35-Unit Apartment
1423 S 81st St, West Allis, WI 53214
For Sale
$849,900
Updated LVP flooring in most residences and shared corridors provides a refreshed finish in key interior areas.
Property Size8,000 SF
Price / SF$106.24
Days on Market62
Property Features for 1423 S 81st St
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Site & Location
Highway Access
Public Transit
Additional Details
Multifamily Units
Tenant in Place
Amenities
on-site building manager
Building Details
Year Built
Listing Agency:
Smart Asset Realty Inc
Listed By:
Adam McCarthy · License WI #5831990
(262) 232-8738
Source:
Birchwoodpropertiesllc
Added: Sep 9
Changed: Nov 7
Last Checked: Nov 8 at 4:58PM
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 Smart Asset Realty Inc
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1963, this 35-unit apartment property is configured as a rooming house and contains more than 8,000 square feet. Most units have received LVP flooring updates, which are also present in the common halls. The property has 12 parking spaces, an on-site building manager, and tenants on month-to-month leases.
The property is near the State Fair grounds and within walking distance of public transportation. It is about a mile from 94 and is zoned C-2.
The property is near the State Fair grounds and within walking distance of public transportation. It is about a mile from 94 and is zoned C-2.
Key Highlights
- 35‑unit rooming house with more than 8,000 square feet
- 12 parking spaces
- Most units and common halls have updated LVP flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,583
Cap Rate
9.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,531,660
$1.5M
Cap Rate 7%
$1,094,043
$1.1M
Cap Rate 9%
$850,922
$850.9K
Market Conditions
NOI Build-Up for 8,000 SF
Gross rent
$146.9K $18.36/SF
− Vacancy
−$7.6K −$0.95/SF
EGI
$139.2K $17.41/SF
− OpEx
−$62.7K −$7.83/SF
NOI
$76.6K $9.57/SF
Area
Milwaukee County, WI
Vacancy
5.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,531,660
Cap Rate 7%
$1,094,043
Cap Rate 9%
$850,922
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$957.3K – $1.28M
NOI $76,583 @ 7.0% cap · market cap 9.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,796 @ 7.0% cap · market cap 15.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
35
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
Explore this area
Business Placement
Demographics for 53214, WI
34,297
Population
17,530
Households
2
Avg Household Size
37
Median Age
28%
College-Educated
93%
High-School Grad
7.1 sq mi
ZIP Area
4,831
Density / Sq Mi
$62,712
Median Household Income
$46,304
Median Earnings
$999
Median Rent
$178,600
Median Home Value
Market
Average Price Trend$/SF for Apartment buildings in Milwaukee County, WI
Properties on Market for Apartment buildings in Milwaukee County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated LVP flooring in most residences and shared corridors provides a refreshed finish in key interior areas.
Where is this apartment building located?
The property is located at 1423 S 81st St West Allis, WI.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 35‑unit rooming house with more than 8,000 square feet; 12 parking spaces; Most units and common halls have updated LVP flooring
