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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2820 W KILBOURN AVE Milwaukee, WI 53233

    • Apartment buildings
    • 23,535 SF
    • 0.46 lot acres
    For Sale
    View listing
    $1,900,000
    Last Sale
    Dec 17, 2021
    $1,300,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-2026892
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 2820 W KILBOURN AVE

    Year built
    1962
    Lot size
    0.46 lot acres
    Property size
    23,535 SF
    Zone code
    RM6
    Property type
    Apartment buildings
    APN
    388-2101-100
    APU
    3882101100

    Description

    This exceptional 36-unit apartment building located at 2820 W Kilbourn Ave, Milwaukee, WI 53233, presents a compelling investment opportunity. Priced at $1,900,000, this 23,535 square-foot brick building, constructed in 1962, offers a strong current net operating income (NOI) of $159,826, translating to an 8.41% cap rate. The property's unit mix comprises 30 one-bedroom units (83.3%) and 6 studio units (16.7%). Currently, the average rent per unit stands at $665, significantly below the market potential of $759, indicating substantial upside for rental income. Projections show a potential NOI increase to $182,746, further enhancing the investment's attractiveness. This multifamily property in Milwaukee County offers a blend of stable income and significant growth potential, making it an ideal addition to any investment portfolio. The property's location in Milwaukee provides access to a thriving urban environment and a robust rental market. This is a rare opportunity to acquire a well-situated multifamily asset with immediate income and significant long-term appreciation potential. The building's solid construction and established tenancy base contribute to its overall stability and appeal. This is a turnkey investment ready for immediate returns and future growth.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,670,000
      ML approach
      $1,630,000

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $2,425,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9498
    Latitude
    43.042
    CBSA code
    33340
    CBSA name
    MILWAUKEE-WAUKESHA-WEST ALLIS, WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $25,531
    $75,400
    $996,900
    $1,072,300
    -
    $75,400
    $996,900
    $1,072,300

    Comparable in this City

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      View Details
    • Value Estimation by Request
      5,068 SF

      1018 35th St

      APARTMENT HOUSE (5+ UNITS) • 5,068 SF
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      $1,020,000
      6,196 SF

      405 39th St

      APARTMENT HOUSE (5+ UNITS) • 6,196 SF
      405 39th St, Milwaukee, WI 53208-3780
      View Details
    • Value Estimation
      $3,835,000
      13,202 SF

      1363 40th St

      APARTMENT HOUSE (5+ UNITS) • 13,202 SF
      1363 40th St, Milwaukee, WI 53208-2874
      View Details
    • Value Estimation
      $665,000
      6,994 SF

      1414 53rd St

      APARTMENT HOUSE (5+ UNITS) • 6,994 SF
      1414 53rd St, Milwaukee, WI 53208-2228
      View Details
    • Value Estimation
      $1,230,000
      8,880 SF

      3401 Wls St

      APARTMENT HOUSE (5+ UNITS) • 8,880 SF
      3401 Wls St, Milwaukee, WI 53208-3367
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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    Similar Nearby for Lease

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      3,386 SF

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      Professional office/medical space with parking and signage opportunity.
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      View Details
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      Industrial space with overhead door and office in Milwaukee.
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    • $10 SF/Yr
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      Menomonee Valley Flex Space Available

      Flexible office/industrial space in prime Menomonee Valley location.
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      View Details
    • $18 SF/Yr
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      Retail Space Available For Lease

      9,280 square foot retail space available for lease.
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    • $6 SF/Yr
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      Retail Space Available for Lease

      Retail property available for lease in Milwaukee, Wisconsin.
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      View Details
    • $4,800 /Mo
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      Versatile Office Space in Milwaukee

      Spacious office with ample natural light and high visibility.
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      View Details
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    Milwaukee, WI 53233
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    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
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