8-Unit Apartment
For Sale
$1,050,000
305 Maple Avenue, Waukesha, WI 53186
Concrete multifamily property with updated residences, tenant storage, shared laundry, and individually paid electric service.
Property Size6,472 SF
Price / SF$162.24
Days on Market196
Property Features for 305 Maple Avenue
General Information
Standard status
Active
Size
6,472 SF
Property subtype
Multi-Family / Multi-Family
Net Operating Income
$80,304
Additional Details
Public Transit
Yes
Multifamily Units
8
Amenities
laundry
storage lockers
Laundry Facilities, Block, Walk Out/Outer Door, Full, Yes
Other
Building Details
Year Built
1968
Construction
concrete
Listing Agency:
Berkshire Hathaway HS Lake Country
(414) 467-8626
Listed By:
Brian P Fendry · License #42820-90
(414) 467-8626
Source:
Compass
Added: Feb 15
Changed: Aug 30
Last Checked: Aug 30 at 1:36AM
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 8-unit apartment building contains 6,472 square feet and was constructed in 1968. One residence has undergone a complete renovation, while three additional units have received updates; the other four are described as being in good condition with longer-term tenants in place. Concrete exterior construction supports a lower-maintenance building profile.
Resident amenities include coin-operated laundry in the lower level, tenant storage lockers, and an enclosed locker designated for the owner. The roof was replaced within the last 8–10 years. Tenants pay their own electric, while ownership is responsible for common-area electricity, water, and sewer.
The property is located near downtown Waukesha, Carroll College, restaurants, public transit, and medical facilities.
Resident amenities include coin-operated laundry in the lower level, tenant storage lockers, and an enclosed locker designated for the owner. The roof was replaced within the last 8–10 years. Tenants pay their own electric, while ownership is responsible for common-area electricity, water, and sewer.
The property is located near downtown Waukesha, Carroll College, restaurants, public transit, and medical facilities.
Key Highlights
- 8‑unit apartment building totaling 6,472 square feet
- One unit fully renovated; three additional units updated
- Four remaining units described as being in good condition with longer‑term tenants
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
$68,748
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
6.55%
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%
$1,374,960
$1.4M
Cap Rate 7%
$982,114
$982.1K
Cap Rate 9%
$763,867
$763.9K
Market Conditions
NOI Build-Up for 6,472 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
$130.5K $20.16/SF
− Vacancy
−$5.5K −$0.85/SF
EGI
$125.0K $19.31/SF
− OpEx
−$56.2K −$8.69/SF
NOI
$68.7K $10.62/SF
Area
Waukesha County, WI
Vacancy
4.20%
Lease Rate
$20.16 /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%
$1,374,960
Cap Rate 7%
$982,114
Cap Rate 9%
$763,867
Alternative Uses
Best Use
Apartment 5plus
$982.1K
$859.4K – $1.15M
NOI $68,748 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$3.30M
$2.89M – $3.85M
NOI $231,218 @ 7.0% cap · market cap 22.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,997
Businesses Nearby
Explore this area
Business Placement
Demographics for 53186, WI
32,332
Population
15,066
Households
2.1
Avg Household Size
38
Median Age
39%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
2,566
Density / Sq Mi
$74,596
Median Household Income
$42,007
Median Earnings
$1,180
Median Rent
$277,800
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 - Concrete multifamily property with updated residences, tenant storage, shared laundry, and individually paid electric service.
Where is this apartment building located?
The property is located at 305 Maple Avenue Waukesha, WI.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 8‑unit apartment building totaling 6,472 square feet; One unit fully renovated; three additional units updated; Four remaining units described as being in good condition with longer‑term tenants
