Well-Maintained 4-Unit Apartment
For Sale
$549,900
Pending
6823 West Wedgewood Drive, Milwaukee, WI 53220
Turnkey 4-unit multifamily property with central air, basement laundry, and recent exterior and site improvements.
Property Size3,251 SF
Days on Market77
Property Features for 6823 West Wedgewood Drive
General Information
Standard status
Pending
Size
3,251 SF
Property subtype
Multi-Family / Multi-Family
Additional Details
Multifamily Units
4
Amenities
central air
detached 3-car garage
basement laundry area with individual storage lockers
Laundry Facilities, Block, Full, Yes
Aluminum Siding, Brick
Building Details
Year Built
1957
Tenancy
Multi
Listing Agency:
RE/MAX Newport
Listed By:
Milan Filipovic · License #86370-94
(262) 977-6869
Source:
Compass
Added: Jun 21
Changed: Aug 8
Last Checked: Jul 29 at 2:37PM
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
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
$32,702
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
5.95%
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%
$654,040
$654.0K
Cap Rate 7%
$467,171
$467.2K
Cap Rate 9%
$363,356
$363.4K
Market Conditions
NOI Build-Up for 3,251 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
$48.8K $15.00/SF
− Vacancy
−$2.0K −$0.63/SF
EGI
$46.7K $14.37/SF
− OpEx
−$14.0K −$4.31/SF
NOI
$32.7K $10.06/SF
Area
Milwaukee, WI
Vacancy
4.20%
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%
$654,040
Cap Rate 7%
$467,171
Cap Rate 9%
$363,356
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
323
Businesses Nearby
Explore this area
Business Placement
Demographics for 53220, WI
26,869
Population
12,547
Households
2.1
Avg Household Size
40
Median Age
27%
College-Educated
93%
High-School Grad
5.6 sq mi
ZIP Area
4,798
Density / Sq Mi
$69,301
Median Household Income
$47,844
Median Earnings
$1,063
Median Rent
$218,800
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 - 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
