Four-Unit
For Sale
$589,000
535 Merton Avenue, Hartland, WI 53029
The property contains two-bedroom, one-bath residences with practical layouts and individual kitchens.
Property Size4,356 SF
Price / SF$135.22
Days on Market167
Property Features for 535 Merton Avenue
General Information
Standard status
Active
Size
4,356 SF
Property subtype
Multi-Family / Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
yard
Crawl Space, Yes
Aluminum Siding, Brick
Building Details
Year Built
1972
Listing Agency:
Berkshire Hathaway HomeServices Metro Realty
(262) 439-8897
Listed By:
Chris L Slinker · License #56238-90
(262) 439-8897
Source:
Compass
Added: Mar 17
Changed: Aug 29
Last Checked: Aug 29 at 7:30PM
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 Berkshire Hathaway HomeServices Metro Realty
Investment Insights
Based on property information with market context.
Built in 1972, this 4,356-square-foot quadplex contains four residential units, each configured with two bedrooms and one bathroom. Interior features include practical kitchens, crawl space, and a combination of aluminum siding and brick construction. The property also includes a sizable yard.
Located at 535 Merton Avenue in Hartland, Wisconsin, the property offers access to local shops, parks, and major routes. Its four-unit configuration and consistent floor plans provide a straightforward multifamily layout for continued residential occupancy.
Located at 535 Merton Avenue in Hartland, Wisconsin, the property offers access to local shops, parks, and major routes. Its four-unit configuration and consistent floor plans provide a straightforward multifamily layout for continued residential occupancy.
Key Highlights
- Four residential units, each with 2 bedrooms and 1 bathroom
- 4,356 square feet of multifamily building area
- Built in 1972
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
$49,970
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
8.48%
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%
$999,400
$999.4K
Cap Rate 7%
$713,857
$713.9K
Cap Rate 9%
$555,222
$555.2K
Market Conditions
NOI Build-Up for 4,356 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
$74.7K $17.16/SF
− Vacancy
−$3.4K −$0.77/SF
EGI
$71.4K $16.39/SF
− OpEx
−$21.4K −$4.92/SF
NOI
$50.0K $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%
$999,400
Cap Rate 7%
$713,857
Cap Rate 9%
$555,222
Alternative Uses
Best Use
Multifamily LT 5
$713.9K
$624.6K – $832.8K
NOI $49,970 @ 7.0% cap · market cap 8.48%
Second Best
Apartment 5plus
$661.0K
$578.4K – $771.2K
NOI $46,271 @ 7.0% cap · market cap 7.86%
Theoretical Best
Flex RnD
$2.22M
$1.95M – $2.59M
NOI $155,622 @ 7.0% cap · market cap 26.42%
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
355
Businesses Nearby
Explore this area
Business Placement
Demographics for 53029, WI
21,239
Population
8,717
Households
2.4
Avg Household Size
43
Median Age
49%
College-Educated
98%
High-School Grad
37.6 sq mi
ZIP Area
565
Density / Sq Mi
$109,778
Median Household Income
$58,923
Median Earnings
$1,126
Median Rent
$449,800
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 - The property contains two-bedroom, one-bath residences with practical layouts and individual kitchens.
Where is this quadplex located?
The property is located at 535 Merton Avenue Hartland, WI.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Four residential units, each with 2 bedrooms and 1 bathroom; 4,356 square feet of multifamily building area; Built in 1972
