Milwaukee Multi-Family Opportunities

15 Replies

I started investing in real estate roughly 2 years ago and have continually purchased since then in Eau Claire, WI. I have mostly multi-family, but recently bought a SFH to be flipped and held long term.

In my research, I have seen a number of seemingly good multi-family deals in Milwaukee, WI; Sherman Park area to be exact. I have only visited Milwaukee a few times and would love to know what others know about the specific neighborhood and about Milwaukee in general. Additionally, does anyone have any leads on good multi-family property management companies that might be able to manage and/or give me some "boots on the ground" insight?

I would love the opinions of all, but especially Milwaukee property owners. Is this an opportunity to take advantage of or is this an area to be cautious of? What can you tell me about your rentals in the Milwaukee area?

I wouldn't consider myself an expert on Milwaukee but I would be careful buying there.  It can be a rougher area of the city and would probably recommend your first Milwaukee property to be in a bit better neighborhood.  Google maps went through Milwaukee in 2015/2016 and I use that a lot for work to look at properties which give you a good idea of locations.

@Luke Jorde I know of 1 property management company who will not manage in that area because of how rough the tenants are.  Their employees were scared to go there on service calls.

I'm sure there are others, but I have seen more people avoid that area than people starting to work or invest in that area.

I just started getting into investing recently in Milwaukee. However, I lived in Milwaukee for over 30 years. I would give that area a C/D rating area. That was the area where the riots in Milwaukee happened 2016.

@Luke Jorde Sherman Park is very block specific. So it really depends on the exact location. I'm very familiar with the area. Feel free to connect with me and I'll be happy to give you the info you need about the neighborhood as well as some ideas for property management.

We actually looked at several multis in that area a couple months ago.  The units we saw were well kept, the tenants were friendly and kind but the buildings we looked at looked good on the outside but were dark and dreary and needed quite a bit of work to make them bright and "safe" feeling inside.   We decided it was not what we were looking for as our 1st multi purchase - the numbers were awesome on paper but we could not feel it was the right move for us.

Thank you all for the information! I can't say I'm super surprised by any of this, but still good to know.

The Eau Claire market is pretty hot right now. There are some MLS deals that could work, but most of them do not support their rents for the price levels they are at. The only deals I have been lucky with have been off market deals.

Hi Luke. I recently started investing on the East Side of Milwaukee and think it's a great market to be involved in. Performance Asset Management is a property management company I would recommend, but I can't say I have worked directly with any others in the area.

I have had no issues with my rentals in Milwaukee, but I am very particular in my criteria as far as location is concerned. 

My family have two duplexes next door to each other (3 3/1 and 1 is 3/2.) near Chippewa Valley Regional Airport in Eau Claire and would be open to offers. PM if interested.

I own properties in literally all sides of Milwaukee. Sherman Park is a wonderful area to invest in if it is on the right block(s). There is a ton of wonderful brick homes available with immense charm, you can also get some very attractive deals in the area. When I purchase there I tend to stay west of Sherman Blvd. My sweet spot is 47th st and west in the 3000-4400 blocks. I hope this helps.

I agree with @Ryan Pattee. Sherman Park is a good place to invest in Milwaukee. Even to the east of Sherman Blvd can be good. Like much of the Northside, it takes specific and experienced management to cash flow to its full potential. Plus since the “riots” there has been a lot of interest, business and money pouring into the neighborhood.

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