Three-Unit Triplex with
For Sale
$464,500
Pending
221 Spring Street Unit 223225, Waukesha, WI 53188
All three apartments are occupied on month-to-month leases, with separate utilities and a detached garage.
Property Size2,644 SF
Days on Market33
Property Features for 221 Spring Street Unit 223225
General Information
Standard status
Pending
Size
2,644 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Individually Metered Utilities
unspecified utilities
Additional Details
Tenant in Place
Yes
Amenities
Laundry Facilities, Block, Full, Yes
Low Maintenance Trim, Brick
Building Details
Year Built
1966
Construction
ranch style
Tenancy
Multi
Listing Agency:
EXIT Realty HGM
Listed By:
Warren Krahn · License #45252-90
(414) 350-7510
Source:
Compass
Added: Oct 3
Changed: Nov 3
Last Checked: Nov 3 at 2:27PM
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 EXIT Realty HGM
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Investment Insights
Based on property information with market context.
This 2,644-square-foot triplex in Waukesha contains two 2-bedroom, 1-bath apartments and one 1-bedroom, 1-bath apartment. A full basement and detached two-car garage add functional space. The building dates to 1966, with a newer roof, water heaters, and windows.
Each apartment is rented on a month-to-month basis, and the units have separate utilities. The configuration includes three residential units with a mix of two- and one-bedroom layouts.
Each apartment is rented on a month-to-month basis, and the units have separate utilities. The configuration includes three residential units with a mix of two- and one-bedroom layouts.
Key Highlights
- Three apartments: two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 2,644 square feet
- All units occupied on month‑to‑month leases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,331
Cap Rate
6.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$606,620
$606.6K
Cap Rate 7%
$433,300
$433.3K
Cap Rate 9%
$337,011
$337.0K
Market Conditions
NOI Build-Up for 2,644 SF
Gross rent
$45.4K $17.16/SF
− Vacancy
−$2.0K −$0.77/SF
EGI
$43.3K $16.39/SF
− OpEx
−$13.0K −$4.92/SF
NOI
$30.3K $11.47/SF
Area
Waukesha County, WI
Vacancy
4.50%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$606,620
Cap Rate 7%
$433,300
Cap Rate 9%
$337,011
Alternative Uses
Best Use
Multifamily LT 5
$433.3K
$379.1K – $505.5K
NOI $30,331 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$401.2K
$351.1K – $468.1K
NOI $28,085 @ 7.0% cap · market cap 6.05%
Theoretical Best
Flex RnD
$1.35M
$1.18M – $1.57M
NOI $94,459 @ 7.0% cap · market cap 20.34%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,314
Businesses Nearby
Explore this area
Business Placement
Demographics for 53188, WI
35,552
Population
14,703
Households
2.4
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
26.8 sq mi
ZIP Area
1,327
Density / Sq Mi
$88,656
Median Household Income
$51,930
Median Earnings
$1,235
Median Rent
$317,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - All three apartments are occupied on month-to-month leases, with separate utilities and a detached garage.
Where is this triplex located?
The property is located at 221 Spring Street Unit 223225 Waukesha, WI.
What is the asking price?
The asking price for this property is $464,500.
What are key features of this property?
This property features: Three apartments: two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 2,644 square feet; All units occupied on month‑to‑month leases
