8-Unit Brick Apartment
For Sale
$479,900
4810 North 66th Street, Milwaukee, WI 53218
One-story multifamily property with private baths, kitchen areas, storage units, laundry facilities, and on-site parking.
Property Size3,394 SF
Price / SF$141.40
Days on Market165
Property Features for 4810 North 66th Street
General Information
Standard status
Active
Size
3,394 SF
Total Parking Spaces
8
Property subtype
Multi-Family / Multi-Family
Net Operating Income
$23,383
Additional Details
Public Transit
Yes
Multifamily Units
8
Amenities
storage units
laundry area
Laundry Facilities, Block, Crawl Space, Yes
Low Maintenance Trim, Wood, Brick
Building Details
Year Built
1955
Buildings
1
Stories
1
Construction
brick
Listing Agency:
Homestead Realty, Inc
(414) 881-2340
Listed By:
Colleen M Prostek · License #48492-94
(414) 881-2340
Source:
Compass
Added: Mar 20
Changed: Aug 30
Last Checked: Aug 31 at 1:00AM
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 Homestead Realty, Inc
Investment Insights
Based on property information with market context.
This one-story, all-brick apartment building contains 8 units within 3,394 square feet. Built in 1955, the property includes private bathrooms, kitchen areas, combined living and sleeping spaces, separate locked storage units, and a dedicated laundry area. The building also features low-maintenance trim and a crawl space.
Eight outdoor parking spaces serve the property. Coin-operated laundry is provided through WASH service, with the washer and dryer equipment owned by the service provider. The property is within walking distance of a bank, health care facility, restaurants, and shopping, and is located near bus lines. Some tenants have occupied their units for extended periods.
Eight outdoor parking spaces serve the property. Coin-operated laundry is provided through WASH service, with the washer and dryer equipment owned by the service provider. The property is within walking distance of a bank, health care facility, restaurants, and shopping, and is located near bus lines. Some tenants have occupied their units for extended periods.
Key Highlights
- 8‑unit, one‑story apartment building with all‑brick construction
- 3,394‑square‑foot multifamily property built in 1955
- Private baths and kitchen areas in each unit
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
$32,285
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
6.73%
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%
$645,700
$645.7K
Cap Rate 7%
$461,214
$461.2K
Cap Rate 9%
$358,722
$358.7K
Market Conditions
NOI Build-Up for 3,394 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
$62.3K $18.36/SF
− Vacancy
−$3.6K −$1.06/SF
EGI
$58.7K $17.30/SF
− OpEx
−$26.4K −$7.78/SF
NOI
$32.3K $9.51/SF
Area
ZIP 53218
Vacancy
5.80%
Lease Rate
$18.36 /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%
$645,700
Cap Rate 7%
$461,214
Cap Rate 9%
$358,722
Alternative Uses
Best Use
Apartment 5plus
$461.2K
$403.6K – $538.1K
NOI $32,285 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.57M
$2.25M – $3.00M
NOI $180,086 @ 7.0% cap · market cap 37.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
448
Businesses Nearby
Explore this area
Business Placement
Demographics for 53218, WI
38,488
Population
15,971
Households
2.4
Avg Household Size
31
Median Age
10%
College-Educated
83%
High-School Grad
5.9 sq mi
ZIP Area
6,523
Density / Sq Mi
$42,207
Median Household Income
$33,622
Median Earnings
$1,034
Median Rent
$122,200
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 - One-story multifamily property with private baths, kitchen areas, storage units, laundry facilities, and on-site parking.
Where is this apartment building located?
The property is located at 4810 North 66th Street Milwaukee, WI.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: 8‑unit, one‑story apartment building with all‑brick construction; 3,394‑square‑foot multifamily property built in 1955; Private baths and kitchen areas in each unit
