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Union Street Apartments 846 N 15th St 32 Unit Apartment Building $3,458,875 CAD ($108,090 CAD/Unit) 5.77% Cap Rate Milwaukee, WI 53233
Investment Highlights
- Excellent Marquette University Location with Year Leases
- New Water Heater
- New Boiler
- 100% Occupancy
Executive Summary
Marcus & Millichap is pleased to present Union Street Apartments located at 846-856 North 15th Street in Milwaukee, Wisconsin. The Property is an off-campus student housing community servicing Marquette University, and benefits from a highly desirable location within walking distance of campus, offering residents convenient access to academic buildings, dining, and student amenities.
Union Street Apartments features a unit mix of two studio one-bathroom units and thirty one-bedroom, one-bathroom units. Studio apartments average approximately 350 square feet and at a rental rate of $655 per month, while one-bedroom apartment units range from approximately 600 to 700 square feet, with rental rates between $755 and $855 per month.
Residents are responsible for electricity while the ownership covers heat, hot water, water and sewer services, and trash collection. The Property is heated using a boiler system which has been newly replaced along with the property’s water heater, and the roof is approximately 15 years old. Each unit is equipped with a refrigerator and stove, and onsite laundry facilities are available. The Property is pet-friendly, with additional monthly pet rent of $15 for cats and $25 for dogs.
Union Street Apartments features a unit mix of two studio one-bathroom units and thirty one-bedroom, one-bathroom units. Studio apartments average approximately 350 square feet and at a rental rate of $655 per month, while one-bedroom apartment units range from approximately 600 to 700 square feet, with rental rates between $755 and $855 per month.
Residents are responsible for electricity while the ownership covers heat, hot water, water and sewer services, and trash collection. The Property is heated using a boiler system which has been newly replaced along with the property’s water heater, and the roof is approximately 15 years old. Each unit is equipped with a refrigerator and stove, and onsite laundry facilities are available. The Property is pet-friendly, with additional monthly pet rent of $15 for cats and $25 for dogs.
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Property Facts
| Price | $3,458,875 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $108,090 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.77% | Building Size | 22,528 SF |
| Gross Rent Multiplier | 8.36 | Average Occupancy | 100% |
| No. Units | 32 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1921 |
| Property Subtype | Apartment | Parking Ratio | 0.88/1,000 SF |
| Zoning | RM5 | ||
| Price | $3,458,875 CAD |
| Price Per Unit | $108,090 CAD |
| Sale Type | Investment |
| Cap Rate | 5.77% |
| Gross Rent Multiplier | 8.36 |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 22,528 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1921 |
| Parking Ratio | 0.88/1,000 SF |
| Zoning | RM5 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Carpet
Site Amenities
- Controlled Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $961.57 CAD | 350 |
| 1+1 | 30 | $1,169 CAD | 600 - 750 |
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Moderately walkable
70/100
Moderately drivable
60/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 390-0119-000-1 | Improvements Assessment | $2,731,632 CAD |
| Land Assessment | $43,536 CAD | Total Assessment | $2,775,168 CAD |
Property Taxes
Parcel Number
390-0119-000-1
Land Assessment
$43,536 CAD
Improvements Assessment
$2,731,632 CAD
Total Assessment
$2,775,168 CAD
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Union Street Apartments | 846 N 15th St
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