19-Unit Apartment
New
For Sale
$3,300,000
141 W Vine St, Milwaukee, WI 53212
Residences range from one to three bedrooms and include in-unit laundry and individual gas furnaces and water heaters.
Property Size22,500 SF
Lot Size0.45 Acres
Price / SF$146.67
Days on Market3
Property Features for 141 W Vine St
General Information
Standard status
Active
Size
22,500 SF
Total Parking Spaces
30
Elevators
Yes
Lot size
0.45 Acres
Property subtype
Multifamily
Occupancy
96%
Site & Location
Neighborhood
Brewers Hill
Utilities to Site
Yes
Units
Unit Mix
6 x 1BR/1BA (600 SF), 6 x 2BR/2BA (860 SF), 5 x garden-level 2BR/2BA (981 SF), 2 x 3BR/2BA (1,163 SF)
Multifamily Units
19
Additional Details
Cap Rate
5.88%
Sprinkler System
Yes
Amenities
walk-in closets
quartz and/or granite countertops
stainless steel appliances
tile bathroom floors
in-unit washer/dryer
laundry room
Butterfly MX entry system
security cameras
Historic Schlitz Brewery Conversion: A 1907 Brewery Building with Authentic Loft Character, Paired with Modern Finishes and Soaring 12-Foot Ceilings
Major Capital Items Addressed: The Next Owner will Face Few Near-Term Capital Needs. The Building Features Newer Windows (2010), Sprinkler System, and Elevator. It was Also Fully Tuckpointed
Low Owner Utility Exposure: Every Unit has Its Own Furnace and Water Heater, so Tenants Pay for the Gas Heat and Hot Water. The Owner Only Pays for Common Area Utilities and Water/Sewer
Attractive Amenities: Master Suites, In-Unit Washer/Dryer, Walk-In Closet, and 30 Parking Spaces (15 Gated), Reflecting Approximately 1.5 Spaces Per Unit; Rare for an Urban Infill Property
Brewers Hill Location: Minutes From Downtown Milwaukee, The Deer District, and the Schlitz Park Office Campus; Quick Access to I-43 And Nearby Shopping, Bars and Restaurants
Rent Upside: Current Rents Remain Below Market Which Leaves Room for Greater Income as the Units Turn Over
Additional Items: Elevator Upgrades (Electronics Completed in 2024; Approximately $16,000); and Gated Asphalt Paved Parking Lot (Resurfaced and New Gate; Both In 2024)
Additional Amenities: Elevator; Sprinkler System; Common Area Laundry Facility Commercial Grade Washers and Dryers; Amazon Locker in Lobby; and Butterfly Entry System with Electronic Keys
Building Details
Building Size
22,500 SF
Year Built
1907
Year Renovated
2010
Buildings
1
Units
19
Construction
brick exterior
Listing Agency:
Milwaukee Office
Listed By:
Blake Hanlon · License #License(s): WI: 89942-94
(262) 364-1918
Source:
Marcusmillichap
Added: Nov 1
Last Checked: Nov 3 at 3:09AM
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 Milwaukee Office
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Investment Insights
Based on property information with market context.
At 141 W. Vine Street in Milwaukee, this 19-unit apartment property occupies a combined 0.45-acre parcel and contains 22,500 square feet. Built in 1907 as part of the Schlitz Brewery holdings, the building underwent a historic apartment conversion in 2010. The unit mix includes six one-bedroom/one-bath apartments at 600 SF, six two-bedroom/two-bath units at 860 SF, five garden-level two-bedroom/two-bath units at 981 SF, and two three-bedroom/two-bath apartments at 1,163 SF. Above-grade units have 12-foot ceilings; garden-level ceilings are approximately 8 feet. All units have walk-in closets, in-unit washers and dryers, and individual gas furnaces and water heaters.
Building features include an elevator, Butterfly MX entry with electronic keys and security cameras, a full fire sprinkler system, and in-unit fire alarms. Parking comprises 15 gated spaces and 15 surface spaces on a separate parcel at 117 W. Vine Street. Tenants pay their own electric and gas, including heat and hot water; the owner covers common-area electric, gas, and water/sewer.
Building features include an elevator, Butterfly MX entry with electronic keys and security cameras, a full fire sprinkler system, and in-unit fire alarms. Parking comprises 15 gated spaces and 15 surface spaces on a separate parcel at 117 W. Vine Street. Tenants pay their own electric and gas, including heat and hot water; the owner covers common-area electric, gas, and water/sewer.
Key Highlights
- 19 apartments across 22,500 square feet on a combined 0.45‑acre parcel
- Unit mix: six one‑bedroom/one‑bath at 600 SF; six two‑bedroom/two‑bath at 860 SF; five garden‑level two‑bedroom/two‑bath at 981 SF; two three‑bedroom/two‑bath at 1,163 SF
- 15 spaces in a secure gated lot plus 15 surface spaces at 117 W. Vine Street
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$209,563
Cap Rate
6.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,191,260
$4.2M
Cap Rate 7%
$2,993,757
$3.0M
Cap Rate 9%
$2,328,478
$2.3M
Market Conditions
NOI Build-Up for 22,500 SF
Gross rent
$396.9K $17.64/SF
− Vacancy
−$15.9K −$0.71/SF
EGI
$381.0K $16.93/SF
− OpEx
−$171.5K −$7.62/SF
NOI
$209.6K $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 Rate 5%
$4,191,260
Cap Rate 7%
$2,993,757
Cap Rate 9%
$2,328,478
Alternative Uses
Best Use
Apartment 5plus
$2.99M
$2.62M – $3.49M
NOI $209,563 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.41M
$4.73M – $6.31M
NOI $378,486 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
19
Residential units
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,665
Businesses Nearby
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Business Placement
Demographics for 53212, WI
28,702
Population
15,749
Households
1.8
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
7,000
Density / Sq Mi
$42,679
Median Household Income
$36,578
Median Earnings
$1,038
Median Rent
$204,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Residences range from one to three bedrooms and include in-unit laundry and individual gas furnaces and water heaters.
Where is this apartment building located?
The property is located at 141 W Vine St Milwaukee, WI.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 19 apartments across 22,500 square feet on a combined 0.45‑acre parcel; Unit mix: six one‑bedroom/one‑bath at 600 SF; six two‑bedroom/two‑bath at 860 SF; five garden‑level two‑bedroom/two‑bath at 981 SF; two three‑bedroom/two‑bath at 1,163 SF; 15 spaces in a secure gated lot plus 15 surface spaces at 117 W. Vine Street
