Multi-Family Apartment
For Sale
$1,862,000
2706 North Frederick Avenue, Milwaukee, WI 53211
Apartment building with multiple unit types, secure lobby, private back entrances, and in-unit laundry in most units.
Property Size8,250 SF
Price / SF$225.70
Days on Market199
Property Features for 2706 North Frederick Avenue
General Information
Standard status
Active
Size
8,250 SF
Property subtype
Multi-Family / Multi-Family
Net Operating Income
$100,922
Amenities
Partial, Yes
Other
Building Details
Year Built
1913
Listing Agency:
Berkshire Hathaway HS Lake Country
Listed By:
Brian P Fendry · License #42820-90
(414) 467-8626
Source:
Compass
Added: Feb 19
Changed: Aug 8
Last Checked: Jul 23 at 12:48AM
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 Berkshire Hathaway HS Lake Country
Investment Insights
Based on property information with market context.
This low-maintenance multifamily apartment building includes five 4-bedroom, 2-bath units, one 2-bedroom, 2-bath unit, and one studio apartment. The property offers a sitting porch on each floor, a secure lobby, and private back entrances. Off-street parking is available for six vehicles.
Located on the east side, the building places public transit about a half block away. Numerous restaurants and bars are within a 6-block radius, and the university is approximately a half-mile walk.
Interior layouts are described as spacious, with large living rooms and modern kitchens. In-unit washer and dryer are included in all but one unit, which supports a variety of day-to-day living arrangements.
Located on the east side, the building places public transit about a half block away. Numerous restaurants and bars are within a 6-block radius, and the university is approximately a half-mile walk.
Interior layouts are described as spacious, with large living rooms and modern kitchens. In-unit washer and dryer are included in all but one unit, which supports a variety of day-to-day living arrangements.
Key Highlights
- Apartment building built in 1913 with partial basement
- Unit mix includes five 4 bed/2 bath units, one 2 bed/2 bath unit, and one studio apartment
- Secure lobby plus sitting porch on each floor
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
$76,840
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
4.13%
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%
$1,536,800
$1.5M
Cap Rate 7%
$1,097,714
$1.1M
Cap Rate 9%
$853,778
$853.8K
Market Conditions
NOI Build-Up for 8,250 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
$145.5K $17.64/SF
− Vacancy
−$5.8K −$0.71/SF
EGI
$139.7K $16.93/SF
− OpEx
−$62.9K −$7.62/SF
NOI
$76.8K $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%
$1,536,800
Cap Rate 7%
$1,097,714
Cap Rate 9%
$853,778
Alternative Uses
Best Use
Apartment 5plus
$1.10M
$960.5K – $1.28M
NOI $76,840 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,778 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,789
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 - Apartment building with multiple unit types, secure lobby, private back entrances, and in-unit laundry in most units.
Where is this apartment building located?
The property is located at 2706 North Frederick Avenue Milwaukee, WI.
What is the asking price?
The asking price for this property is $1,862,000.
What are key features of this property?
This property features: Apartment building built in 1913 with partial basement; Unit mix includes five 4 bed/2 bath units, one 2 bed/2 bath unit, and one studio apartment; Secure lobby plus sitting porch on each floor
