PRICE:                                    $3,950,000


UNITS:                                             64

BEDROOMS:                                 134

AVERAGE RENT:                   $762/Mo.

NO. of BLDGS:                                 4

YEAR BUILT:                        1971 & 1985

West Dean & Good Hope

Milwaukee, Wisconsin

​Featured Listing

PROPERTY OVERVIEW:

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. 

 

INVESTMENT HIGHLIGHTS:

Fully-Rented

Many Updated Units

Well-Maintained Buildings

 2011 - 2018

Dean Realty Group, Inc. 

1667 Capital Avenue, Madison, Wisconsin 53705