Investment Overview

Marcus & Millichap is pleased to present 7416 Harwood Avenue, a 48-unit multifamily property with three retail suites located in the Village of Wauwatosa. Originally constructed as the Underwood Hotel in 1930, the building was converted to apartments in 1953, according to the Wisconsin Historical Society. Situated along the Menomonee River, the Village of Wauwatosa boasts historic architecture, local shops, salons, dining, and entertainment. The area offers strong walkability and bike access, supported by an extensive park and trail system, including the Oak Leaf Trail, a 135-mile paved trail spanning Milwaukee County. Popular annual events such as Art 64, Hartfest, the Tosa Village Classic, and Tosafest continue to attract new residents and visitors. The property provides convenient access to downtown Milwaukee districts and surrounding neighborhoods. Located less than two miles from I-41, tenants benefit from direct highway access to northern Wisconsin and I-94, offering routes to downtown Milwaukee, southern Wisconsin, and Chicago. The Milwaukee Regional Medical Center (MRMC), located within two miles, houses some of the area’s major employers including Froedtert Hospital, Medical College of Wisconsin, Children’s Wisconsin, and Versiti Blood Research Institute. 7416 Harwood Avenue features 18,350 square feet of apartment space and approximately 5,001 square feet of commercial space, totaling 23,351 square feet. The property includes eight efficiency units, each approximately 250 square feet, with a monthly rental rate of $700. There are 11 studio units, each approximately 300 square feet. The monthly rental rates for studio units are $825. Additionally, there are 29 one-bedroom, one-bathroom units, each approximately 450 square feet, renting between $1,095 and $1,130 per month. There are also three ground-level commercial suites; Harwood Hair (approximately 2,500 square feet), Tranquil Escape Day Spa (approximately 1,000 square feet), and American Family Insurance (approximately 1,501 square feet), which generate $7,050 per month in commercial income. All residential utilities, including electricity, heat, water/sewer, and trash/recycling, are included in rent. Units include a refrigerator and range. The landlord also covers electricity, heat, natural gas, water, and sewer for retail tenants. Approximately 22 units feature updated flooring and paint, and appliances have been replaced as needed. Amenities include on-site laundry (owned machines), storage cages available for $10 per month, and parking for $35 per month. The property features 29 surface parking stalls. Ownership maintains an overflow parking agreement with the Unity Center at 1717 N. 73rd Street. The Unity Center charges $45 per month for the first three spaces and $40 per month for each space thereafter; tenants pay $35 per month, with ownership covering the difference.