Brick Four-Unit Apartment
For Sale
$639,900
1536 David Ln, Waukesha, WI 53189
Occupied month-to-month apartments provide current tenancy with flexible lease terms.
Property Size3,897 SF
Price / SF$164.20
Days on Market48
Property Features for 1536 David Ln
General Information
Standard status
Active
Size
3,897 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
walk-out basement
private storage units
shed
Building Details
Year Built
1976
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Homestead Realty, Inc
Listed By:
Michelle Hintz · License #94055-94
(414) 364-6090
Source:
Levelupwi
Added: Sep 12
Changed: Oct 25
Last Checked: Oct 7 at 3:51PM
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 Homestead Realty, Inc
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Investment Insights
Based on property information with market context.
This 1976 brick quadplex contains four two-bedroom, one-bath apartments. Each residence is occupied under a month-to-month arrangement, and the current residents have expressed interest in remaining. The property also includes a walk-out basement with a finished speckled floor and individually secured storage areas for tenants.
Exterior amenities include a shed and 8+ parking spaces. A park and shopping are within walking distance, while restaurants and everyday services are located nearby. The property is served by the Waukesha School District.
Exterior amenities include a shed and 8+ parking spaces. A park and shopping are within walking distance, while restaurants and everyday services are located nearby. The property is served by the Waukesha School District.
Key Highlights
- Four occupied 2‑bedroom, 1‑bath apartments
- Month‑to‑month tenancy across all four units
- Walk‑out basement with finished speckled floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,704
Cap Rate
6.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$894,080
$894.1K
Cap Rate 7%
$638,629
$638.6K
Cap Rate 9%
$496,711
$496.7K
Market Conditions
NOI Build-Up for 3,897 SF
Gross rent
$66.9K $17.16/SF
− Vacancy
−$3.0K −$0.77/SF
EGI
$63.9K $16.39/SF
− OpEx
−$19.2K −$4.92/SF
NOI
$44.7K $11.47/SF
Area
Waukesha County, WI
Vacancy
4.50%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$894,080
Cap Rate 7%
$638,629
Cap Rate 9%
$496,711
Alternative Uses
Best Use
Multifamily LT 5
$638.6K
$558.8K – $745.1K
NOI $44,704 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$591.4K
$517.4K – $689.9K
NOI $41,395 @ 7.0% cap · market cap 6.47%
Theoretical Best
Flex RnD
$1.99M
$1.74M – $2.32M
NOI $139,224 @ 7.0% cap · market cap 21.76%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
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Business Placement
Demographics for 53189, WI
26,846
Population
10,443
Households
2.6
Avg Household Size
42
Median Age
45%
College-Educated
97%
High-School Grad
47.8 sq mi
ZIP Area
562
Density / Sq Mi
$114,555
Median Household Income
$58,501
Median Earnings
$1,206
Median Rent
$372,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Occupied month-to-month apartments provide current tenancy with flexible lease terms.
Where is this quadplex located?
The property is located at 1536 David Ln Waukesha, WI.
What is the asking price?
The asking price for this property is $639,900.
What are key features of this property?
This property features: Four occupied 2‑bedroom, 1‑bath apartments; Month‑to‑month tenancy across all four units; Walk‑out basement with finished speckled floor
