4-Unit Multifamily
For Sale
$895,000
1679 N Cass St, Milwaukee, WI 53202
Furnished owner-occupant unit supported by income from three additional apartments.
Property Size3,320 SF
Price / SF$269.58
Days on Market9
Property Features for 1679 N Cass St
General Information
Standard status
Active
Size
3,320 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1885
Listing Agency:
Cushman & Wakefield / Boerke
(414) 477-4485
Listed By:
Steven Brunow
Source:
Levelupwi
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 31 at 6:54PM
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 Cushman & Wakefield / Boerke
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 1679 N Cass St includes 3,320 square feet and dates to 1885. The building includes a furnished Unit #1, while the three other units provide the property’s neighboring residential units and monthly income arrangement.
Located in Milwaukee’s Lower East Side, the property presents both owner-occupant and investor operating formats. Unit #1 is positioned for an owner-occupant seeking income from the remaining units, while the property can also be operated using traditional 12-month leases or a short-term rental approach.
Located in Milwaukee’s Lower East Side, the property presents both owner-occupant and investor operating formats. Unit #1 is positioned for an owner-occupant seeking income from the remaining units, while the property can also be operated using traditional 12-month leases or a short-term rental approach.
Key Highlights
- Four‑unit multifamily property with 3,320 SF
- Built in 1885
- Furnished Unit #1
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
$33,396
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
3.73%
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%
$667,920
$667.9K
Cap Rate 7%
$477,086
$477.1K
Cap Rate 9%
$371,067
$371.1K
Market Conditions
NOI Build-Up for 3,320 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
$49.8K $15.00/SF
− Vacancy
−$2.1K −$0.63/SF
EGI
$47.7K $14.37/SF
− OpEx
−$14.3K −$4.31/SF
NOI
$33.4K $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%
$667,920
Cap Rate 7%
$477,086
Cap Rate 9%
$371,067
Alternative Uses
Best Use
Multifamily LT 5
$477.1K
$417.5K – $556.6K
NOI $33,396 @ 7.0% cap · market cap 3.73%
Second Best
Apartment 5plus
$441.7K
$386.5K – $515.4K
NOI $30,922 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$797.8K
$698.1K – $930.8K
NOI $55,848 @ 7.0% cap · market cap 6.24%
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
2,632
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?
Quadplex - Furnished owner-occupant unit supported by income from three additional apartments.
Where is this quadplex located?
The property is located at 1679 N Cass St Milwaukee, WI.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Four‑unit multifamily property with 3,320 SF; Built in 1885; Furnished Unit #1
