Fully Leased 7-Unit
For Sale
$675,000
2600 North Humboldt Boulevard, Milwaukee, WI 53212
Fully occupied 7-unit apartment building with a mix of two-bedroom, one-bedroom, and studio units.
Property Size4,356 SF
Price / SF$154.96
Days on Market317
Property Features for 2600 North Humboldt Boulevard
General Information
Standard status
Active
Size
4,356 SF
Property subtype
Multi-Family / Multi-Family
Occupancy
100%
Net Operating Income
$54,700
Additional Details
Multifamily Units
7
Amenities
Laundry Facilities, Full, Yes
Vinyl, Wood
Building Details
Year Built
1925
Listing Agency:
Coldwell Banker Realty
(414) 510-1002
Listed By:
Ashley Haut · License #78137-94
(414) 510-1002
Source:
Compass
Added: Oct 12, 2025
Changed: Aug 8
Last Checked: Jul 23 at 12:06AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This fully occupied 7-unit apartment building includes three two-bedroom units, two one-bedroom units, and two studio units. Improvements noted include a new boiler and a new water heater.
The property is offered for sale as a residential income asset at 2600 North Humboldt Boulevard in Milwaukee, WI 53212.
The existing unit mix provides multiple housing sizes within one building, supporting straightforward management of a diversified residential tenant roster.
The property is offered for sale as a residential income asset at 2600 North Humboldt Boulevard in Milwaukee, WI 53212.
The existing unit mix provides multiple housing sizes within one building, supporting straightforward management of a diversified residential tenant roster.
Key Highlights
- Fully occupied 7‑unit apartment building
- Unit mix includes (3) 2‑bedroom, (2) 1‑bedroom, and (2) studio units
- New boiler and new water heater
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
$40,571
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
6.01%
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%
$811,420
$811.4K
Cap Rate 7%
$579,586
$579.6K
Cap Rate 9%
$450,789
$450.8K
Market Conditions
NOI Build-Up for 4,356 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
$76.8K $17.64/SF
− Vacancy
−$3.1K −$0.71/SF
EGI
$73.8K $16.93/SF
− OpEx
−$33.2K −$7.62/SF
NOI
$40.6K $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%
$811,420
Cap Rate 7%
$579,586
Cap Rate 9%
$450,789
Alternative Uses
Best Use
Apartment 5plus
$579.6K
$507.1K – $676.2K
NOI $40,571 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$915.9K – $1.22M
NOI $73,275 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 53212, WI
28,702
Population
15,749
Households
1.8
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
7,000
Density / Sq Mi
$42,679
Median Household Income
$36,578
Median Earnings
$1,038
Median Rent
$204,300
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?
Apartment building - Fully occupied 7-unit apartment building with a mix of two-bedroom, one-bedroom, and studio units.
Where is this apartment building located?
The property is located at 2600 North Humboldt Boulevard Milwaukee, WI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Fully occupied 7‑unit apartment building; Unit mix includes (3) 2‑bedroom, (2) 1‑bedroom, and (2) studio units; New boiler and new water heater
