Historic 11-Unit Apartment
For Sale
$799,000
2704 North Hackett Avenue, Milwaukee, WI 53211
Victorian multifamily property with a varied unit mix and extensive system and common-area improvements.
Property Size4,047 SF
Price / SF$197.43
Days on Market154
Property Features for 2704 North Hackett Avenue
General Information
Standard status
Active
Size
4,047 SF
Property subtype
Multi-Family / Multi-Family
Net Operating Income
$51,549
Units
Unit Mix
7 x one-room, 3 x two-room, 1 x 1BD manager's apartment
Multifamily Units
11
Amenities
laundry room
Full, Yes
Low Maintenance Trim, Vinyl, Wood
Building Details
Year Built
1895
Construction
Grand Victorian
Listing Agency:
Michael J. Schramm
(414) 881-9597
Listed By:
Andrew J Schramm · License #90601-94
(414) 881-9597
Source:
Compass
Added: Apr 1
Changed: Aug 31
Last Checked: Aug 31 at 10:22PM
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 Michael J. Schramm
Investment Insights
Based on property information with market context.
Built in 1895, this Victorian apartment building contains 11 units arranged as seven one-room units, three two-room units, and a 1 BD manager's apartment. The property retains many original architectural details while incorporating improvements to the building envelope, mechanical systems, interiors, and shared spaces. Updates include all roofs, siding, soffits, railings, gutters and downspouts, a high-efficiency boiler system, partial window replacement, and work throughout the laundry room, bathrooms, kitchens, nearly all units, and common areas.
The building is licensed as a rooming house, with that designation in place since 1943. It stands at 2704 North Hackett Avenue in Milwaukee's Historic Water Tower Neighborhood, between Downer and Lake Drive and east of Downer Ave. The 4,047-square-foot property offers a defined unit mix within a historic residential building.
The building is licensed as a rooming house, with that designation in place since 1943. It stands at 2704 North Hackett Avenue in Milwaukee's Historic Water Tower Neighborhood, between Downer and Lake Drive and east of Downer Ave. The 4,047-square-foot property offers a defined unit mix within a historic residential building.
Key Highlights
- 11‑unit configuration with seven one‑room units, three two‑room units, and a 1 BD manager's apartment
- Licensed as a rooming house since 1943
- 4,047‑square‑foot apartment building constructed in 1895
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
$37,693
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
4.72%
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%
$753,860
$753.9K
Cap Rate 7%
$538,471
$538.5K
Cap Rate 9%
$418,811
$418.8K
Market Conditions
NOI Build-Up for 4,047 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
$71.4K $17.64/SF
− Vacancy
−$2.9K −$0.71/SF
EGI
$68.5K $16.93/SF
− OpEx
−$30.8K −$7.62/SF
NOI
$37.7K $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%
$753,860
Cap Rate 7%
$538,471
Cap Rate 9%
$418,811
Alternative Uses
Best Use
Apartment 5plus
$538.5K
$471.2K – $628.2K
NOI $37,693 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$972.5K
$851.0K – $1.13M
NOI $68,077 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
1,696
Businesses Nearby
Explore this area
Business Placement
Demographics for 53211, WI
36,327
Population
16,346
Households
2.2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
4.0 sq mi
ZIP Area
9,082
Density / Sq Mi
$76,206
Median Household Income
$40,214
Median Earnings
$1,225
Median Rent
$413,500
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?
Apartment building - Victorian multifamily property with a varied unit mix and extensive system and common-area improvements.
Where is this apartment building located?
The property is located at 2704 North Hackett Avenue Milwaukee, WI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 11‑unit configuration with seven one‑room units, three two‑room units, and a 1 BD manager's apartment; Licensed as a rooming house since 1943; 4,047‑square‑foot apartment building constructed in 1895
