Duplex with Attached
New
For Sale
$379,900
10138 W Montana Ave, West Allis, WI 53227
Two residential units offer three- and two-bedroom layouts across separate floors.
Property Size2,280 SF
Price / SF$166.62
Days on Market3
Property Features for 10138 W Montana Ave
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
Listing Agency:
Shorewest Realtors, Inc.
(262) 893-7175
Listed By:
Wendy Manzke
Source:
Nikolicgroup
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 7:31PM
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 two-unit residential property offers 2,280 square feet arranged as a duplex with distinct first- and second-floor residences. The lower unit includes three bedrooms and one bathroom, while the upper unit provides two bedrooms and one bathroom. Fresh paint has been completed in the first-floor residence. A 2.5-car attached garage adds on-site parking and storage, supporting the property’s practical configuration.
Built in 1955, the duplex is located at 10138 W Montana Ave in West Allis, Wisconsin. An elementary school is directly across the street, with shopping, restaurants, and everyday amenities nearby.
Built in 1955, the duplex is located at 10138 W Montana Ave in West Allis, Wisconsin. An elementary school is directly across the street, with shopping, restaurants, and everyday amenities nearby.
Key Highlights
- 2,280‑square‑foot duplex with two residential units
- First‑floor unit has 3 bedrooms and 1 bathroom
- Second‑floor unit has 2 bedrooms and 1 bathroom
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
6.43%
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 6.43%
Second Best
Apartment 5plus
$311.8K
$272.8K – $363.8K
NOI $21,826 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$540.7K
$473.1K – $630.8K
NOI $37,847 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer three- and two-bedroom layouts across separate floors.
Where is this duplex located?
The property is located at 10138 W Montana Ave West Allis, WI.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: 2,280‑square‑foot duplex with two residential units; First‑floor unit has 3 bedrooms and 1 bathroom; Second‑floor unit has 2 bedrooms and 1 bathroom
