Five-Unit Apartment
For Sale
Contact for pricing
2553-2565 S Logan Ave., Milwaukee, WI 53207
Two-story five-unit building with individual heating, unfinished basement, and tenant-paid utilities including water and sewer.
Property Size7,525 SF
Price / SF$107.64
Days on Market54
Property Features for 2553-2565 S Logan Ave.
General Information
Standard status
Active
Size
7,525 SF
Property subtype
Multifamily
Zoning
RT-4
Net Operating Income
$50,625
Additional Details
Multifamily Units
5
Building Details
Year Built
1894
Year Renovated
2019
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
Ogden & Company Inc
Listed By:
Sue Sardina · License #WI 90-56105
Source:
Crexi
Added: Jun 20
Changed: Aug 8
Last Checked: Aug 11 at 12:38PM
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 Ogden & Company Inc
Investment Insights
Based on property information with market context.
This five-unit apartment building features two stories with an unfinished basement and exterior brick and vinyl siding. Unit interiors include living and dining areas, kitchens, and a bedroom and one-bath layout. Each unit is served by its own furnace, with washer and dryer hookups and 40-gallon water heaters. The property also includes front porches. Recent building improvements noted include a main roof installed in 2019, along with updated siding and windows, back addition roof work, gutters, and downspouts.
The property is located at 2553–2565 South Logan Ave. in Milwaukee, WI 53207. It is a long-tenured rental with the first time on market since the 1970s.
For prospective owners or operators, the building’s separate heating systems and in-unit water heaters can support day-to-day utility management, while tenants pay their own utilities, including water and sewer. The combination of straightforward five-unit configuration, individually metered utility responsibility by residents, and documented exterior and roof updates may appeal to buyers seeking a manageable residential income property with established tenancy.
The property is located at 2553–2565 South Logan Ave. in Milwaukee, WI 53207. It is a long-tenured rental with the first time on market since the 1970s.
For prospective owners or operators, the building’s separate heating systems and in-unit water heaters can support day-to-day utility management, while tenants pay their own utilities, including water and sewer. The combination of straightforward five-unit configuration, individually metered utility responsibility by residents, and documented exterior and roof updates may appeal to buyers seeking a manageable residential income property with established tenancy.
Key Highlights
- Two‑story five‑unit apartment building built in 1894 with LR/DR and kitchen in each unit
- Each unit offers 4 BR and 1 BA layout, plus individual furnaces for separate heating control
- Unfinished basement and tenant‑paid utilities including water/sewer (tenants also pay their own utilities)
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
$70,087
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
8.65%
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%
$1,401,740
$1.4M
Cap Rate 7%
$1,001,243
$1.0M
Cap Rate 9%
$778,744
$778.7K
Market Conditions
NOI Build-Up for 7,525 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
$132.7K $17.64/SF
− Vacancy
−$5.3K −$0.71/SF
EGI
$127.4K $16.93/SF
− OpEx
−$57.3K −$7.62/SF
NOI
$70.1K $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 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%
$1,401,740
Cap Rate 7%
$1,001,243
Cap Rate 9%
$778,744
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$876.1K – $1.17M
NOI $70,087 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,583 @ 7.0% cap · market cap 15.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
750
Businesses Nearby
Explore this area
Business Placement
Demographics for 53207, WI
34,292
Population
17,278
Households
2
Avg Household Size
37
Median Age
45%
College-Educated
94%
High-School Grad
10.0 sq mi
ZIP Area
3,429
Density / Sq Mi
$79,576
Median Household Income
$53,886
Median Earnings
$1,145
Median Rent
$228,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two-story five-unit building with individual heating, unfinished basement, and tenant-paid utilities including water and sewer.
Where is this multifamily property located?
The property is located at 2553-2565 S Logan Ave. Milwaukee, WI.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: Two‑story five‑unit apartment building built in 1894 with LR/DR and kitchen in each unit; Each unit offers 4 BR and 1 BA layout, plus individual furnaces for separate heating control; Unfinished basement and tenant‑paid utilities including water/sewer (tenants also pay their own utilities)
