Chateau & Mansion

Multi-family 18 unit value add $3,725,000
Cushman & Wakefield Boerke has been exclusively retained to market for sale the Chateau and Mansion Multi-Family Portfolio, a 36,716 square foot multi-family apartment deal in Milwaukee, Wisconsin.
This portfolio offers a desirable unit mix that ensures flexibility for tenants. In-unit washer and dryers for majority of the units allows for a high retention rate and low vacancy across the board.
The current average in place is $1,897/month which is roughly $250 below market rent, which is an opportunity for the new owner to bring rents up to market rates.
The 18 unit portfolio is ideally located just a few blocks away from the University of Wisconsin Milwaukee Campus, and within two blocks away from Whole Foods Market. Given the proximity to UWM, this asset makes the location very desirable for students and alumni to rent off campus.
A number of capital improvements were completed within the last four years by ownership. On The Chateau, 30% of the bathrooms were completely redone as well as replacing most toilets on the property to increase water efficiency. Three new water heaters were installed, as well as the water main coming in from the street was replaced. Eight of units had new windows installed, and the porch repair was completed in 2021 by replacing the concrete with wood and an additional structural support for safety.
In the Mansion, Unit #3 was updated with a complete bathroom remodel and hardwood floors throughout, a new flat roof on the backside of entry was replaced, and the exterior was painted in 2018.
The Mansion is also listed on the National Register of Historic Places. The property has been on the register since 1979. The property was home to one of Milwaukee’s earliest settlers and the building may be eligible for historic renovation credits.

Basic Details:

TOTAL SIZE : 36,716 SF
IN-PLACE NOI : $248,595
UNITS : 18 TOTAL
ASKING PRICE : $3,725,000
CAP RATE : 6.67%
YEAR BUILT: 1914