Making a Market for Apartments
AVERAGE RENT: $762/Mo.
NO. of BLDGS: 4
YEAR BUILT: 1971 & 1985
West Dean & Good Hope
West Dean & Good Hope Apartments is an opportunity to
purchase 64-units in a stable Milwaukee submarket, with
extensive recent updates. Having completed the majority of
the exteriors and roofs, high-efficiency HVAC, and modernized
LED lighting, the operating costs will be dramatically reduced
for the next owners, while revenues should continue to
increase due to the significant interior updates.
Good Hope Apartments is a 40-unit apartment property that
consists of two 2-story buildings, built in 1971 and 1985. Each
apartment has a fully-equipped kitchen appliance package,
spacious floor plans and a patio or balcony. The buildings have
pitched asphalt shingle roofs, brick and vinyl siding, attractive
landscaping, ample parking and coin-operated laundry (leased)
on each floor. The building built in 1971 is heated via electric
base board heat & cooled by sleeve A/C units. The other
building has central heat and A/C by forced air “Magic Paks”.
Both roofs have been replaced since 2008. Good Hope features
a mix of 2 & 3-bedroom apartments in which tenants pay heat,
hot water, electricity, cable and internet. Rent includes trash
removal, water & sewer.
West Dean Apartments is a 24-unit apartment property with
extensive renovations in two nearly identical 12-unit buildings.
They both sit on 1.32 acres of land and were originally built in
1976. West Dean Apartments has wood frame construction,
brick & vinyl exterior, pitched asphalt shingle roofs, full
basements with coin-operated laundry (leased), attractive
landscaping and ample parking. The property has undergone
extensive capital improvements including new roofs (2013),
gutters (2013), boilers (2014), and windows & siding (2014). 11
apartments have had completely updated kitchens with new
cabinets, flooring and appliances. The combination of these
recent updates and internal rent upside offers the next owner
a turnkey property with increasing cash flows. Each apartment
is a spacious 2 bedroom layout, in which tenants pay for
electricity, cable and internet. Rent includes heat, hot water,
trash removal, water & sewer.
Many Updated Units