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Multifamily

The Patrician Apartments

2101 W Wisconsin Avenue, Milwaukee, WI 53233

Listing Price: $2,650,000

Cap Rate
7.07%
Number of Units
40
Occupancy
93.0%
Price/Unit
$66,250
Price/Gross SF
$67.91
Gross SF
39,023

Investment Overview

Marcus & Millichap is pleased to present The Patrician Apartments in the City of Milwaukee. This apartment complex comprises two contiguous properties which are blocks from the Marquette University Campus. Their addresses are 2101 West Wisconsin Avenue and 2111-2115 West Wisconsin Avenue. The complex contains a combined 0.63 acre parcel improved with a 40-unit apartment complex. The buildings were constructed in 1918 and contain a combined 39,023 square feet (per assessor's records). Each building has a brick exterior and flat roof with rubber membrane covering (approximately 10 years ago per owner). The windows and trim were also replaced about 10 years ago (per owner). The apartment complex contains (11) studio units, (13) 1-bedroom/1-bath units, (13) 2-bedroom/1-bath units, (1) 3-bedroom/1-bath unit, and (2) 4-bedroom/1-bath units. A refrigerator and stove are provided. The units are all heated with boilers via radiators (the 2101 Building is a hot water system and the 2111-2115 Building is a steam system). The boilers were replaced approximately 10 years ago (per owner). The 2101 Building has basement laundry with 2 coin-operated washing machines and 3 coin-operated dryers. The owner is responsible for common area electric, common area gas (heat), water and sewer. Each tenant pays for their own electric. Marquette University is located near the heart of downtown Milwaukee. The University offers a comprehensive range of majors in 11 nationally and internationally recognized colleges and schools. Marquette University's 11 colleges and schools deliver nationally recognized programs for undergraduates, graduate and professional students, and working professionals. For prospective undergraduate students, Marquette offers 83 majors and 80 minors, as well as pre-professional programs in dentistry, law and medicine. For postgraduate students, Marquette offers 66 doctoral and master's degree programs, 18 graduate certificate programs, and a School of Dentistry and Law School.

Investment Highlights

  • Blocks from Marquette University Campus
  • Brick Exterior
  • Rubber Membrane Roof Coverings (Approximately 10 Years Old)
  • Well Maintained Buildings

Exclusively Listed By

Financing By

Multifamily

The Patrician Apartments

Listing Price: $2,650,000

Cap Rate
7.07%
Number of Units
40
Occupancy
93.0%
Price/Unit
$66,250
Price/Gross SF
$67.91
Gross SF
39,023

Investment Highlights

  • Blocks from Marquette University Campus
  • Brick Exterior
  • Rubber Membrane Roof Coverings (Approximately 10 Years Old)
  • Well Maintained Buildings

Investment Overview

Marcus & Millichap is pleased to present The Patrician Apartments in the City of Milwaukee. This apartment complex comprises two contiguous properties which are blocks from the Marquette University Campus. Their addresses are 2101 West Wisconsin Avenue and 2111-2115 West Wisconsin Avenue. The complex contains a combined 0.63 acre parcel improved with a 40-unit apartment complex. The buildings were constructed in 1918 and contain a combined 39,023 square feet (per assessor's records). Each building has a brick exterior and flat roof with rubber membrane covering (approximately 10 years ago per owner). The windows and trim were also replaced about 10 years ago (per owner). The apartment complex contains (11) studio units, (13) 1-bedroom/1-bath units, (13) 2-bedroom/1-bath units, (1) 3-bedroom/1-bath unit, and (2) 4-bedroom/1-bath units. A refrigerator and stove are provided. The units are all heated with boilers via radiators (the 2101 Building is a hot water system and the 2111-2115 Building is a steam system). The boilers were replaced approximately 10 years ago (per owner). The 2101 Building has basement laundry with 2 coin-operated washing machines and 3 coin-operated dryers. The owner is responsible for common area electric, common area gas (heat), water and sewer. Each tenant pays for their own electric. Marquette University is located near the heart of downtown Milwaukee. The University offers a comprehensive range of majors in 11 nationally and internationally recognized colleges and schools. Marquette University's 11 colleges and schools deliver nationally recognized programs for undergraduates, graduate and professional students, and working professionals. For prospective undergraduate students, Marquette offers 83 majors and 80 minors, as well as pre-professional programs in dentistry, law and medicine. For postgraduate students, Marquette offers 66 doctoral and master's degree programs, 18 graduate certificate programs, and a School of Dentistry and Law School.

Exclusively Listed By

Financing By

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