920 Marquette Ave - Apartments FOR SALE


South Milwaukee, WI 53172
$4,000,000 USD
414-731-8399
920 Marquette Ave, South Milwaukee, WI for Sale
$4,000,000 USD
Apartments - FOR SALE
1/8
null | 7.06% Cap Rate

920 Marquette Ave
South Milwaukee, WI 53172


HIGHLIGHTS

  • Long Term Commercial Tenants
  • Low Maintenance Exterior
  • High Quality Construction
  • Underground Parking for Residential Tenants
  • In-Unit Laundry

OVERVIEW

Marcus & Millichap is pleased to present Marquette Square located at 2315 10th Avenue in the City of South Milwaukee, Milwaukee County, Wisconsin. The property comprises a 0.57-acre corner parcel improved with a 3-story, mixed-use, commercial/condominium rental building. It was constructed in 2008. The first floor comprises six commercial suites with eight tenants, while the second and third floors contain 14 residential condominium rental units (three units are privately owned). The building has a brick and decorative concrete block exterior with stone and stuccolike accenting. It has a flat roof with 60 millimeter rubber membrane covering and 40 year warranty (per owner). The windows are vinyl-clad, double hung combination units. Each commercial suite has its own gas-fired furnace and central air conditioner. Each condominium is heated and cooled with an individual NCP (Magic-Pak type) unit and also has its own electric water heater. An Otis elevator serves the condominium units. The residential condominium breakdown comprises (3) 1-bedroom/1-bath units, (4) 2-bedroom/2-bath units, and (4) 2-bedroom plus den/2-bath units. A refrigerator, stove, microwave, dishwasher, washer and dryer are provided to each unit. Some units features fireplaces and/or balconies. Residential tenants pay $26 per month for trash reimbursement. There is a sprinklered underground parking garage which provides 20 striped spaces. Each 1-bedroom unit is entitled to one space, while each 2-bedroom and 3-bedroom unit receives two spaces. The additional space is leased at $75 per month. With the exception of Unit 103, all commercial tenants pay their own utilities (including water and sewer) along with a monthly reimbursement fee (for all triple net charges). Each residential tenant pays their own electric, gas (heat), and water/sewer expense.

FOR SALE DETAILS

PRICE

$4,000,000 USD

PRICE/SF

$132 USD /SF

# OF UNITS

11

PRICE/UNIT

$363,636

CAP RATE

7.06%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Marquette Square Condominiums

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2008

PARKING SPACES

50

LAND DETAILS

LAND ACRES

0.57 AC

LAND SF

24,829 SF

ZONING

-

APN/PARCEL ID

771-0544-000

ASK ABOUT THIS PROPERTY

Blake HanlonMarcus & MillichapMore Info
414-731-8399

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Blake HanlonMarcus & MillichapMore Info
414-731-8399

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.