Listing ID1794857
Sold For$3,350,000
StatusClosed
Sold Date9/30/2022
Acres
2.640
CountyMilwaukee
Year Built1978
Property TypeMulti-Family
Property Sub TypeMulti-Family
47 near-identical condo units between 3 buildings. The majority of units have been updated within the last 3 years with LVP, updated counters, cabinets, bathroom fixtures and a modern/durable paint scheme. The exterior was painted 4 yrs ago. The buildings are fully leased with over 1/3rd of tenants paying above $825/mo and over 1/4th of tenants paying all utilities. There is ample parking and a 4 car garage. Storage units and coin-operated laundry in basement. This is a unique opportunity to rent multiple condo units as an efficient multi-family (as it has been done for years) or execute a lease-to-own operation at sale and in one location. The property has been stabilized over the past few years and this is a turn-key operation with equity and cash-flow upside.
County
Milwaukee
Property Sub Type
Multi-Family
Property Type
Multi-Family
Year Built
1978
Zoning
RM1
Basement
Full, Block, LaundryFacilities
Construction Materials
Partial-Brick, Part-Masonite/PresBd
Lot Size Area
2.64
Lot Size Source
Public Records
Lot Size Square Feet
114998.4
Lot Size Units
Acres
Number Of Units Total
47
Water Source
MunicipalWater
Directions
Turn North on N 85th St from W Brown Deer Road. North to property.
High School District
Milwaukee
Postal City
Milwaukee
Zoning Description
RM1
Contingent Date
2022-08-30T00:00:00+00:00
Documents Available
ListingContract, SellerCondition, Other, BrandedDocument, LeadPaintDisclosure, LCAmendment
Documents Count
4
Mls Status
Sold
Street Additional Info
9050, 9060
Street Number Numeric
9040
Year Built Source
Public Records
Concessions
No
Exclusions
Seller and tenant personal property
Inclusions
47 stoves/ovens, 47 refrigerators, 47 dishwashers
Net Operating Income
280496
Operating Expense
166504
Owner Pays
Sewer, Water, Electric/Public
Tax Annual Amount
50774
Tax Year
2021
Tenant Pays
Sewer, Water, Heat
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