10-Unit Brick Apartment
For Sale
$2,300,000
1816 East Kane Place, Milwaukee, WI 53202
Classic brick 10-unit building with a remodeled mix of 4BR and 1BR apartments plus on-site coin laundry.
Property Size15,990 SF
Price / SF$143.84
Days on Market146
Property Features for 1816 East Kane Place
General Information
Standard status
Active
Size
15,990 SF
Property subtype
Multi-Family / Multi-Family
Net Operating Income
$140,232
Additional Details
Multifamily Units
10
Amenities
on-site coin laundry
indoor bicycle parking
locked lobby
Block, Full, Yes
Stone, Brick
Building Details
Year Built
1903
Listing Agency:
RE/MAX Service First
Listed By:
Segal Goldman Realty Group* · License #76545-94
(262) 384-4552
Source:
Compass
Added: Apr 14
Changed: Aug 8
Last Checked: Jul 21 at 11:29PM
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 RE/MAX Service First
Investment Insights
Based on property information with market context.
Classic brick 10-unit apartment building on Milwaukee’s lower east side. The unit mix includes (8) 4BR apartments and (2) 1BR units, with the 4BR layouts comprising 1 full bathroom and 2 half baths. The remodeled 4BR apartments feature new LVP flooring, a large living room, in-unit washer and dryer, and updated kitchens with quartz countertops and stainless steel appliances, including a dishwasher. Some units also offer lake views.
On-site amenities include coin laundry, indoor bicycle parking, and a locked lobby. The property is positioned between Prospect Ave and Lake Michigan, and is within walking distance to Collectivo on the lakefront, McKinley Marina, Bradford Beach, and public tennis courts, as well as Whole Foods, the Oak Leaf Trail, Brady St, and North Ave.
On-site amenities include coin laundry, indoor bicycle parking, and a locked lobby. The property is positioned between Prospect Ave and Lake Michigan, and is within walking distance to Collectivo on the lakefront, McKinley Marina, Bradford Beach, and public tennis courts, as well as Whole Foods, the Oak Leaf Trail, Brady St, and North Ave.
Key Highlights
- Classic brick 10‑unit building (built 1903) with a full block basement
- Unit mix: (8) 4BR units and (2) 1BR/1BA apartments
- Remodeled 4BR units include new LVP flooring, in‑unit washer & dryer, and updated kitchens with quartz countertops and stainless steel appliances
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
$148,930
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
6.48%
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%
$2,978,600
$3.0M
Cap Rate 7%
$2,127,571
$2.1M
Cap Rate 9%
$1,654,778
$1.7M
Market Conditions
NOI Build-Up for 15,990 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
$282.1K $17.64/SF
− Vacancy
−$11.3K −$0.71/SF
EGI
$270.8K $16.93/SF
− OpEx
−$121.9K −$7.62/SF
NOI
$148.9K $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 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%
$2,978,600
Cap Rate 7%
$2,127,571
Cap Rate 9%
$1,654,778
Alternative Uses
Best Use
Apartment 5plus
$2.13M
$1.86M – $2.48M
NOI $148,930 @ 7.0% cap · market cap 6.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.84M
$3.36M – $4.48M
NOI $268,977 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
2,439
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Classic brick 10-unit building with a remodeled mix of 4BR and 1BR apartments plus on-site coin laundry.
Where is this apartment building located?
The property is located at 1816 East Kane Place Milwaukee, WI.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Classic brick 10‑unit building (built 1903) with a full block basement; Unit mix: (8) 4BR units and (2) 1BR/1BA apartments; Remodeled 4BR units include new LVP flooring, in‑unit washer & dryer, and updated kitchens with quartz countertops and stainless steel appliances
