Looking into buying a multi family property in Brookfield, WI

6 Replies

Hi,

I am new to multifamily property and as I can't afford to buy one in CA so decided to look in Midwest area Brookfield, WI as my whole family live there.  Problem is I don't know how should I analyze the market and how to get a best deal. Any help in this area would be greatly appreciated.

Thanks

Sukhwant

I live in Milwaukee. I am about 20 minutes away from Brookfield. I do not invest in Brookfield or Waukesha County, however, you will be lucky to find any Multifamilies for sale in Brookfield. By any, I mean like 1. I am assuming you mean 4 units or more when you say Multifamily. I'm sure there are some duplexes in Brookfield, although the housing stock is almost exclusively SFH's. Prices are not going to be what you might be thinking as far as "Midwest" prices either. Brookfield is a rich suburb that will not have very good price to rent ratios if that is what you are looking for. Good luck!

As @Darren Budahn said, Brookfield is on the higher end for property value and is going to be tough to get the returns that make an investment make sense.  If you want to look at areas close to Brookfield that can provide a decent return, you may want to consider Waukesha.

Darren/Rob,

   Thanks for taking the time to respond to my question. I really appreciate this information. In your experience what other areas are good in WI to find a good multi-family investments. My family lives in Brookfield, Pewaukee and Watertown so want to stay in close to those areas.

Thanks

Sukhwant

I agree; here are some suburbs/cities that will be higher priced:

- Brookfield, Waukesha, Pewaukee, and Sussex

- Menomonee Falls, Mequon, Germantown, Cedarburg, Grafton

- River Hills, Brown Deer

- Shorewood, Fox Point, Whitefish Bay

I lived in Watertown years ago and it's somewhat of a smaller city and closer to a rural area.  People who live there say there's "nothing to do" in the city.  When I lived in Watertown I was right across from a corn field.  It drove me crazy living there.

All the areas you mention are going to have little to no opportunities to invest in Multi Family properties. These areas are almost exclusively single family homes. I just did a quick MLS search for Multi's in the 3 cities you describe and the total inventory is:

Brookfield: 1

Pewaukee: 3

Watertown: 5

So, while it is not impossible to invest in these ares, to say the inventory is limited, would be an understatement.  

I would look to Milwaukee County and the city of Milwaukee if you want more opportunities.  You can drive from Brookfield to Milwaukee in 10 to 25 minutes depending on what part of the city you are going to.  Pewaukee is only a few minutes further.  Watertown is a bit of a haul.  It would take me an hour from where I live in the city.  

Brookfield is the California of Wisconsin lol.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here