2-Unit Duplex with Attached
New
For Sale
$359,900
10138 W Montana Ave Unit 10140, West Allis, WI 53227
Two residential units offer separate layouts, on-site parking, and owner-occupancy or rental flexibility.
Property Size2,280 SF
Price / SF$157.85
Days on Market3
Property Features for 10138 W Montana Ave Unit 10140
General Information
Standard status
Active
Size
2,280 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1955
Stories
2
Listing Agency:
Shorewest Realtors, Inc.
Listed By:
Wendy Manzke
(262) 893-7175
Source:
Jwregwi
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 17 at 2:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Shorewest Realtors, Inc.
Investment Insights
Based on property information with market context.
This 2,280-square-foot duplex, built in 1955, contains two separate residences. The first-floor unit includes three bedrooms and one bathroom, while the upper-level unit provides two bedrooms and one bathroom. The lower unit has been freshly painted, and both apartments feature functional living areas. An attached 2.5-car garage adds parking and storage capacity.
The property is positioned near shopping, restaurants, and everyday services, with an elementary school directly across the street. Its two-unit configuration supports an owner-occupant arrangement with additional rental income from the other residence, or use as a fully leased residential investment.
The property is positioned near shopping, restaurants, and everyday services, with an elementary school directly across the street. Its two-unit configuration supports an owner-occupant arrangement with additional rental income from the other residence, or use as a fully leased residential investment.
Key Highlights
- Two‑unit layout with a 3‑bedroom lower apartment and 2‑bedroom upper apartment
- 2,280 square feet across the duplex
- First‑floor unit freshly painted
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
$24,433
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
6.79%
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%
$488,660
$488.7K
Cap Rate 7%
$349,043
$349.0K
Cap Rate 9%
$271,478
$271.5K
Market Conditions
NOI Build-Up for 2,280 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
$36.9K $16.20/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$34.9K $15.31/SF
− OpEx
−$10.5K −$4.59/SF
NOI
$24.4K $10.72/SF
Area
Milwaukee County, WI
Vacancy
5.50%
Lease Rate
$16.20 /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%
$488,660
Cap Rate 7%
$349,043
Cap Rate 9%
$271,478
Alternative Uses
Best Use
Multifamily LT 5
$349.0K
$305.4K – $407.2K
NOI $24,433 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$311.8K
$272.8K – $363.8K
NOI $21,826 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$540.7K
$473.1K – $630.8K
NOI $37,847 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,186
Businesses Nearby
Explore this area
Business Placement
Demographics for 53227, WI
23,310
Population
11,519
Households
2
Avg Household Size
40
Median Age
29%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
4,571
Density / Sq Mi
$71,594
Median Household Income
$46,886
Median Earnings
$1,057
Median Rent
$214,300
Median Home Value
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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 - Two residential units offer separate layouts, on-site parking, and owner-occupancy or rental flexibility.
Where is this duplex located?
The property is located at 10138 W Montana Ave Unit 10140 West Allis, WI.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Two‑unit layout with a 3‑bedroom lower apartment and 2‑bedroom upper apartment; 2,280 square feet across the duplex; First‑floor unit freshly painted
