Skip to main content

Multifamily

Johnson Square Apartments

2402 W Wells St, Milwaukee, WI 53233

Listing Price: $11,500,000

Cap Rate
5.61%
Number of Units
180
GRM
7.72
Occupancy
93.7%
Price/Unit
$63,889
Price/Gross SF
$85.21
Gross SF
134,960

Investment Overview

Marcus & Millichap is pleased to present the Johnson Square Apartments in Milwaukee, Wisconsin.

Johnson Square development consists of 179 apartment units and 1,500 square feet of commercial space within six, 4-5 story buildings. The buildings, situated between 24th and Wells Street, were constructed between 1905 and 1964 on 2.38-acres (six tax keys). Addresses include: 2402 & 2424 West Wells Street, 823, 833, 840 North 24th Street. Individual unit amenities and finishes consist of basic appliance package of ranges, refrigerator, and garbage disposal. A total of 80 underground parking spaces are available for rent at $45/month, with another 20 surface parking spots renting for $25/month.

Water, sewer, and trash removal are included in the rent for all units. Heat is included in the rent for the buildings located at 2424 and 2434 West Wells Street as well as 833 and 840 North 24th Street (132 units). Electric heat is paid for by the tenants at 2402 West Wells Street and 823 North 24th Street (47 units). All tenants are responsible for their electric charges at the buildings.

Johnson Square Apartments currently has a FHA Sec 223(f) HUD loan that must be assumed by the Buyer. The loan runs through October 2053, with a rate of 3.95% (excluding MIP 0.6%) and is amortized on a 35-year basis. Please contact the listing broker for more information on the loan structure.

Investment Highlights

  • Attractive In-Place HUD Loan
  • Significant Property Improvements Over Last Ten Years
  • Opportunity To Acquire Scale In Milwaukee

Exclusively Listed By

Multifamily

Johnson Square Apartments

Listing Price: $11,500,000

Cap Rate
5.61%
Number of Units
180
GRM
7.72
Occupancy
93.7%
Price/Unit
$63,889
Price/Gross SF
$85.21
Gross SF
134,960

Investment Highlights

  • Attractive In-Place HUD Loan
  • Significant Property Improvements Over Last Ten Years
  • Opportunity To Acquire Scale In Milwaukee

Investment Overview

Marcus & Millichap is pleased to present the Johnson Square Apartments in Milwaukee, Wisconsin.

Johnson Square development consists of 179 apartment units and 1,500 square feet of commercial space within six, 4-5 story buildings. The buildings, situated between 24th and Wells Street, were constructed between 1905 and 1964 on 2.38-acres (six tax keys). Addresses include: 2402 & 2424 West Wells Street, 823, 833, 840 North 24th Street. Individual unit amenities and finishes consist of basic appliance package of ranges, refrigerator, and garbage disposal. A total of 80 underground parking spaces are available for rent at $45/month, with another 20 surface parking spots renting for $25/month.

Water, sewer, and trash removal are included in the rent for all units. Heat is included in the rent for the buildings located at 2424 and 2434 West Wells Street as well as 833 and 840 North 24th Street (132 units). Electric heat is paid for by the tenants at 2402 West Wells Street and 823 North 24th Street (47 units). All tenants are responsible for their electric charges at the buildings.

Johnson Square Apartments currently has a FHA Sec 223(f) HUD loan that must be assumed by the Buyer. The loan runs through October 2053, with a rate of 3.95% (excluding MIP 0.6%) and is amortized on a 35-year basis. Please contact the listing broker for more information on the loan structure.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower