Two-Duplex Income
For Sale
$599,000
104 East Clarence Street Unit 106, Milwaukee, WI 53207
Two duplexes on one lot plus an additional slabbed lot for six-car parking, generating current monthly income.
Property Size2,964 SF
Price / SF$202.09
Days on Market224
Property Features for 104 East Clarence Street Unit 106
General Information
Standard status
Active
Size
2,964 SF
Property subtype
Multi-Family / Multi-Family
Net Operating Income
$42,324
Amenities
Laundry Facilities, Brick, Full, Yes
Aluminum Siding, Vinyl
Building Details
Year Built
1892
Listing Agency:
RE/MAX Service First
Listed By:
Rodolfo Garcia-Garcia · License #86176-94
(414) 810-8450
Source:
Compass
Added: Jan 27
Changed: Aug 8
Last Checked: Jul 23 at 8:53AM
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 RE/MAX Service First
Investment Insights
Based on property information with market context.
This one-of-a-kind Bay View income property includes two duplexes on one lot, along with an additional southwest lot that is fully slabbed for six-car parking. The front duplex offers two spacious units, each with 2 bedrooms plus a den, updated kitchens and baths completed in 2023, LVP flooring, walkouts to the deck, exterior basement access, and a clean, open basement. The rear duplex has been fully remodeled, featuring a lower unit with vaulted ceilings, bamboo floors, a skylight, a granite kitchen with breakfast bar, a spa-like bath with heated floors, a private basement, and in-unit laundry, as well as an upper unit with open-concept layout and updated finishes.
The property is described as being just minutes from the freeway, shopping, dining, and Lake Michigan. It is currently generating $4,585 per month, with 3 of the 4 units operating on a month-to-month basis.
The property is described as being just minutes from the freeway, shopping, dining, and Lake Michigan. It is currently generating $4,585 per month, with 3 of the 4 units operating on a month-to-month basis.
Key Highlights
- Currently generating $4,585/mo; 3/4 tenants are month‑to‑month (MTM)
- Two duplexes on one lot plus an additional southwest lot with a fully slabbed 6‑car parking area
- Front duplex: two units with 2 bedrooms plus a den; updated kitchens and baths (2023) and LVP flooring
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
$29,815
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
4.98%
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%
$596,300
$596.3K
Cap Rate 7%
$425,929
$425.9K
Cap Rate 9%
$331,278
$331.3K
Market Conditions
NOI Build-Up for 2,964 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
$44.5K $15.00/SF
− Vacancy
−$1.9K −$0.63/SF
EGI
$42.6K $14.37/SF
− OpEx
−$12.8K −$4.31/SF
NOI
$29.8K $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%
$596,300
Cap Rate 7%
$425,929
Cap Rate 9%
$331,278
Alternative Uses
Best Use
Multifamily LT 5
$425.9K
$372.7K – $496.9K
NOI $29,815 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$394.4K
$345.1K – $460.1K
NOI $27,606 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$712.3K
$623.2K – $831.0K
NOI $49,859 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,005
Businesses Nearby
Explore this area
Business Placement
Demographics for 53207, WI
34,292
Population
17,278
Households
2
Avg Household Size
37
Median Age
45%
College-Educated
94%
High-School Grad
10.0 sq mi
ZIP Area
3,429
Density / Sq Mi
$79,576
Median Household Income
$53,886
Median Earnings
$1,145
Median Rent
$228,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two duplexes on one lot plus an additional slabbed lot for six-car parking, generating current monthly income.
Where is this duplex located?
The property is located at 104 East Clarence Street Unit 106 Milwaukee, WI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Currently generating $4,585/mo; 3/4 tenants are month‑to‑month (MTM); Two duplexes on one lot plus an additional southwest lot with a fully slabbed 6‑car parking area; Front duplex: two units with 2 bedrooms plus a den; updated kitchens and baths (2023) and LVP flooring
