Renovated Apartment
1855 N Cambridge Ave Milwaukee, WI 53202
1855 N Cambridge Ave, Milwaukee, WI, 53202
$4,755,766
For Sale
$4,755,766
Renovated multifamily property with 30 one-bedroom units and covered parking.
Property Size18,000 SF
Price / SF$264.21
Days on Market107
Property Features for 1855 N Cambridge Ave
General Information
- Standard status
- Active
- Size
- 18,000 SF
- Property subtype
- Multifamily
Listing agency
Marcus & Millichap - Milwaukee
(312) 327-5419
Listed by
Patrick Suffield · License #License(s): IL: 475.179485, MI: 6501424960, WI: 98170-94
(312) 327-5419
Source
Marcusmillichap
Added: Apr 7 Updated: Jul 22 at 1:43AM Checked: Jul 22 at 2:11AM
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 Marcus & Millichap - Milwaukee
Investment Insights
Based on property information with market context.
Cambridge Place Apartments is a renovated apartment building featuring 30 one-bedroom apartments. Each unit measures 600 square feet. The property also includes 18 covered parking spaces. Recent improvements under current ownership include a complete lobby and laundry room renovation, tuckpointing, a new retaining wall in the garage, a new elevator motor, and a new garage door. Most units have also received updated appliances.
The property is positioned near downtown Milwaukee and Lake Michigan, with nearby access to Columbia St. Mary’s Hospital, the Milwaukee Art Museum, Veterans Park, and the Milwaukee Yacht Club. The area also includes parks and walking trails.
The building is pet friendly and is supported by essential day-to-day services and lifestyle amenities in the surrounding area. An assumable mortgage is available at a 4.17% interest rate, with the loan not maturing until December 2031.
The property is positioned near downtown Milwaukee and Lake Michigan, with nearby access to Columbia St. Mary’s Hospital, the Milwaukee Art Museum, Veterans Park, and the Milwaukee Yacht Club. The area also includes parks and walking trails.
The building is pet friendly and is supported by essential day-to-day services and lifestyle amenities in the surrounding area. An assumable mortgage is available at a 4.17% interest rate, with the loan not maturing until December 2031.
Key Highlights
- Cambridge Place Apartments at 1855 N Cambridge, Milwaukee: 30 one‑bedroom apartments
- Units measure about 600 SF each and the property includes 18 covered parking spaces
- Renovated in 2005, with recent upgrades including lobby and laundry room renovation
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $317.5k | $17.64 |
| − Vacancy | −$12.7k | −$0.71 |
| EGI | $304.8k | $16.93 |
| − OpEx | −$137.2k | −$7.62 |
| NOI | $167.7k | $9.31 |
18,000 SF · lease $17.64/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.40M
$2.10M – $2.79M
NOI $167,651 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.33M
$3.78M – $5.05M
NOI $302,789 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Renovated multifamily property with 30 one-bedroom units and covered parking.
Where is this apartment building located?
The property is located at 1855 N Cambridge Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $4,755,766.
What are key features of this property?
This property features: Cambridge Place Apartments at 1855 N Cambridge, Milwaukee: 30 one‑bedroom apartments; Units measure about 600 SF each and the property includes 18 covered parking spaces; Renovated in 2005, with recent upgrades including lobby and laundry room renovation
