Renovated Apartment
For Sale
$4,597,000
1855 N Cambridge Ave, Milwaukee, WI 53202
Renovated multifamily property with 30 one-bedroom units and covered parking.
Property Size17,520 SF
Price / SF$255.39
Days on Market153
Property Features for 1855 N Cambridge Ave
General Information
Standard status
Active
Size
17,520 SF
Total Parking Spaces
18
Property subtype
Multifamily
Occupancy
95%
Additional Details
Cap Rate
5.75%
Multifamily Units
30
Amenities
pet friendly
laundry room
Extensively Renovated and Fully Occupied 30-Unit Multifamily Asset Near Downtown Milwaukee and Lake Michigan
Assumable 4.17 Percent Mortgage with Maturity in December 2031
Significant Capital Improvements Including Lobby, Elevator, and Garage Upgrades
Building Details
Building Size
17,520 SF
Year Renovated
2005
Units
30
Tenancy
Multi
Listed By:
Patrick Suffield · License #License(s): IL: 475.179485, MI: 6501424960, WI: 98170-94
(312) 327-5419
Source:
Marcusmillichap
Added: Apr 7
Changed: Sep 3
Last Checked: Sep 5 at 4:04AM
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 Patrick Suffield
Investment Insights
Based on property information with market context.
Cambridge Place Apartments is a renovated apartment building featuring 30 one-bedroom apartments. Each unit measures 600 square feet. The property also includes 18 covered parking spaces. Recent improvements under current ownership include a complete lobby and laundry room renovation, tuckpointing, a new retaining wall in the garage, a new elevator motor, and a new garage door. Most units have also received updated appliances.
The property is positioned near downtown Milwaukee and Lake Michigan, with nearby access to Columbia St. Mary’s Hospital, the Milwaukee Art Museum, Veterans Park, and the Milwaukee Yacht Club. The area also includes parks and walking trails.
The building is pet friendly and is supported by essential day-to-day services and lifestyle amenities in the surrounding area. An assumable mortgage is available at a 4.17% interest rate, with the loan not maturing until December 2031.
The property is positioned near downtown Milwaukee and Lake Michigan, with nearby access to Columbia St. Mary’s Hospital, the Milwaukee Art Museum, Veterans Park, and the Milwaukee Yacht Club. The area also includes parks and walking trails.
The building is pet friendly and is supported by essential day-to-day services and lifestyle amenities in the surrounding area. An assumable mortgage is available at a 4.17% interest rate, with the loan not maturing until December 2031.
Key Highlights
- Cambridge Place Apartments at 1855 N Cambridge, Milwaukee: 30 one‑bedroom apartments
- Units measure about 600 SF each and the property includes 18 covered parking spaces
- Renovated in 2005, with recent upgrades including lobby and laundry room renovation
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
$167,651
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
3.65%
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%
$3,353,020
$3.4M
Cap Rate 7%
$2,395,014
$2.4M
Cap Rate 9%
$1,862,789
$1.9M
Market Conditions
NOI Build-Up for 18,000 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
$317.5K $17.64/SF
− Vacancy
−$12.7K −$0.71/SF
EGI
$304.8K $16.93/SF
− OpEx
−$137.2K −$7.62/SF
NOI
$167.7K $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%
$3,353,020
Cap Rate 7%
$2,395,014
Cap Rate 9%
$1,862,789
Alternative Uses
Best Use
Apartment 5plus
$2.40M
$2.10M – $2.79M
NOI $167,651 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.33M
$3.78M – $5.05M
NOI $302,789 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,106
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with 30 one-bedroom units and covered parking.
Where is this apartment building located?
The property is located at 1855 N Cambridge Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $4,597,000.
What are key features of this property?
This property features: Cambridge Place Apartments at 1855 N Cambridge, Milwaukee: 30 one‑bedroom apartments; Units measure about 600 SF each and the property includes 18 covered parking spaces; Renovated in 2005, with recent upgrades including lobby and laundry room renovation
