Two-Unit Duplex with
New
For Sale
$450,000
2928 N DOWNER Avenue, Milwaukee, WI 53211
Residential Income, MILWAUKEE, WI
Property Size3,134 SF
Lot Size0.13 Acres
Price / SF$143.59
Days on Market4
Property Features for 2928 N DOWNER Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
2 Family/Duplex
Elementary school district
Milwaukee
Middle school district
Milwaukee
High school district
Milwaukee
Directions
N Downer Ave, north of E Locust St to property at 2926-2928 N Downer Ave.
Standard status
Active
APN
3170114000
Size
3,134 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5268
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1923
Number of units
2
Building materials
Brick, Vinyl Siding
Listing Agency:
RE/MAX Heritage · RE/MAX International
(920) 923-7777
Listed By:
Katelin P. Cassola
(920) 216-0928
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 18 at 10:06AM
MLS# 50332713
Copyright © 2026 Realtor Association of Northeast Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1923, this 3,134-square-foot duplex contains two separate residential units, each configured with 2 bedrooms and 1 bath. Living and dining areas serve both units, while the upper apartment adds an office or flex room. Separate front entries, rear access, a full basement, and a walk-up attic provide useful circulation and storage. Construction includes brick and vinyl siding, with forced-air heat.
The property sits at 2928 N DOWNER Avenue in Milwaukee, WI 53211, near UWM, restaurants, shopping, and parks. It occupies a 0.13-acre lot and is served by public water and public sewer. Zoning is 2 Family/Duplex. The property is offered in as-is condition.
The property sits at 2928 N DOWNER Avenue in Milwaukee, WI 53211, near UWM, restaurants, shopping, and parks. It occupies a 0.13-acre lot and is served by public water and public sewer. Zoning is 2 Family/Duplex. The property is offered in as-is condition.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bath in each unit
- 3,134 square feet on a 0.13‑acre lot
- Upper unit includes an office/flex room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,525
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$630,500
$630.5K
Cap Rate 7%
$450,357
$450.4K
Cap Rate 9%
$350,278
$350.3K
Market Conditions
NOI Build-Up for 3,134 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.0K $15.00/SF
− Vacancy
−$2.0K −$0.63/SF
EGI
$45.0K $14.37/SF
− OpEx
−$13.5K −$4.31/SF
NOI
$31.5K $10.06/SF
Area
Milwaukee, WI
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$630,500
Cap Rate 7%
$450,357
Cap Rate 9%
$350,278
Alternative Uses
Best Use
Multifamily LT 5
$450.4K
$394.1K – $525.4K
NOI $31,525 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$417.0K
$364.9K – $486.5K
NOI $29,190 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$753.1K
$659.0K – $878.7K
NOI $52,719 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Explore this area
Business Placement
Demographics for 53211, WI
36,327
Population
16,346
Households
2.2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
4.0 sq mi
ZIP Area
9,082
Density / Sq Mi
$76,206
Median Household Income
$40,214
Median Earnings
$1,225
Median Rent
$413,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Brick-and-vinyl duplex with separate entrances, flexible upper-level space, full basement storage, and rear access.
Where is this duplex located?
The property is located at 2928 N DOWNER Avenue Milwaukee, WI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bath in each unit; 3,134 square feet on a 0.13‑acre lot; Upper unit includes an office/flex room
