Four-Unit Residential Income
For Sale
$369,900
1541 South Union Street, Milwaukee, WI 53204
Built in 1893, the property includes two one-bedroom units and two two-bedroom units.
Property Size2,128 SF
Price / SF$173.83
Days on Market161
Property Features for 1541 South Union Street
General Information
Standard status
Active
Size
2,128 SF
Property subtype
Multi-Family / Multi-Family
Units
Unit Mix
2 x 1BR, 2 x 2BR
Multifamily Units
4
Additional Details
Public Transit
Yes
Amenities
Full, Yes
Other, Vinyl
Building Details
Year Built
1893
Listing Agency:
Keller Williams-MNS Wauwatosa
Listed By:
Holly T Speranza · License #56826-90
(414) 517-3387
Source:
Compass
Added: Mar 26
Changed: Aug 31
Last Checked: Aug 30 at 10:17AM
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 Keller Williams-MNS Wauwatosa
Investment Insights
Based on property information with market context.
This four-unit residential property was constructed in 1893 and offers a balanced unit mix of two one-bedroom apartments and two two-bedroom apartments. The property size is 2,128, with vinyl noted among the interior finishes.
The building is located at 1541 South Union Street in Milwaukee’s Muskego Way neighborhood, within the city’s near south side. Public remarks identify access to public transit, shopping centers, dining, everyday services, and nearby parks, including Mitchell Park Conservatory. Mitchell Street amenities are also located in the surrounding area.
The building is located at 1541 South Union Street in Milwaukee’s Muskego Way neighborhood, within the city’s near south side. Public remarks identify access to public transit, shopping centers, dining, everyday services, and nearby parks, including Mitchell Park Conservatory. Mitchell Street amenities are also located in the surrounding area.
Key Highlights
- Four‑unit residential property
- Unit mix includes two one‑bedroom and two two‑bedroom units
- Constructed in 1893
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
$21,406
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
5.79%
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%
$428,120
$428.1K
Cap Rate 7%
$305,800
$305.8K
Cap Rate 9%
$237,844
$237.8K
Market Conditions
NOI Build-Up for 2,128 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
$31.9K $15.00/SF
− Vacancy
−$1.3K −$0.63/SF
EGI
$30.6K $14.37/SF
− OpEx
−$9.2K −$4.31/SF
NOI
$21.4K $10.06/SF
Area
Milwaukee, WI
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$428,120
Cap Rate 7%
$305,800
Cap Rate 9%
$237,844
Alternative Uses
Best Use
Multifamily LT 5
$305.8K
$267.6K – $356.8K
NOI $21,406 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$283.1K
$247.8K – $330.3K
NOI $19,820 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$511.4K
$447.5K – $596.6K
NOI $35,796 @ 7.0% cap · market cap 9.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,283
Businesses Nearby
Explore this area
Business Placement
Demographics for 53204, WI
39,728
Population
14,979
Households
2.7
Avg Household Size
29
Median Age
15%
College-Educated
65%
High-School Grad
3.2 sq mi
ZIP Area
12,415
Density / Sq Mi
$43,645
Median Household Income
$30,906
Median Earnings
$964
Median Rent
$106,000
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?
Quadplex - Built in 1893, the property includes two one-bedroom units and two two-bedroom units.
Where is this quadplex located?
The property is located at 1541 South Union Street Milwaukee, WI.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Four‑unit residential property; Unit mix includes two one‑bedroom and two two‑bedroom units; Constructed in 1893
