Well-Maintained 4-Unit Apartment
6823 West Wedgewood Drive Milwaukee, WI 53220
6823 West Wedgewood Drive, Milwaukee, WI, 53220
$549,900
For Sale
$549,900
Turnkey 4-unit multifamily property with central air, basement laundry, and recent exterior and site improvements.
Property Size3,251 SF
Price / SF$169.15
Days on Market32
Property Features for 6823 West Wedgewood Drive
General Information
- Standard status
- Active
- Size
- 3,251 SF
- Property subtype
- Multi-Family / Multi-Family
Building Details
- Year Built
- 1957
Listing agency
RE/MAX Newport
(262) 977-6869
Listed by
Milan Filipovic · License #86370-94
(262) 977-6869
Source
Compass
Added: Jun 21 Updated: Jul 21 at 5:42PM Checked: Jul 21 at 5:42PM
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 RE/MAX Newport
Investment Insights
Based on property information with market context.
This well-maintained four-unit apartment building is offered as a turnkey investment. The property includes central air, a basement laundry area with individual storage lockers, and a freshly painted Unit 1 with new carpeting. Recent updates include a new roof, replacement interior windows in 2009 while retaining original exterior storm windows, and a new driveway and garage floor in 2011.
Additional improvements and amenities include a detached three-car garage, helping support on-site parking and storage needs.
The building’s overall condition reflects ongoing care and pride of ownership, with upgrades focused on both the exterior envelope and day-to-day functionality for residents.
Additional improvements and amenities include a detached three-car garage, helping support on-site parking and storage needs.
The building’s overall condition reflects ongoing care and pride of ownership, with upgrades focused on both the exterior envelope and day-to-day functionality for residents.
Key Highlights
- Well‑maintained 4‑unit apartment building built in 1957
- Recent exterior/site upgrades: new roof, replacement interior windows (2009), and new driveway plus garage floor (2011)
- Central air and aluminum siding/brick construction
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $48.8k | $15.00 |
| − Vacancy | −$2.0k | −$0.63 |
| EGI | $46.7k | $14.37 |
| − OpEx | −$14.0k | −$4.31 |
| NOI | $32.7k | $10.06 |
3,251 SF · lease $15.00/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$467.2K
$408.8K – $545.0K
NOI $32,702 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$432.6K
$378.5K – $504.7K
NOI $30,280 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$781.2K
$683.6K – $911.5K
NOI $54,687 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Turnkey 4-unit multifamily property with central air, basement laundry, and recent exterior and site improvements.
Where is this quadplex located?
The property is located at 6823 West Wedgewood Drive Milwaukee, WI.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Well‑maintained 4‑unit apartment building built in 1957; Recent exterior/site upgrades: new roof, replacement interior windows (2009), and new driveway plus garage floor (2011); Central air and aluminum siding/brick construction
