The Alexander Lofts
60 Unit Apartment Building | $8,000,000 ($133,333/Unit) | 6.39% Cap Rate | Milwaukee, WI 53204
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $8,000,000
- Property Type
-
Multifamily
- Square Feet
- 78,904 SF
Listing Contacts
Conrad Gorman
Verified Profile
- Property Info
Property Overview
The Alexander Lofts, conveniently located on downtown Milwaukee’s historic Mitchell Street, consists of 60 one- and two-bedroom units. This nine-block stretch of Mitchell Street is designated as architecturally and historically significant by the City of Milwaukee. The lofts are situated close to restaurants, shopping, art, Lake Michigan, city parks, and the business district.
The project consists of a primary five story building plus basement comprised of 52 residential units, laundry facility, leasing office, workout facility, and resident storage. This building was formerly the Hills Department Store, then an office building before being completely transformed for its current residential use in 2017. Units boast huge picture windows, vaulted ceilings, and features such as quartz countertops and luxury plank flooring. Top floor garden units have private outdoor patios. Several floors have shared indoor community lounges for residents that are a huge asset for perspective renters.
The second building consist of 8 two story town homes. These units share many of the same finishes, but have individual entrances, a more unique two-story floor plan, in unit washer and dryers, and added privacy.
Gated, lighted, surface parking is available for residents for an additional fee. The Alexander Lofts are currently 95% occupied with 57 of 60 units full. Primary building includes a roughly 4,200 square foot unfinished area which has potential for a multitude of added amenities, owner use, or income streams.
A separate first floor condominium, which is not included in this offering, is home to the Milwaukee Public Library. Any shared expenses are billed back to the library. No major capital expenditures are anticipated in the near future.
2022 Total Rent: $913,930. 2022 NOI: $443,591
The project consists of a primary five story building plus basement comprised of 52 residential units, laundry facility, leasing office, workout facility, and resident storage. This building was formerly the Hills Department Store, then an office building before being completely transformed for its current residential use in 2017. Units boast huge picture windows, vaulted ceilings, and features such as quartz countertops and luxury plank flooring. Top floor garden units have private outdoor patios. Several floors have shared indoor community lounges for residents that are a huge asset for perspective renters.
The second building consist of 8 two story town homes. These units share many of the same finishes, but have individual entrances, a more unique two-story floor plan, in unit washer and dryers, and added privacy.
Gated, lighted, surface parking is available for residents for an additional fee. The Alexander Lofts are currently 95% occupied with 57 of 60 units full. Primary building includes a roughly 4,200 square foot unfinished area which has potential for a multitude of added amenities, owner use, or income streams.
A separate first floor condominium, which is not included in this offering, is home to the Milwaukee Public Library. Any shared expenses are billed back to the library. No major capital expenditures are anticipated in the near future.
2022 Total Rent: $913,930. 2022 NOI: $443,591
Property Details
- Class
- B
- Year Built
- 2017
- Stories
- 4
- Lot Size (sq. ft)
- 23,087 SF
- Units
- 60
Highlights
- Designated as architecturally and historically significant by the City of Milwaukee.
- Lofts are situated close to restaurants, shopping, art, Lake Michigan, city parks, and the business district.
- Gated, lighted, surface parking is available.
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