2820 Kilbourn AveMilwaukee, WI 53233

Property Details for 2820 Kilbourn Ave

Year built

1962

Lot size

0.46 AC

Property size (Sq ft)

23,535 SF

Zone code

RM6

Property type

Residential income properties

Property subtype

Other 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.

• CAP approach

  CAP return

  Valuation

  6%

  $5,269,410

  6.5%

  $4,864,070

  7%

  $4,516,636

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,703,490

  Geo Method

  $4,751,422

• Alternative Use

  Use

  Valuation

  Residential

  $4,864,070

  Hospitality

  $4,455,462

  Educational

  $3,706,892

  Medical

  $3,834,378

  Retail

  $5,766,276

Location Insight

City

Milwaukee

County

Milwaukee

State

Wisconsin

Latitude

43.042

Longitude

-87.9498

CBSA code

33340

CBSA name

MILWAUKEE-WAUKESHA-WEST ALLIS, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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