Renovated Apartment
For Sale
$4,597,000
1855 N Cambridge Ave, Milwaukee, WI 53202
Renovated multifamily property with 30 one-bedroom units and covered parking.
Property Size17,520 SF
Price / SF$255.39
Days on Market199
Property Features for 1855 N Cambridge Ave
General Information
Standard status
Active
Size
17,520 SF
Total Parking Spaces
18
Property subtype
Multifamily
Occupancy
95%
Additional Details
Cap Rate
5.75%
Multifamily Units
30
Amenities
pet friendly
laundry room
Extensively Renovated and Fully Occupied 30-Unit Multifamily Asset Near Downtown Milwaukee and Lake Michigan
Assumable 4.17 Percent Mortgage with Maturity in December 2031
Significant Capital Improvements Including Lobby, Elevator, and Garage Upgrades
Building Details
Building Size
17,520 SF
Year Renovated
2005
Units
30
Tenancy
Multi
Listing Agency:
Chicago Downtown Office
(312) 327-5400
Listed By:
Patrick Suffield · License #IL: 475.179485, MI: 6501424960, WI: 98170-94
(312) 327-5419
Source:
Marcusmillichap
Added: Apr 7
Changed: Oct 21
Last Checked: Oct 20 at 5:02PM
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 Chicago Downtown Office
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$167,651
Cap Rate
3.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,353,020
$3.4M
Cap Rate 7%
$2,395,014
$2.4M
Cap Rate 9%
$1,862,789
$1.9M
Market Conditions
NOI Build-Up for 18,000 SF
Gross rent
$317.5K $17.64/SF
− Vacancy
−$12.7K −$0.71/SF
EGI
$304.8K $16.93/SF
− OpEx
−$137.2K −$7.62/SF
NOI
$167.7K $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 Rate 5%
$3,353,020
Cap Rate 7%
$2,395,014
Cap Rate 9%
$1,862,789
Alternative Uses
Best Use
Apartment 5plus
$2.40M
$2.10M – $2.79M
NOI $167,651 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.33M
$3.78M – $5.05M
NOI $302,789 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
30
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,106
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
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 $4,597,000.
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
