Investment Overview

Marcus & Millichap is pleased to present the Platteville Multifamily Portfolio, a well-located collection of properties in the city of Platteville, Grant County, Wisconsin. The portfolio consists of six parcels with a combined 3.42 acres, improved with a mixture of apartment buildings and one mixed-use building. This diverse portfolio (66 units) offers a solid opportunity for investors seeking a stable income-generating asset. • 1215 Lancaster Street: Constructed in 1967, this building comprises (4) 2-bedroom/1-bath units. It features gas furnaces, central air conditioning (2017), and new windows (2018). • 1225 Lancaster Street: Constructed in 1967, this building comprises (4) 2-bedroom/1-bath units. It features gas furnaces, central air conditioning (2017), and new windows (2018). • 1085 Lancaster Street: Constructed in 1976, this building comprises (11) 2-bedroom/1.5-bath units and (2) 3-bedroom/2.5-bath townhomes. The windows were replaced in 2013. • 65 West Main Street: Originally constructed around 1900, the building was refurbished into a mixture of units, including (1) retail suite, (10) 1-bedroom/1-bath, (1) 2-bedroom/1-bath, (1) 3-bedroom/1-bath, and (1) 4-bedroom/1-bath unit. • 55 North Oak Street: Originally constructed around 1890, this building was refurbished in 1969 into (16) studio units. The windows were replaced in 2008. • 960-970-980-990 Jackson Street: Constructed between 1992-1993, the development consists of four buildings with (12) 2-bedroom, 2.5-bath townhomes and (12) 3-bedroom/2.5-bath townhomes. Each unit is heated with a gas furnace and features a private basement. • Heating and Cooling: 1215 Lancaster Street, 1225 Lancaster Street, and 960-990 Jackson Street buildings are heated with gas furnaces; 1085 Lancaster Street and 55 North Oak Street have electric baseboard heating, while 65 West Main Street has two older gas boilers. • Water Heaters: All units have individual water heaters. • Updates: The composition shingle roof coverings will all be replaced in 2025 due to hail damage. 1215 Lancaster Street and 1225 Lancaster Street have newer furnaces, central air conditioners (2017), and windows (2018). 1085 Lancaster Street and 55 N. Oak Street had window replacements in 2013 and 2008, respectively. • Parking: Adequate surface parking is available with some garage parking at Lancaster Street and Jackson Street. Main Street lacks on-site parking (although street parking is adequate). Location Highlights: The Platteville Multifamily Portfolio is located near the University of Wisconsin-Platteville, an hour from Madison, and 20 minutes from Dubuque, Iowa. It is attractive location for students, faculty, and professionals. Potential for Rent Increases: This portfolio current averages $0.79 per square foot. However, rent comparables support significant increases as market rents reach up to an average of $1.01 per square foot. These rent increases represent a substantial opportunity to enhance the overall return on investment by implementing cosmetic updates, such as modernizing flooring, countertops, cabinets, and bathrooms. These improvements could result in immediate rent growth, aligning rents more closely with current market rates and increasing the property’s overall value. This multifamily portfolio presents a prime investment opportunity with little immediate deferred maintenance and a stable, well-maintained asset.