Updated 12-Unit Apartment
New
For Sale
$1,050,000
3313 W Wells St, Milwaukee, WI 53208
Well-maintained multifamily property with varied apartment layouts, off-street parking, basement laundry, and building system updates.
Property Size9,675 SF
Price / SF$108.53
Days on Market2
Property Features for 3313 W Wells St
General Information
Standard status
Active
Size
9,675 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Units
Unit Mix
6 x 1BR, 3 x 1BR with dining room, 3 x 2BR with dining room
Multifamily Units
12
Amenities
basement coin laundry
Building Details
Year Built
1923
Buildings
1
Listing Agency:
Streamline Commercial Real Estate, LLC
Listed By:
Brian Gingrass · License #27088
(414) 839-5694
Source:
Nikolicgroup
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 2 at 2:13PM
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 Streamline Commercial Real Estate, LLC
Investment Insights
Based on property information with market context.
This 12-unit apartment building, constructed in 1923, includes six one-bedroom apartments, three one-bedroom units with dining rooms, and three two-bedroom units with dining rooms. Several units have been updated, while the property also includes basement coin-operated laundry and eight off-street parking spaces.
Building improvements include updated electrical service, a high-efficiency boiler, and a roof replaced in 2016. The property has been held by the same owner for nearly 25 years. Tenant access is subject to advance permission.
Building improvements include updated electrical service, a high-efficiency boiler, and a roof replaced in 2016. The property has been held by the same owner for nearly 25 years. Tenant access is subject to advance permission.
Key Highlights
- 12‑unit apartment building built in 1923
- Unit mix includes six 1‑bedrooms, three 1‑bedrooms with dining rooms, and three 2‑bedrooms with dining rooms
- Updated units, electrical system, and high‑efficiency boiler
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
$90,112
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
8.58%
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%
$1,802,240
$1.8M
Cap Rate 7%
$1,287,314
$1.3M
Cap Rate 9%
$1,001,244
$1.0M
Market Conditions
NOI Build-Up for 9,675 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
$170.7K $17.64/SF
− Vacancy
−$6.8K −$0.71/SF
EGI
$163.8K $16.93/SF
− OpEx
−$73.7K −$7.62/SF
NOI
$90.1K $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%
$1,802,240
Cap Rate 7%
$1,287,314
Cap Rate 9%
$1,001,244
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.50M
NOI $90,112 @ 7.0% cap · market cap 8.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,749 @ 7.0% cap · market cap 15.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
Explore this area
Business Placement
Demographics for 53208, WI
29,644
Population
13,778
Households
2.2
Avg Household Size
33
Median Age
31%
College-Educated
89%
High-School Grad
4.2 sq mi
ZIP Area
7,058
Density / Sq Mi
$50,585
Median Household Income
$40,729
Median Earnings
$924
Median Rent
$196,300
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 - Well-maintained multifamily property with varied apartment layouts, off-street parking, basement laundry, and building system updates.
Where is this apartment building located?
The property is located at 3313 W Wells St Milwaukee, 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: 12‑unit apartment building built in 1923; Unit mix includes six 1‑bedrooms, three 1‑bedrooms with dining rooms, and three 2‑bedrooms with dining rooms; Updated units, electrical system, and high‑efficiency boiler
