8-Unit Apartment
For Sale
$349,900
924 S 19th St, Milwaukee, WI 53204
Property offers a mixed residential layout with basement laundry, individual storage, parking, and access to public transit.
Property Size3,204 SF
Days on Market118
Property Features for 924 S 19th St
General Information
Standard status
Active
Size
3,204 SF
Property subtype
Multi Family Home
Units
Unit Mix
2 x 1BR, 6 x rooming house unit
Multifamily Units
8
Additional Details
Public Transit
Yes
Amenities
range/oven
refrigerator
shared bathroom
coin-operated laundry
storage lockers
unfinished attic
Building Details
Building Size
3,204 SF
Year Built
1902
Buildings
1
Listing Agency:
First Weber Inc - Delafield
(262) 391-2590
Listed By:
Steve Demakopoulos
(262) 391-2590
Source:
Therealtycompanyllc
Added: Apr 17
Changed: Aug 11
Last Checked: Aug 12 at 12:33PM
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 First Weber Inc - Delafield
Investment Insights
Based on property information with market context.
Built in 1902, this 8-unit apartment property combines two 1-bedroom residences on the main floor with six upper-level rooming units. The rooming-house configuration includes individual ranges/ovens and refrigerators, along with shared bathroom access. An unfinished attic provides additional interior space, while the basement contains coin-operated laundry facilities and storage lockers assigned to each unit.
Utilities are included with the property. Parking is available both off street and along the street. The building sits on a transit line near Mitchell Park Conservatory and local dining, adding convenient access to nearby recreation, food service, and transportation options.
Utilities are included with the property. Parking is available both off street and along the street. The building sits on a transit line near Mitchell Park Conservatory and local dining, adding convenient access to nearby recreation, food service, and transportation options.
Key Highlights
- 8‑unit property with two 1‑bedroom main‑floor units and 6 upper‑level rooming units
- Built in 1902 with an unfinished attic and basement laundry area
- Upper‑level units include individual ranges/ovens and refrigerators with shared bathroom access
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
$29,842
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
8.53%
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%
$596,840
$596.8K
Cap Rate 7%
$426,314
$426.3K
Cap Rate 9%
$331,578
$331.6K
Market Conditions
NOI Build-Up for 3,204 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
$56.5K $17.64/SF
− Vacancy
−$2.3K −$0.71/SF
EGI
$54.3K $16.93/SF
− OpEx
−$24.4K −$7.62/SF
NOI
$29.8K $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%
$596,840
Cap Rate 7%
$426,314
Cap Rate 9%
$331,578
Alternative Uses
Best Use
Apartment 5plus
$426.3K
$373.0K – $497.4K
NOI $29,842 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$769.9K
$673.7K – $898.3K
NOI $53,896 @ 7.0% cap · market cap 15.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
949
Businesses Nearby
Explore this area
Business Placement
Demographics for 53204, WI
39,728
Population
14,979
Households
2.7
Avg Household Size
29
Median Age
15%
College-Educated
65%
High-School Grad
3.2 sq mi
ZIP Area
12,415
Density / Sq Mi
$43,645
Median Household Income
$30,906
Median Earnings
$964
Median Rent
$106,000
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 - Property offers a mixed residential layout with basement laundry, individual storage, parking, and access to public transit.
Where is this apartment building located?
The property is located at 924 S 19th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 8‑unit property with two 1‑bedroom main‑floor units and 6 upper‑level rooming units; Built in 1902 with an unfinished attic and basement laundry area; Upper‑level units include individual ranges/ovens and refrigerators with shared bathroom access
