Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Multifamily Property Investment Opportunity Title is generated by Realmo AI

    818 Milwaukee Avenue, South Milwaukee, WI 53172

    View on Map
    Claim this Listing
    For Sale
    $449,500

    Five-unit multifamily property with updated units and additional lot.

    Type:Multi-Family / Multi-Family
    Property size:
    3,437 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $130/SF
    Added:
    May 12, 2026
    Days on Market:
    20
    Last Refresh:
    May 15 at 10:21 pm

    Property Features for 818 Milwaukee Avenue

    General Information

    Standard status
    Active
    Size
    3,437 SF
    Lot size
    0.25 Acres
    Property subtype
    Multi-Family / Multi-Family

    Building Details

    Year Built
    1910

    We can help!

    Listing Contact
    Alex Fernhaber

    Listing agent Alex Fernhaber License #59528-90

    Listing office Jason Scott Realty & Management, LLC

    Listing date May 12, 2026

    Source Compass

    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 Jason Scott Realty & Management, LLC

    HighLights

    • 5‑unit multifamily property with 4 fully rehabbed units.
    • Generates $4,345/month in rent.
    • Includes neighboring lot, totaling approximately 1/4 acre.
    • Unit mix includes four 2‑bedroom units.
    • Features a 2‑car detached garage with additional off‑street parking.
    • One unit features a private basement and eat‑in kitchen.

    Overview

    This multifamily property presents an investment opportunity, featuring five units. Four of the units have been fully renovated with updated kitchen cabinets, countertops, flooring, and tiled bathrooms. These units also feature high ceilings. The unit mix includes four 2-bedroom units and one 1-bedroom unit. One of the units, which can be configured as either a one or two-bedroom, retains its original character and includes a private basement and eat-in kitchen. The property includes a 2-car detached garage and additional off-street parking. The property generates $4,345 per month in rent. The sale includes the neighboring lot, bringing the total land area to approximately 1/4 acre. The property is located in South Milwaukee.

    Local Financial Insights For Apartment 5plus

    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 $63.1k $18.36
    − Vacancy −$3.3k −$0.95
    EGI $59.8k $17.41
    − OpEx −$26.9k −$7.83
    NOI $32.9k $9.57
    3,437 SF · lease $18.36/SF/yr · vacancy 5.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $470.0K
    $411.3K – $548.4K (±1% cap)
    NOI $32,902 @ 7.0% cap · market cap 7.32%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $815.0K
    $713.2K – $950.9K (±1% cap)
    NOI $57,053 @ 7.0% cap · market cap 12.69%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Global Village Extra (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.8580039
    Latitude
    42.9108529

    Nearby Similar for Sale

    • $319,900

      Updated Duplex in South Milwaukee

      Updated duplex near Grant Park, ideal for owner-occupants or investors.
      729 Montana Ave, South Milwaukee, WI 53172
      View Details
    • $269,900

      Charming Duplex in South Milwaukee

      Well-maintained duplex with updated features and convenient location.
      1310 Monroe Ave, South Milwaukee, WI 53172
      View Details
    • $434,500
      1,800 SF

      Custom Built Duplex For Sale

      Custom 3/3 duplex with updated features and fenced backyard.
      1803 Maple St, South Milwaukee, WI 53172
      View Details
    • $299,900

      Lakefront Duplex in South Milwaukee

      Duplex near Lake Michigan with income-generating potential.
      2700 3rd Ave, South Milwaukee, WI 53172
      View Details
    • $190,000

      South Milwaukee Triplex Opportunity

      Three-family property with investment potential in South Milwaukee.
      1116 N Chicago Ave, South Milwaukee, WI 53172
      View Details

    FAQs

    What type of property is this?
    Apartment building - Five-unit multifamily property with updated units and additional lot.
    Where is this apartment building located?
    The property is located at 818 Milwaukee Avenue South Milwaukee, WI.
    What is the asking price?
    The asking price for this property is $449,500.
    What are key features of this property?
    This property features: 5‑unit multifamily property with **4 fully rehabbed units**.; Generates **$4,345/month in rent**.; Includes neighboring lot, totaling approximately 1/4 acre.
    (414) 465-9343
    We can help!
    Listing Contact
    Alex Fernhaber
    Real Estate License ID: 59528-90
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    818 Milwaukee Avenue, South Milwaukee, WI 53172
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!