18-Unit Multifamily
For Sale
$2,100,000
402 Wisconsin Ave, Waukesha, WI 53186
Three buildings combine classic and updated apartments, with on-site parking and several private entrances.
Property Size13,353 SF
Price / SF$157.27
Days on Market35
Property Features for 402 Wisconsin Ave
General Information
Standard status
Active
Size
13,353 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
18
Building Details
Year Built
1900
Buildings
3
Tenancy
Multi
Listing Agency:
Shorewest Realtors, Inc.
Listed By:
Alan Alteri PropertyInfo@shorewest.com
Source:
Homesinwisconsin
Added: Sep 16
Changed: Oct 19
Last Checked: Oct 19 at 2:30PM
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 Shorewest Realtors, Inc.
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Investment Insights
Based on property information with market context.
This multifamily property brings together three buildings on one parcel: a 12-unit historic building, a four-family building, and a duplex. The 18 apartments include a mix of updated and classic interiors; several have private entrances. All units are occupied. Six units have separate utilities, and a concrete driveway provides 12 parking spaces. The property was built in 1900.
At 402 Wisconsin Ave in Waukesha, the property is across from Cutler Park and next to downtown, where shopping, restaurants, and entertainment are located.
At 402 Wisconsin Ave in Waukesha, the property is across from Cutler Park and next to downtown, where shopping, restaurants, and entertainment are located.
Key Highlights
- Three buildings on one parcel with 18 units total
- Includes a historic 12‑unit building, a four‑family building, and a duplex
- All units occupied; six have separate utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$153,178
Cap Rate
7.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,063,560
$3.1M
Cap Rate 7%
$2,188,257
$2.2M
Cap Rate 9%
$1,701,978
$1.7M
Market Conditions
NOI Build-Up for 13,353 SF
Gross rent
$229.1K $17.16/SF
− Vacancy
−$10.3K −$0.77/SF
EGI
$218.8K $16.39/SF
− OpEx
−$65.6K −$4.92/SF
NOI
$153.2K $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 Rate 5%
$3,063,560
Cap Rate 7%
$2,188,257
Cap Rate 9%
$1,701,978
Alternative Uses
Best Use
Multifamily LT 5
$2.19M
$1.91M – $2.55M
NOI $153,178 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$2.03M
$1.77M – $2.36M
NOI $141,840 @ 7.0% cap · market cap 6.75%
Theoretical Best
Flex RnD
$6.81M
$5.96M – $7.95M
NOI $477,049 @ 7.0% cap · market cap 22.72%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
18
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,051
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Residential income property - Three buildings combine classic and updated apartments, with on-site parking and several private entrances.
Where is this residential income property located?
The property is located at 402 Wisconsin Ave Waukesha, WI.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Three buildings on one parcel with 18 units total; Includes a historic 12‑unit building, a four‑family building, and a duplex; All units occupied; six have separate utilities
