Investment Overview

Marcus & Millichap is pleased to offer the Cambridge Place Apartments located at 1855 N Cambridge in Milwaukee, Wisconsin. Renovated in 2005, the property is strategically positioned near downtown Milwaukee and Lake Michigan. Consisting of 30 one-bedroom apartments—each measuring 600 square feet—the property also includes 18 covered parking spaces. Current ownership has done significant renovations throughout the property, including a complete lobby and laundry room renovation, tuckpointing, a new retaining wall in the garage, a new elevator motor, and a new garage door. Likewise, most units have received updated appliances. Notably, the property has an assumable mortgage at a 4.17 percent interest rate that will not mature until December of 2031. From an investor’s perspective, the asset represents a rare opportunity to acquire a multifamily property with extensive renovations at a low interest rate and the option to leverage equity from the property once the loan enters maturity. The property boasts phenomenal historical occupancy, and a potential investor retains the ability to raise rents by continuing to renovate units over time. Additionally, the surrounding area is home to an expansive tenant pool with limited access to one-bedroom apartments offered at competitive rents. Furthermore, the multifamily asset is pet friendly and positioned near many parks and walking trails. Other essential services and key lifestyle amenities located near the asset include Columbia St. Mary’s Hospital, the Milwaukee Yacht Club, Mckinley & Bradford Beach, Veterans Park, the Milwaukee Art Museum, and several popular restaurants. Overall, Cambridge Place Apartments is ideally positioned to attract long-term tenants seeking walkability, connectivity, and proximity to one of Milwaukee’s most attractive live/work/play destinations.