Investment Overview

Marcus & Millichap is pleased to present the Seaway Terrace Apartments in Milwaukee, Wisconsin. Constructed in 1961, 4601 South 1st Street (also known as Seaway Terrace) is a 120-unit apartment building. Seaway Terrace features three floors of apartments and a large basement area where leased laundry is located (no tenant storage in the basement). All floors are conveniently serviced by an elevator. Of the 120-units; approximately 110 have been renovated by current ownership. Renovations include, but not limited to: appliances, kitchens, flooring, light fixtures, wall furnaces and repair and/or replacement of doors and hardware (please note: this has been completed in stages over the last four years). Upon purchase, current ownership strategically located a unit to serve as the office and converted it to the management/maintenance headquarters for Seaway Terrace. All common areas of Seaway Terrace has been updated with new lighting, flooring, new laundry area (leased laundry), elevator cab and mechanical upgrades, new basement windows, extensive plumbing repair, new exterior doors, key fob and camera system. The exterior has been updated with new siding, vent shields, repaved parking lots, repaired sidewalks, new signage and landscaping. Currently, ownership pays for heat (individual wall furnaces in-unit), water/sewer, and common area electric. Seaway Terrace provides a new owner the opportunity to separate the heating cost, if desired. All units have individual gas lines which would need to have meters added to fully separate the costs. 4614 South 1st Street is located across the street from Seaway Terrace and is a 20-unit apartment building constructed in 1964. Approximately 19 of the 20 units of been renovated similarly to Seaway Terrace. Ownership pays for heat (boiler), water/sewer, and common area electric.