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Multifamily

Lisbon Apartments

6110 W Lisbon Ave, Milwaukee, WI 53210

Listing Price: $1,500,000

Cap Rate
6.19%
Number of Units
20
Occupancy
100.0%
Price/Unit
$75,000
Price/Gross SF
$138.89
Gross SF
10,800

Investment Overview

Well Maintained Property – The Lisbon Apartments were built in 1947 on a 0.56 acre parcel. The two-story brick building had a full tear off and replacement of the roof in 2019 along with new gutters and downspouts, $5,000 worth of attractive new landscaping, tuckpointing and windowsill repair in 2021 and approximately two-thirds of the 20 one-bedroom/one-bathroom units have been improved with refinished cabinets, touch sensor kitchen faucets, microwave and cart, upgraded lighting and ceiling fans, area rugs and closet organizers. The fencing with both manual entrance gates in the front and a power gate at the parking lot was installed and upgraded between 2016 and 2019. In 2020, three of the five common hallways were painted. Stable Occupancy – The Lisbon Apartments are currently 100 percent occupied, but underwritten with a five percent vacancy, and with a stabilization of the current asking rents, a new owner can realize a cash on cash return of over 11 percent. Priced Below Average – The price of $1,500,000 for the Lisbon Apartments represents a price per unit below the average of the sale comparables, as well as a GRM below the average of the sale comparables. A total return of over 17 percent makes for a very attractive offering. Pleasant Location in the Enderis Neighborhood of Milwaukee – The Lisbon Apartments are located on the border of Wauwatosa and less than a mile from Enderis Park, in the Enderis neighborhood of Milwaukee, where residents enjoy the many local events held in the park each year. Established in the 1930’s and continually updated to include playgrounds, a wading pool, tennis courts and softball diamonds, Enderis Park is part of the vibrant community of beautiful Tudors, English cottage and Cape Cod homes built with “artistic” spirit.

Investment Highlights

  • Very Well Maintained Brick Building with Many Recent Updates
  • Stable Occupancy
  • Pleasant Location on the Border of Wauwatosa Near Enderis Park

Exclusively Listed By

Listing Price: $1,500,000

Cap Rate
6.19%
Number of Units
20
Occupancy
100.0%
Price/Unit
$75,000
Price/Gross SF
$138.89
Gross SF
10,800

Investment Highlights

  • Very Well Maintained Brick Building with Many Recent Updates
  • Stable Occupancy
  • Pleasant Location on the Border of Wauwatosa Near Enderis Park

Investment Overview

Well Maintained Property – The Lisbon Apartments were built in 1947 on a 0.56 acre parcel. The two-story brick building had a full tear off and replacement of the roof in 2019 along with new gutters and downspouts, $5,000 worth of attractive new landscaping, tuckpointing and windowsill repair in 2021 and approximately two-thirds of the 20 one-bedroom/one-bathroom units have been improved with refinished cabinets, touch sensor kitchen faucets, microwave and cart, upgraded lighting and ceiling fans, area rugs and closet organizers. The fencing with both manual entrance gates in the front and a power gate at the parking lot was installed and upgraded between 2016 and 2019. In 2020, three of the five common hallways were painted. Stable Occupancy – The Lisbon Apartments are currently 100 percent occupied, but underwritten with a five percent vacancy, and with a stabilization of the current asking rents, a new owner can realize a cash on cash return of over 11 percent. Priced Below Average – The price of $1,500,000 for the Lisbon Apartments represents a price per unit below the average of the sale comparables, as well as a GRM below the average of the sale comparables. A total return of over 17 percent makes for a very attractive offering. Pleasant Location in the Enderis Neighborhood of Milwaukee – The Lisbon Apartments are located on the border of Wauwatosa and less than a mile from Enderis Park, in the Enderis neighborhood of Milwaukee, where residents enjoy the many local events held in the park each year. Established in the 1930’s and continually updated to include playgrounds, a wading pool, tennis courts and softball diamonds, Enderis Park is part of the vibrant community of beautiful Tudors, English cottage and Cape Cod homes built with “artistic” spirit.

Exclusively Listed By

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