Renovated Quadplex with Modern
For Sale
$749,900
4125 West Morgan Avenue, Milwaukee, WI 53221
Updated four-unit property with refreshed building systems and one occupied residence.
Property Size3,920 SF
Price / SF$191.30
Days on Market209
Property Features for 4125 West Morgan Avenue
General Information
Standard status
Active
Size
3,920 SF
Property subtype
Multi-Family / Multi-Family
Additional Details
Multifamily Units
4
Amenities
Laundry Facilities, Full, Yes
Brick
Building Details
Year Built
1955
Listing Agency:
Keller Williams-MNS Wauwatosa
(414) 719-8177
Listed By:
Jessica M Hinnawi · License #81169-94
(414) 719-8177
Source:
Compass
Added: Feb 5
Changed: Aug 29
Last Checked: Aug 29 at 9:59PM
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 Keller Williams-MNS Wauwatosa
Investment Insights
Based on property information with market context.
This four-unit residential income property in Milwaukee was built in 1955 and contains 3,920 square feet. The building has undergone comprehensive renovation, including kitchens, bathrooms, LVP flooring, appliances, mechanical systems, siding, roofing, and windows. Modern interior finishes and full laundry facilities are included, along with brick construction noted among the property features.
One residence is currently occupied, while the remaining three units are vacant. The property is offered with a mix of immediate occupancy and additional unit availability for an investor or owner-occupant. Its location is 4125 West Morgan Avenue, Milwaukee, WI 53221.
One residence is currently occupied, while the remaining three units are vacant. The property is offered with a mix of immediate occupancy and additional unit availability for an investor or owner-occupant. Its location is 4125 West Morgan Avenue, Milwaukee, WI 53221.
Key Highlights
- Four‑unit quadplex with 3,920 square feet
- Renovated kitchens, bathrooms, appliances, mechanicals, siding, roof, and windows
- LVP flooring and modern finishes throughout
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
$42,008
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
5.60%
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%
$840,160
$840.2K
Cap Rate 7%
$600,114
$600.1K
Cap Rate 9%
$466,756
$466.8K
Market Conditions
NOI Build-Up for 3,920 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
$63.5K $16.20/SF
− Vacancy
−$3.5K −$0.89/SF
EGI
$60.0K $15.31/SF
− OpEx
−$18.0K −$4.59/SF
NOI
$42.0K $10.72/SF
Area
ZIP 53221
Vacancy
5.50%
Lease Rate
$16.20 /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%
$840,160
Cap Rate 7%
$600,114
Cap Rate 9%
$466,756
Alternative Uses
Best Use
Multifamily LT 5
$600.1K
$525.1K – $700.1K
NOI $42,008 @ 7.0% cap · market cap 5.60%
Second Best
Apartment 5plus
$532.7K
$466.1K – $621.5K
NOI $37,288 @ 7.0% cap · market cap 4.97%
Theoretical Best
Warehouse
$2.97M
$2.60M – $3.47M
NOI $207,996 @ 7.0% cap · market cap 27.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
374
Businesses Nearby
Explore this area
Business Placement
Demographics for 53221, WI
39,560
Population
17,126
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
9.0 sq mi
ZIP Area
4,396
Density / Sq Mi
$61,640
Median Household Income
$41,430
Median Earnings
$1,071
Median Rent
$205,500
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?
Quadplex - Updated four-unit property with refreshed building systems and one occupied residence.
Where is this quadplex located?
The property is located at 4125 West Morgan Avenue Milwaukee, WI.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Four‑unit quadplex with 3,920 square feet; Renovated kitchens, bathrooms, appliances, mechanicals, siding, roof, and windows; LVP flooring and modern finishes throughout
