Elkhorn Apartments

Elkhorn, WI

• Type: Multifamily

• Sale Price: $605,000

• Cap Rate: 7.15%

• Unit Price: $75,625

• Date: 7/14/2020

• Represented: Madison Seller

The Elkhorn apartments (219 Lewis St) are in a quiet residential area less than 5 minutes southeast of downtown Elkhorn. This 8-unit building consists eight large 2 bedroom/1 bath units measuring approx 800 sf. The current owner uses a professional property manager to handle the day to day management of the property. The owner replaced the roof and all windows in 2019 and the main 30-gallon water heater in 2015. Additionally, the owner repaved the parking lot in 2020 and renovated all 8 units. Renovations included new appliances, flooring, carpet, countertops, light fixtures, bathtubs and sinks

Upside Potential - The average rent per square foot of the comparable rental properties is between $1.08-1.15 or $825-850 per month. The property currently has rental rates of $0.87 for 2 bed units at $785 per month. The property is in pristine condition and should be able to chase higher rents. A prospective buyer could market the property at a higher rate and self-manage remotely.