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227 N Water St
Milwaukee, WI 53202
Grand Riverside Residences · Multifamily Property For Sale
·
16 Units
Investment Highlights
- 7.10% CAP Rate
- In-Unit Washers and Dryers, Central Air-Conditioning, and Stainless Steel Appliance Packages
- Desirable Historic Third Ward Location
Executive Summary
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.
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
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
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Granite Countertops
- Refrigerator
- Range
Site Amenities
- Waterfront
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $2,509 CAD | 1,018 |
| 1+2 | 4 | $2,683 CAD | 1,081 |
| 2+2 | 8 | $3,621 CAD | 1,557 - 1,634 |
Property Taxes
| Parcel Number | 392-0951-000-X | Improvements Assessment | $4,715,240 CAD |
| Land Assessment | $307,111 CAD | Total Assessment | $5,022,350 CAD |
Property Taxes
Parcel Number
392-0951-000-X
Land Assessment
$307,111 CAD
Improvements Assessment
$4,715,240 CAD
Total Assessment
$5,022,350 CAD
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