Renovated Brick
For Sale
$597,900
5633 West Oklahoma Avenue, Milwaukee, WI 53219
Four updated apartments include appliances, basement laundry, and private tenant storage.
Property Size3,654 SF
Price / SF$163.63
Days on Market148
Property Features for 5633 West Oklahoma Avenue
General Information
Standard status
Active
Size
3,654 SF
Property subtype
Multi-Family / Multi-Family
Net Operating Income
$46,857
Units
Unit Mix
2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Amenities
laundry
storage
Laundry Facilities, Block, Full, Yes
Brick
Building Details
Year Built
1958
Listing Agency:
Park 22 Real Estate
(414) 339-6078
Listed By:
Luke Salmon · License #59039-90
(414) 339-6078
Source:
Compass
Added: Apr 8
Changed: Sep 2
Last Checked: Aug 30 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 Park 22 Real Estate
Investment Insights
Based on property information with market context.
This brick quadplex at 5633 West Oklahoma Avenue contains four apartments: two two-bedroom, one-bath units and two one-bedroom, one-bath units. Interior improvements include refreshed kitchens and bathrooms, new countertops, LVP flooring, refinished hardwood floors, and replacement windows. Appliances remain with the property.
The full basement provides laundry facilities and four private storage lockers for each tenant. A three-car garage and additional off-street parking serve the building. Newer furnaces, hot water heaters, and a roof are also in place. Built in 1958, the property contains 3,654 square feet and is located minutes from St. Luke's Hospital in Milwaukee.
The full basement provides laundry facilities and four private storage lockers for each tenant. A three-car garage and additional off-street parking serve the building. Newer furnaces, hot water heaters, and a roof are also in place. Built in 1958, the property contains 3,654 square feet and is located minutes from St. Luke's Hospital in Milwaukee.
Key Highlights
- Four‑unit configuration with two 2‑bed/1‑bath apartments and two 1‑bed/1‑bath apartments
- 3,654 SF brick building constructed in 1958
- Renovated kitchens and baths with new countertops, LVP flooring, refinished hardwood floors, and new windows
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
$36,640
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
6.13%
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%
$732,800
$732.8K
Cap Rate 7%
$523,429
$523.4K
Cap Rate 9%
$407,111
$407.1K
Market Conditions
NOI Build-Up for 3,654 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
$54.8K $15.00/SF
− Vacancy
−$2.5K −$0.68/SF
EGI
$52.3K $14.33/SF
− OpEx
−$15.7K −$4.30/SF
NOI
$36.6K $10.03/SF
Area
ZIP 53219
Vacancy
4.50%
Lease Rate
$15.00 /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%
$732,800
Cap Rate 7%
$523,429
Cap Rate 9%
$407,111
Alternative Uses
Best Use
Multifamily LT 5
$523.4K
$458.0K – $610.7K
NOI $36,640 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$468.7K
$410.1K – $546.8K
NOI $32,807 @ 7.0% cap · market cap 5.49%
Theoretical Best
Office A
$878.1K
$768.3K – $1.02M
NOI $61,466 @ 7.0% cap · market cap 10.28%
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
322
Businesses Nearby
Explore this area
Business Placement
Demographics for 53219, WI
34,925
Population
15,661
Households
2.2
Avg Household Size
38
Median Age
26%
College-Educated
90%
High-School Grad
5.0 sq mi
ZIP Area
6,985
Density / Sq Mi
$70,998
Median Household Income
$43,223
Median Earnings
$971
Median Rent
$190,300
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 - Four updated apartments include appliances, basement laundry, and private tenant storage.
Where is this quadplex located?
The property is located at 5633 West Oklahoma Avenue Milwaukee, WI.
What is the asking price?
The asking price for this property is $597,900.
What are key features of this property?
This property features: Four‑unit configuration with two 2‑bed/1‑bath apartments and two 1‑bed/1‑bath apartments; 3,654 SF brick building constructed in 1958; Renovated kitchens and baths with new countertops, LVP flooring, refinished hardwood floors, and new windows
