Four-Unit Property with
For Sale
$500,000
340 Frame Avenue, Waukesha, WI 53186
Residential income property with maintained units, shared garage capacity, and secured storage above.
Property Size2,650 SF
Price / SF$188.68
Days on Market308
Property Features for 340 Frame Avenue
General Information
Standard status
Active
Size
2,650 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Multi-Family
Net Operating Income
$28,900
Additional Details
Multifamily Units
4
Amenities
Full, Yes
Low Maintenance Trim, Vinyl, Wood
Building Details
Year Built
1952
Tenancy
Multi
Listing Agency:
Realty Executives Integrity~Brookfield
(414) 881-1380
Listed By:
Timothy J Abrahamson · License #38228-90
(414) 881-1380
Source:
Compass
Added: Oct 26, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:33PM
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 Realty Executives Integrity~Brookfield
Investment Insights
Based on property information with market context.
This four-unit residential income property was built in 1952 and offers 2,650 square feet of property size. The building includes four garage spaces, along with a secured storage area on the garage’s second floor. Interior details include low-maintenance vinyl and wood trim.
The units are described as clean and well maintained, with long-term tenants in place. Located in Waukesha, the property is situated within a residential neighborhood and combines multiple residential units with substantial garage and storage functionality.
The units are described as clean and well maintained, with long-term tenants in place. Located in Waukesha, the property is situated within a residential neighborhood and combines multiple residential units with substantial garage and storage functionality.
Key Highlights
- Four residential units in a single property
- Four‑car garage with secured second‑floor storage
- 2,650 square feet of property size
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
$30,399
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
6.08%
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%
$607,980
$608.0K
Cap Rate 7%
$434,271
$434.3K
Cap Rate 9%
$337,767
$337.8K
Market Conditions
NOI Build-Up for 2,650 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
$45.5K $17.16/SF
− Vacancy
−$2.0K −$0.77/SF
EGI
$43.4K $16.39/SF
− OpEx
−$13.0K −$4.92/SF
NOI
$30.4K $11.47/SF
Area
Waukesha County, WI
Vacancy
4.50%
Lease Rate
$17.16 /SF/Yr
Expense Ratio
30.00%
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%
$607,980
Cap Rate 7%
$434,271
Cap Rate 9%
$337,767
Alternative Uses
Best Use
Multifamily LT 5
$434.3K
$380.0K – $506.7K
NOI $30,399 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$402.1K
$351.9K – $469.2K
NOI $28,149 @ 7.0% cap · market cap 5.63%
Theoretical Best
Flex RnD
$1.35M
$1.18M – $1.58M
NOI $94,674 @ 7.0% cap · market cap 18.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
462
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?
Quadplex - Residential income property with maintained units, shared garage capacity, and secured storage above.
Where is this quadplex located?
The property is located at 340 Frame Avenue Waukesha, WI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Four residential units in a single property; Four‑car garage with secured second‑floor storage; 2,650 square feet of property size
