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Multifamily

Harbor Ridge Apartments

1022 Westport Dr, Port Washington, WI 53074

Listing Price: $13,500,000

Cap Rate
5.43%
Number of Units
112
Occupancy
99.0%
Price/Unit
$120,536
Price/Gross SF
$131.09
Gross SF
102,985

Investment Overview

Located in Port Washington, WI (Ozaukee County), Harbor Ridge Apartments is a 112-unit complex built in 1989 on over 10 acres of land. Ozaukee County is one of the most sought after locations in the state with the median income of over 33% higher than the state’s average and a housing value of over 54% higher than the state’s average. All but one unit at Harbor Ridge Apartments have two bedrooms with one or two bathrooms and range from $850-900 in rent, depending on the size of the unit. When compared to the average rents of the nearby complexes, Harbor Ridge Apartments should be able to achieve rents closer to $1.00/SF. Tenants pay for utilities at Harbor Ridge Apartments, with the exception of the water/sewer for the laundry machines and the trash expenses. All units include a range, refrigerator, dishwasher and an individual air conditioner. The owned laundry machines are located on-site. Garages are rented for $65/month and storage units are rented for $10/month. The existing mortgage must be assumed upon the purchase of Harbor Ridge Apartments. The current balance as of March 2022 is $7,158,369 with 7 about 7 years remaining at 4.07% interest. Please contact the listing broker for details.

Investment Highlights

  • Highly Sought After Location in Ozaukee County, WI
  • All But One Unit are Two Beds with One or Two Baths
  • Tenants Pay Utilities

Exclusively Listed By

Financing By

Multifamily

Harbor Ridge Apartments

Listing Price: $13,500,000

Cap Rate
5.43%
Number of Units
112
Occupancy
99.0%
Price/Unit
$120,536
Price/Gross SF
$131.09
Gross SF
102,985

Investment Highlights

  • Highly Sought After Location in Ozaukee County, WI
  • All But One Unit are Two Beds with One or Two Baths
  • Tenants Pay Utilities

Investment Overview

Located in Port Washington, WI (Ozaukee County), Harbor Ridge Apartments is a 112-unit complex built in 1989 on over 10 acres of land. Ozaukee County is one of the most sought after locations in the state with the median income of over 33% higher than the state’s average and a housing value of over 54% higher than the state’s average. All but one unit at Harbor Ridge Apartments have two bedrooms with one or two bathrooms and range from $850-900 in rent, depending on the size of the unit. When compared to the average rents of the nearby complexes, Harbor Ridge Apartments should be able to achieve rents closer to $1.00/SF. Tenants pay for utilities at Harbor Ridge Apartments, with the exception of the water/sewer for the laundry machines and the trash expenses. All units include a range, refrigerator, dishwasher and an individual air conditioner. The owned laundry machines are located on-site. Garages are rented for $65/month and storage units are rented for $10/month. The existing mortgage must be assumed upon the purchase of Harbor Ridge Apartments. The current balance as of March 2022 is $7,158,369 with 7 about 7 years remaining at 4.07% interest. Please contact the listing broker for details.

Exclusively Listed By

Financing By

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