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Property profile & analytics
OFF-MARKET
Estimated value
$5,580,000
Apartment buildings
1805 Shepherd Ct Waukesha, WI 53186-1456
Entity Owned
~
Est. High Equity
Property ID
US92-0728403
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1995
Total area
44,196 SF
Lot
2.62 ac (114,127 SF)
Zoning code
RM-2 (PUD)
APN
WAKC1008052001
UPID
US92-0728403
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$7.23M
Comparable Approach
Comparable
$5.74M
Blend (final)
Blend
$5.58M
Owner & transaction history
Hillpark LLC
Hillpark LLC
since 2025
4 recorded transactions
Zoning & alternative use
RM-2 (PUD) · Waukesha, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
To provide for multi family residential development at densities not exceeding 17.4 dwelling units per net acre for efficiency apartments, 14.5 dwelling units per net acre for one bedroom apartments, 12.4 dwelling units per net acre for two bedroom apartments, 10.9 dwelling units per net acre for three bedroom or larger apartments, 9.7 dwelling units per net…
Zone name
Multifamily Residential Planned Unit Development
General category
PLANNED_DEVELOPMENT
Zone area
684.93 ac
Source
Realmo
Top alternative use upside
Commercial (general)
$6.6M
+6.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Waukesha submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Waukesha submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$7,825,000
6.5%
$7,225,000
7%
$6,705,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$6,145,000
Current use
COMMERCIAL (GENERAL)
$6,565,000
Change: +7% · Conversion: Moderate
RETAIL STORES
$5,625,000
Change: -8% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$5,285,000
Change: -14% · Conversion: Difficult
WAREHOUSE, STORAGE
$5,270,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$5.58M
Range $5.02M – $6.14M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$126 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$59,233
Tax year 2023
Assessed value
$3,896,000
Assessed 2023
Previous assessed
$3,688,800
+5.6% YoY
Effective rate
1.52%
On assessed value
Assessed land
$429,400
Assessed improvement
$3,466,600
Total market value
$4,033,543
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1995
Heating
FORCED AIR
Cooling
CENTRAL
Stories
3
Total area
44,196 SF
Lot
2.62 ac (114,127 SF)
Zoning code
RM-2 (PUD)
APN
WAKC1008052001
UPID
US92-0728403
Jurisdiction
WAUKESHA
Zoning & alternative use
RM-2 (PUD) · Waukesha, WIZoning RM-2 (PUD) · permitted uses
RM-2 (PUD) · Waukesha, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
To provide for multi family residential development at densities not exceeding 17.4 dwelling units per net acre for efficiency apartments, 14.5 dwelling units per net acre for one bedroom apartments, 12.4 dwelling units per net acre for two bedroom apartments, 10.9 dwelling units per net acre for three bedroom or larger apartments, 9.7 dwelling units per net acre for two family units and 5.5 dwelling units per net acre for single family dwellings, The PUD Overlay District is intended to permit development that will, over a period of time, be enhanced by coordinated area site planning, diversified location of structures, diversified building heights and types, or mixing of compatible uses
Zone name
Multifamily Residential Planned Unit Development
General category
PLANNED_DEVELOPMENT
Zone area
684.93 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$6.1M
COMMERCIAL (GENERAL)
Est. value
$6.6M
RETAIL STORES
Est. value
$5.6M
INDUSTRIAL (GENERAL)
Est. value
$5.3M
WAREHOUSE, STORAGE
Est. value
$5.3M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
RETAIL STORES
INDUSTRIAL (GENERAL)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1995
Heating
FORCED AIR
Cooling
Yes
Stories
3
Lot
2.62 ac
Current owner
From public records · entity-resolved
Hillpark LLC
Entity
Mailing address
1802 SHEPHERD CT, WAUKESHA, WI 53186-1435
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 3, 2025
—
Hillpark LLC
—
Deed
related
$1,325,000 · Jpmorgan Chase Bank NA
Nov 9, 2020
—
Hillpark LLC
—
Deed
related
$1,425,000 · Jp Morgan Chase Bank
Nov 9, 2016
—
Hillpark LLC
—
Deed
related
$1,425,000 · Jpmorgan Chase Bank NA
—
—
Hillpark LLC
—
Deed Of Trust
related
$1,720,000 · Washington Mutual Fsb
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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