Brick Apartment Building with
1315 N Cass St Milwaukee, WI 53202
1315 N Cass St, Milwaukee, WI, 53202
$2,875,000
For Sale
$2,875,000
36-studio apartment building with city steam heat and in-building laundry, offering straightforward utility billing setup.
Property Size12,060 SF
Lot Size0.13 Acres
Price / SF$238.39
Days on Market49
Property Features for 1315 N Cass St
General Information
- Standard status
- Active
- Size
- 12,060 SF
- Lot size
- 0.13 Acres
- Property subtype
- Multifamily
Listing agency
Marcus & Millichap
(262) 364-1918
Listed by
Blake Hanlon · License #License(s): WI: 89942-94
(262) 364-1918
Source
Marcusmillichap
Added: Jun 3 Updated: Jul 10 at 1:48PM Checked: Jul 21 at 1:17PM
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
Investment Insights
Based on property information with market context.
1315 N. Cass Street is a 1928 brick apartment building on a 0.13-acre parcel, totaling 12,060 square feet per assessor’s records. The property has a flat roof that was replaced within the past ten years and wood double-hung combination windows. The building features thirty-six studio units. Each unit includes a refrigerator and stove, and many units have hardwood flooring.
The property is located in the Yankee Hill neighborhood of Milwaukee. Tenants have access to abundant street parking in the surrounding area. Laundry is available in a basement laundry room with two leased washers and two leased dryers. The building is heated with city steam.
Utility responsibility is structured with tenant pay for their own electric plus a $12 per month trash fee. The owner is responsible for common area electric, heat, hot water, and water/sewer expenses, with water and sewer billed back to tenants on a quarterly basis. Upgraded electrical service is also noted as a recent capital improvement. This studio-heavy configuration may appeal to operators seeking to market smaller units to renters such as young professionals, students, and downtown residents, supported by the building’s practical in-unit and common-area amenities.
The property is located in the Yankee Hill neighborhood of Milwaukee. Tenants have access to abundant street parking in the surrounding area. Laundry is available in a basement laundry room with two leased washers and two leased dryers. The building is heated with city steam.
Utility responsibility is structured with tenant pay for their own electric plus a $12 per month trash fee. The owner is responsible for common area electric, heat, hot water, and water/sewer expenses, with water and sewer billed back to tenants on a quarterly basis. Upgraded electrical service is also noted as a recent capital improvement. This studio-heavy configuration may appeal to operators seeking to market smaller units to renters such as young professionals, students, and downtown residents, supported by the building’s practical in-unit and common-area amenities.
Key Highlights
- 36‑unit apartment building on a 0.13‑acre parcel at 1315 N. Cass Street, Milwaukee
- Built in 1928 with 12,060 SF (per assessor’s records) and classic brick exterior
- Flat roof replaced within the past 10 years
Local Financial Insights For Apartment 5plus
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 | $212.7k | $17.64 |
| − Vacancy | −$8.5k | −$0.71 |
| EGI | $204.2k | $16.93 |
| − OpEx | −$91.9k | −$7.62 |
| NOI | $112.3k | $9.31 |
12,060 SF · lease $17.64/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.60M
$1.40M – $1.87M
NOI $112,326 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.90M
$2.54M – $3.38M
NOI $202,868 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - 36-studio apartment building with city steam heat and in-building laundry, offering straightforward utility billing setup.
Where is this apartment building located?
The property is located at 1315 N Cass St Milwaukee, WI.
What is the asking price?
The asking price for this property is $2,875,000.
What are key features of this property?
This property features: 36‑unit apartment building on a 0.13‑acre parcel at 1315 N. Cass Street, Milwaukee; Built in 1928 with 12,060 SF (per assessor’s records) and classic brick exterior; Flat roof replaced within the past 10 years
