6122 Florist AveMilwaukee, WI 53218

Property Details for 6122 Florist Ave

Year built

1961

Lot size

0.22 AC

Property size (Sq ft)

3,672 SF

Zone code

RM1

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

155-0029-100

APU

1550029100

Description

This well-maintained, two-story apartment building located at 6122 W Florist Ave, Milwaukee, WI 53218, presents a compelling investment opportunity. The property boasts four spacious 2-bedroom, 1-bathroom units, each featuring an eat-in kitchen. Residents enjoy the convenience of off-street parking, individual storage lockers, and basement laundry hookups. Recent improvements include a remodeled unit (within the last two years), a new furnace (2023), and two new water heaters (2021 & 2022). The roof is less than 10 years old, minimizing immediate maintenance concerns. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $20,346, representing a 6.56% capitalization rate. However, with all units currently rented below market value, a pro-forma NOI of $26,997 and an 8.71% pro-forma cap rate are achievable, showcasing significant upside potential. The 3,672 square foot building sits on a lot zoned RM1 and was constructed in 1961. This multifamily property offers a strong cash flow and significant potential for future appreciation, making it an ideal addition to any investment portfolio. The property consists of one building with four units.

• CAP approach

  CAP return

  Valuation

  6%

  $925,686

  6.5%

  $854,479

  7%

  $793,445

• Comparable approach

  Method

  Valuation

  Relative Method

  $436,168

  Geo Method

  $559,585

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,409,210

  Retail / Commercial

  $714,095

  Mixed-Use / Specialty

  $704,820

  Hospitality / Lodging

  $508,343

  Office

  $693,624

  Institutional / Educational

  $730,324

  Multifamily

  $1,062,120

  Automotive / Energy

  $625,992

  Parking / Income-Based Land

  $222,670

  Restaurant / Food Service

  $352,222

  Healthcare / Senior Housing

  $729,680

Location Insight

City

Milwaukee

County

Milwaukee

State

Wisconsin

Latitude

43.127

Longitude

-87.9879

CBSA code

33340

CBSA name

MILWAUKEE-WAUKESHA-WEST ALLIS, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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