Brick 4-Unit Residential Income
For Sale
$553,000
7328 W Honey Creek Dr, Milwaukee, WI 53219
Milwaukee, WI
Property Size4,000 SF
Lot Size0.23 Acres
Price / SF$138.25
Days on Market55
Property Features for 7328 W Honey Creek Dr
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Elementary school district
Milwaukee
Middle school district
Milwaukee
High school district
Milwaukee
Directions
I-41 South to Oklahoma Ave East; Right on 76th Left on Honey Creek Dr
Standard status
Active
APN
5281115000
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9854
Building Details
Year built
1959
Listing Agency:
Realty Executives Integrity~Brookfield · Realty Executives International
(262) 783-7080
Listed By:
Jim Geracie · License #2442990
(262) 901-0825
Added: Jun 29
Changed: Aug 19
Last Checked: Aug 22 at 5:06AM
MLS# 1969538
Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick four-unit residential income property is reported by the city to total over 4,000 square feet. The building features large, spacious apartments with oversized kitchens that include built-in cooktops and ovens, along with built-in china cabinets. Bathrooms are ceramic tiled, supporting a durable, clean-finished interior. For mechanicals, the property includes high-efficiency furnaces, with one central A/C unit to serve the building. Exterior and maintenance items include aluminum soffit and fascia, with the overall low-maintenance brick construction intended for long-term ownership.
The property is located at 7328 W Honey Creek Dr in Milwaukee, Wisconsin. The site sits on a 0.23-acre lot and includes a 3.5-car garage with a side driveway, providing dedicated parking and straightforward access for residents.
For buyers seeking a residential rental setup or an owner-occupant option, this configuration offers four separate units within one low-maintenance, brick building. The combination of built-in kitchen features, ceramic tile baths, and established heating and cooling infrastructure may appeal to tenants looking for comfortable living spaces while giving owners a practical, turnkey framework for day-to-day operation.
The property is located at 7328 W Honey Creek Dr in Milwaukee, Wisconsin. The site sits on a 0.23-acre lot and includes a 3.5-car garage with a side driveway, providing dedicated parking and straightforward access for residents.
For buyers seeking a residential rental setup or an owner-occupant option, this configuration offers four separate units within one low-maintenance, brick building. The combination of built-in kitchen features, ceramic tile baths, and established heating and cooling infrastructure may appeal to tenants looking for comfortable living spaces while giving owners a practical, turnkey framework for day-to-day operation.
Key Highlights
- Brick 4‑family building built in 1959 with approximately 4,000+ SF per city
- 3.5‑car garage with a side driveway
- Each unit features large kitchens with built‑in cooktops and ovens, plus built‑in china cabinets
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
$40,110
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
7.25%
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%
$802,200
$802.2K
Cap Rate 7%
$573,000
$573.0K
Cap Rate 9%
$445,667
$445.7K
Market Conditions
NOI Build-Up for 4,000 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
$60.0K $15.00/SF
− Vacancy
−$2.7K −$0.68/SF
EGI
$57.3K $14.33/SF
− OpEx
−$17.2K −$4.30/SF
NOI
$40.1K $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%
$802,200
Cap Rate 7%
$573,000
Cap Rate 9%
$445,667
Alternative Uses
Best Use
Multifamily LT 5
$573.0K
$501.4K – $668.5K
NOI $40,110 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$513.1K
$448.9K – $598.6K
NOI $35,914 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$961.2K
$841.1K – $1.12M
NOI $67,286 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
227
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Brick fourplex with spacious units, ceramic tiled baths, and a 3.5-car garage with side driveway.
Where is this quadplex located?
The property is located at 7328 W Honey Creek Dr Milwaukee, WI.
What is the asking price?
The asking price for this property is $553,000.
What are key features of this property?
This property features: Brick 4‑family building built in 1959 with approximately 4,000+ SF per city; 3.5‑car garage with a side driveway; Each unit features large kitchens with built‑in cooktops and ovens, plus built‑in china cabinets
