Updated Four-Unit
For Sale
$325,000
1941 West Hope Avenue, Milwaukee, WI 53209
Four one-bedroom apartments include private baths, appliances, and basement storage.
Property Size2,666 SF
Price / SF$121.91
Days on Market221
Property Features for 1941 West Hope Avenue
General Information
Standard status
Active
Size
2,666 SF
Property subtype
Multi-Family / Multi-Family
Amenities
Laundry Facilities, Full, Yes
Brick
Building Details
Year Built
1941
Listing Agency:
First Weber Inc - Waukesha
(414) 708-2958
Listed By:
Curt A Bauer · License #76781-94
(414) 708-2958
Source:
Compass
Added: Jan 20
Changed: Aug 29
Last Checked: Aug 29 at 5:39PM
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 First Weber Inc - Waukesha
Investment Insights
Based on property information with market context.
This 2,666-square-foot quadplex at 1941 West Hope Avenue contains four one-bedroom apartments, each arranged with a living room, eat-in kitchen, appliances, bedroom, private bathroom, and basement locker or storage area. The 1941 building has received multiple updates, including two furnaces, three water heaters, new flooring and cabinets, a new roof, a new deck, and a new concrete parking area.
The property provides four off-street parking spaces and a shared driveway on the west side. Two tenants pay their own gas and electric, while two tenants participate in the Community Advocates Program. The property is located in Milwaukee, Wisconsin 53209.
The property provides four off-street parking spaces and a shared driveway on the west side. Two tenants pay their own gas and electric, while two tenants participate in the Community Advocates Program. The property is located in Milwaukee, Wisconsin 53209.
Key Highlights
- Four one‑bedroom apartment units in a 2,666‑square‑foot building
- Updates include 2 new furnaces, 3 new water heaters, new roof, flooring, and cabinets
- Each unit includes a living room, eat‑in kitchen, appliances, bedroom, and private bathroom
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
$27,639
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
8.50%
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%
$552,780
$552.8K
Cap Rate 7%
$394,843
$394.8K
Cap Rate 9%
$307,100
$307.1K
Market Conditions
NOI Build-Up for 2,666 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
$42.2K $15.84/SF
− Vacancy
−$2.7K −$1.03/SF
EGI
$39.5K $14.81/SF
− OpEx
−$11.8K −$4.44/SF
NOI
$27.6K $10.37/SF
Area
ZIP 53209
Vacancy
6.50%
Lease Rate
$15.84 /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%
$552,780
Cap Rate 7%
$394,843
Cap Rate 9%
$307,100
Alternative Uses
Best Use
Multifamily LT 5
$394.8K
$345.5K – $460.7K
NOI $27,639 @ 7.0% cap · market cap 8.50%
Second Best
Apartment 5plus
$367.0K
$321.1K – $428.2K
NOI $25,691 @ 7.0% cap · market cap 7.90%
Theoretical Best
Office A
$640.7K
$560.6K – $747.4K
NOI $44,846 @ 7.0% cap · market cap 13.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 53209, WI
44,586
Population
21,466
Households
2.1
Avg Household Size
37
Median Age
25%
College-Educated
89%
High-School Grad
10.9 sq mi
ZIP Area
4,090
Density / Sq Mi
$45,288
Median Household Income
$33,854
Median Earnings
$980
Median Rent
$150,200
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?
Quadplex - Four one-bedroom apartments include private baths, appliances, and basement storage.
Where is this quadplex located?
The property is located at 1941 West Hope Avenue Milwaukee, WI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Four one‑bedroom apartment units in a 2,666‑square‑foot building; Updates include 2 new furnaces, 3 new water heaters, new roof, flooring, and cabinets; Each unit includes a living room, eat‑in kitchen, appliances, bedroom, and private bathroom
