paint, with appliances replaced as needed. All residential utilities, including electricity, heat, water/sewer, and trash/recycling, are included in the rent. The landlord also covers electricity, heat, natural gas, water, and sewer for retail tenants. Amenities include on-site laundry (owned machines), storage cages available for $10 per month, and parking for $35 per month. The property features 29 surface parking stalls, and ownership maintains an overflow parking agreement with the Unity Center at 1717 N. 73rd Street.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wauwatosa
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -88.0055494
    Latitude
    43.0514635

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    FAQs

    What type of property is this?
    Apartment building - 48-unit multifamily property with three retail suites in Wauwatosa.
    Where is this apartment building located?
    The property is located at 7416 Harwood Ave Wauwatosa, WI.
    What is the asking price?
    The asking price for this property is $6,150,000.
    What are key features of this property?
    This property features: Prime location in the Village of Wauwatosa, offering strong walkability, bike access, and proximity to local shops, dining, and entertainment.; Convenient access to major employers at the Milwaukee Regional Medical Center (MRMC), including Froedtert Hospital and the Medical College of Wisconsin.; Strong transportation links with easy access to I‑41 and I‑94, providing direct routes to downtown Milwaukee, northern Wisconsin, southern Wisconsin, and Chicago.
    (262) 364-1930
    We can help!
    Listing Contact
    Matthew E. Whiteside
    Real Estate License ID: License(s): WI: 56948-090
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    7416 Harwood Ave, Wauwatosa, WI 53213
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