6-Unit Apartment
For Sale
$599,000
816 East Clarke Street, Milwaukee, WI 53212
Fully occupied multifamily property with varied unit layouts, on-site laundry, and surface parking.
Property Size3,484 SF
Price / SF$171.93
Days on Market326
Property Features for 816 East Clarke Street
General Information
Standard status
Active
Size
3,484 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Multi-Family
Occupancy
100%
Net Operating Income
$55,300
Units
Unit Mix
4 x 2BR, 1 x 1BR, 1 x studio
Multifamily Units
6
Amenities
Laundry Facilities, Full, Yes
Vinyl
Building Details
Year Built
1885
Buildings
1
Listing Agency:
Coldwell Banker Realty
(414) 510-1002
Listed By:
Ashley Haut · License #78137-94
(414) 510-1002
Source:
Compass
Added: Oct 12, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:48PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 6-unit apartment building offers a mix of four two-bedroom units, one one-bedroom unit, and one studio across 3,484 square feet. The property includes full laundry facilities, vinyl interior features, and two surface parking spots. Built in 1885, the building has a new roof completed in 2025 and new vinyl windows.
Located at 816 East Clarke Street in Milwaukee, the property provides a compact multifamily configuration with a range of unit sizes suited to different household needs. Current occupancy is full.
Located at 816 East Clarke Street in Milwaukee, the property provides a compact multifamily configuration with a range of unit sizes suited to different household needs. Current occupancy is full.
Key Highlights
- Six‑unit apartment building with four two‑bedroom units, one one‑bedroom unit, and one studio
- 3,484‑square‑foot building constructed in 1885
- Fully occupied multifamily property
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
$32,450
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
5.42%
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%
$649,000
$649.0K
Cap Rate 7%
$463,571
$463.6K
Cap Rate 9%
$360,556
$360.6K
Market Conditions
NOI Build-Up for 3,484 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
$61.5K $17.64/SF
− Vacancy
−$2.5K −$0.71/SF
EGI
$59.0K $16.93/SF
− OpEx
−$26.5K −$7.62/SF
NOI
$32.4K $9.31/SF
Area
Milwaukee, WI
Vacancy
4.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$649,000
Cap Rate 7%
$463,571
Cap Rate 9%
$360,556
Alternative Uses
Best Use
Apartment 5plus
$463.6K
$405.6K – $540.8K
NOI $32,450 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$837.2K
$732.6K – $976.8K
NOI $58,606 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
Explore this area
Business Placement
Demographics for 53212, WI
28,702
Population
15,749
Households
1.8
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
7,000
Density / Sq Mi
$42,679
Median Household Income
$36,578
Median Earnings
$1,038
Median Rent
$204,300
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?
Apartment building - Fully occupied multifamily property with varied unit layouts, on-site laundry, and surface parking.
Where is this apartment building located?
The property is located at 816 East Clarke Street Milwaukee, WI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Six‑unit apartment building with four two‑bedroom units, one one‑bedroom unit, and one studio; 3,484‑square‑foot building constructed in 1885; Fully occupied multifamily property
