Three-Unit Residential Income
For Sale
$310,000
Pending
421 Central Avenue Unit 123&123 5, Waukesha, WI 53186
Three well-maintained units include two one-bedrooms and one two-bedroom with private tenant access and shared laundry/storage basement.
Property Size1,964 SF
Days on Market73
Property Features for 421 Central Avenue Unit 123&123 5
General Information
Standard status
Pending
Size
1,964 SF
Property subtype
Multi-Family / Multi-Family
Additional Details
Multifamily Units
3
Amenities
Laundry Facilities, Walk Out/Outer Door, Full, Yes
Stucco, Low Maintenance Trim, Vinyl, Wood
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Coldwell Banker HomeSale Realty - Wauwatosa
Listed By:
Martin Larson · License #46956-90
(262) 844-0067
Source:
Compass
Added: Jun 26
Changed: Aug 8
Last Checked: Jul 31 at 1:03PM
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 Coldwell Banker HomeSale Realty - Wauwatosa
Investment Insights
Based on property information with market context.
This three-unit residential income building offers two one-bedroom units and one two-bedroom unit. The property is described as cute and clean, with a well-maintained condition and many updates. A unique layout provides each tenant with private access while sharing a basement area that includes laundry and storage. Tenants are responsible for their own utilities, including water/sewer. The building is currently tenant occupied and was owner occupied for 9 years.
The asset is located in the heart of the Carroll U housing area, with nearby access to the public library and downtown restaurants, shops, and bars for entertainment.
The asset is located in the heart of the Carroll U housing area, with nearby access to the public library and downtown restaurants, shops, and bars for entertainment.
Key Highlights
- Three‑unit building with 2 one‑bedroom units and 1 two‑bedroom unit
- Unique layout provides each tenant with private access plus a shared basement area for laundry and storage
- Shared basement includes laundry facilities and a full walk‑out/outer door basement
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
$22,530
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
7.27%
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%
$450,600
$450.6K
Cap Rate 7%
$321,857
$321.9K
Cap Rate 9%
$250,333
$250.3K
Market Conditions
NOI Build-Up for 1,964 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
$33.7K $17.16/SF
− Vacancy
−$1.5K −$0.77/SF
EGI
$32.2K $16.39/SF
− OpEx
−$9.7K −$4.92/SF
NOI
$22.5K $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%
$450,600
Cap Rate 7%
$321,857
Cap Rate 9%
$250,333
Alternative Uses
Best Use
Multifamily LT 5
$321.9K
$281.6K – $375.5K
NOI $22,530 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$298.0K
$260.8K – $347.7K
NOI $20,862 @ 7.0% cap · market cap 6.73%
Theoretical Best
Flex RnD
$1.00M
$877.1K – $1.17M
NOI $70,166 @ 7.0% cap · market cap 22.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,781
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three well-maintained units include two one-bedrooms and one two-bedroom with private tenant access and shared laundry/storage basement.
Where is this triplex located?
The property is located at 421 Central Avenue Unit 123&123 5 Waukesha, WI.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Three‑unit building with 2 one‑bedroom units and 1 two‑bedroom unit; Unique layout provides each tenant with private access plus a shared basement area for laundry and storage; Shared basement includes laundry facilities and a full walk‑out/outer door basement
