Updated Four-Unit Townhome
For Sale
$870,000
8324 W Morgan Ave, Milwaukee, WI 53220
Four well-sized townhouse units are updated in recent years and currently fully occupied.
Property Size4,647 SF
Price / SF$187.22
Days on Market124
Property Features for 8324 W Morgan Ave
General Information
Standard status
Active
Size
4,647 SF
Property subtype
Multi-Family
Building Details
Year Built
1978
Listing Agency:
Harbin Realty Management LLC
Listed By:
Guangfu Jia · License #5737090
(414) 921-8299
Source:
Homesinwisconsin
Added: May 8
Changed: Sep 8
Last Checked: Sep 7 at 12:10PM
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 Harbin Realty Management LLC
Investment Insights
Based on property information with market context.
This four-unit townhouse property includes four well-sized residential units, each described as updated in recent years. The offering is currently fully occupied, providing consistent in-place tenancy at the time of listing.
The property is located on the south side of Milwaukee, WI, at 8324 West Morgan Avenue (unit listing shown as Unit 8330).
As a multifamily residential income asset, the building’s current configuration is a quadplex-style townhouse setup with all units maintained through recent updates, and it is presented as fully leased.
The property is located on the south side of Milwaukee, WI, at 8324 West Morgan Avenue (unit listing shown as Unit 8330).
As a multifamily residential income asset, the building’s current configuration is a quadplex-style townhouse setup with all units maintained through recent updates, and it is presented as fully leased.
Key Highlights
- Four well‑sized townhouse units in South Milwaukee
- All units have been updated in recent years
- Property is currently fully occupied
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
$46,744
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
5.37%
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%
$934,880
$934.9K
Cap Rate 7%
$667,771
$667.8K
Cap Rate 9%
$519,378
$519.4K
Market Conditions
NOI Build-Up for 4,647 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
$69.7K $15.00/SF
− Vacancy
−$2.9K −$0.63/SF
EGI
$66.8K $14.37/SF
− OpEx
−$20.0K −$4.31/SF
NOI
$46.7K $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%
$934,880
Cap Rate 7%
$667,771
Cap Rate 9%
$519,378
Alternative Uses
Best Use
Multifamily LT 5
$667.8K
$584.3K – $779.1K
NOI $46,744 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$618.3K
$541.0K – $721.4K
NOI $43,282 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$1.12M
$977.1K – $1.30M
NOI $78,170 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
403
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 - Four well-sized townhouse units are updated in recent years and currently fully occupied.
Where is this quadplex located?
The property is located at 8324 W Morgan Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $870,000.
What are key features of this property?
This property features: Four well‑sized townhouse units in South Milwaukee; All units have been updated in recent years; Property is currently fully occupied
