Investment Overview

Marcus & Millichap is pleased to present Grand Riverside Apartments, a multi-family community consisting of 16 apartment homes and 2 commercial suites, located in Milwaukee’s Historic Third Ward. The Historic Third Ward is located along Milwaukee’s lakefront between East Town and Walker’s Point and is widely recognized as the city’s premier shopping, dining, and arts district. The neighborhood features a concentration of upscale retailers, art galleries, restaurants, professional services, and theaters. Its strong walkability and proximity to the Milwaukee Riverwalk have supported consistent residential demand. The district also hosts popular events such as Gallery Night and Day and is home to the Milwaukee Public Market, which offers a diverse collection of local restaurants, specialty food vendors, and retailers and attracts more than one million visitors annually. Grand Riverside Apartments contains approximately 21,160 GLA square feet of apartment homes and 5,589 square feet of commercial space, totaling 26,749 square feet. The residential unit mix includes four one-bedroom, one-bathroom units at 1,018 square feet and four one-bedroom, two-bathroom units at 1,081 square feet. Current rents for one-bedroom units range between $1,841 per month and $1,995 per month. Additionally, there are four two-bedroom, two-bathroom units at 1,557 square feet and four two-bedroom, two-bathroom plus den units at 1,643 square feet. Rental rates for two-bedroom units range between $2,525 per month and $2,734 per month. The property also features two ground-level commercial suites: 225 N Water St (2,753 square feet) and 229 N Water St (2,836 square feet), which generate $7,165 per month in commercial income. Residential tenants are responsible for heat, gas, and electric utilities. Water, sewer, and trash services are paid by ownership and billed back to tenants through a third-party RUBS system. Commercial tenants are responsible for their CAM Share (real estate taxes, special assessments, snow, management fee, and insurance), as well as heat, electric, gas, water and sewer, and cleaning expenses. All such utilities are separately metered for commercial suites. Apartment homes feature open floor plans with exposed wood-beamed ceilings, cream city brick accent walls, bamboo flooring, and granite countertops. Units are equipped with in-unit washers and dryers, central air-conditioning, and stainless steel appliance packages including refrigerator, range and oven, dishwasher, and microwave. Many units also offer waterfront views and direct access to the Milwaukee Riverwalk, a defining amenity of the Historic Third Ward