Updated 4-Unit
For Sale
$870,000
8324 W Morgan Ave, Milwaukee, WI 53220
Four townhouse units are fully occupied and have received updates in recent years.
Property Size4,647 SF
Price / SF$187.22
Days on Market42
Property Features for 8324 W Morgan Ave
General Information
Standard status
Active
Size
4,647 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1978
Listing Agency:
Harbin Realty Management LLC
(414) 921-8299
Listed By:
Guangfu Jia · License #5737090
Source:
Nikolicgroup
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 5:15AM
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.
Built in 1978, this quadplex contains four townhouse units within 4,647 square feet. Each residence has been updated in recent years, and the property is fully occupied. The building is located at 8324 W Morgan Ave in Milwaukee’s south side, providing a four-unit residential income configuration in an established city setting.
Key Highlights
- Four townhouse units in one quadplex
- 4,647 square feet
- Units updated in recent years
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
Lease Details
4
Residential units
100%
Occupancy
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 townhouse units are fully occupied and have received updates in recent years.
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 townhouse units in one quadplex; 4,647 square feet; Units updated in recent years
