Triplex with Detached
New
For Sale
$464,500
221 Spring St, Waukesha, WI 53188
Three apartments have separate utilities, with a full basement serving the property.
Property Size2,644 SF
Price / SF$175.68
Days on Market2
Property Features for 221 Spring St
General Information
Standard status
Active
Size
2,644 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1966
Buildings
1
Construction
ranch style
Listing Agency:
EXIT Realty HGM
Listed By:
Warren Krahn · License #4525290
(414) 350-7510
Source:
Nikolicgroup
Added: Oct 4
Changed: Oct 5
Last Checked: Oct 4 at 2:34PM
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
Investment Insights
Based on property information with market context.
Built in 1966, this Waukesha triplex contains 2,644 square feet across three apartments: two two-bedroom, one-bath units and one one-bedroom, one-bath unit. One of the two-bedroom apartments also includes a den. The property has a full basement, separate utilities, and a detached garage with two-car capacity.
All three apartments are occupied by long-term tenants on month-to-month terms. The unit mix combines two larger apartments with a one-bedroom layout.
All three apartments are occupied by long-term tenants on month-to-month terms. The unit mix combines two larger apartments with a one-bedroom layout.
Key Highlights
- 2,644‑square‑foot triplex built in 1966
- Two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- One 2‑bedroom apartment includes a den
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.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments have separate utilities, with a full basement serving the property.
Where is this triplex located?
The property is located at 221 Spring St 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: 2,644‑square‑foot triplex built in 1966; Two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; One 2‑bedroom apartment includes a den
