Brick Apartment Building with
For Sale
$2,875,000
1315 N Cass St, Milwaukee, WI 53202
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 Market94
Property Features for 1315 N Cass St
General Information
Standard status
Active
Size
12,060 SF
Lot size
0.13 Acres
Property subtype
Multifamily
Occupancy
97%
Additional Details
Cap Rate
6.19%
Multifamily Units
36
Amenities
Located in Desirable Yankee Hill Neighborhood in Downtown Milwaukee
Low Maintenance Exterior (Brick)
Tenants Pay Electric and Trash and Reimburse for Water and Sewer
Upgraded Electric
Building Details
Building Size
12,060 SF
Year Built
1928
Units
36
Tenancy
Multi
Listed By:
Blake Hanlon · License #License(s): WI: 89942-94
(262) 364-1918
Source:
Marcusmillichap
Added: Jun 3
Changed: Aug 8
Last Checked: Sep 4 at 2:07AM
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 Blake Hanlon
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
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
$112,326
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
3.91%
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%
$2,246,520
$2.2M
Cap Rate 7%
$1,604,657
$1.6M
Cap Rate 9%
$1,248,067
$1.2M
Market Conditions
NOI Build-Up for 12,060 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
$212.7K $17.64/SF
− Vacancy
−$8.5K −$0.71/SF
EGI
$204.2K $16.93/SF
− OpEx
−$91.9K −$7.62/SF
NOI
$112.3K $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%
$2,246,520
Cap Rate 7%
$1,604,657
Cap Rate 9%
$1,248,067
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
36
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,548
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
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Frequently Asked Questions
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
