Duplex with Full
New
For Sale
$249,900
10434 W Kiehnau Ave, Milwaukee, WI 53224
Both units have long-term tenants and offer three-bedroom layouts.
Property Size2,402 SF
Price / SF$104.04
Days on Market2
Property Features for 10434 W Kiehnau Ave
General Information
Standard status
Active
Size
2,402 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1980
Buildings
1
Tenancy
Multi
Listing Agency:
Smart Asset Realty Inc
Listed By:
Karla Maldonado
(262) 442-3401
Source:
Nikolicgroup
Added: Sep 26
Last Checked: Sep 26 at 2:33PM
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 Smart Asset Realty Inc
Investment Insights
Based on property information with market context.
Built in 1980, this Milwaukee duplex contains two residences totaling 2,402 square feet. Each unit has three bedrooms and 1.5 bathrooms, for a combined six bedrooms and three bathrooms. A full basement provides additional storage or utility space.
Both units are occupied by long-term tenants. The property is located in Milwaukee’s Maple Tree neighborhood.
Both units are occupied by long-term tenants. The property is located in Milwaukee’s Maple Tree neighborhood.
Key Highlights
- 2,402‑square‑foot duplex built in 1980
- Two units, each with 3 bedrooms and 1.5 bathrooms
- Combined total of 6 bedrooms and 3 bathrooms
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
$22,372
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
8.95%
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%
$447,440
$447.4K
Cap Rate 7%
$319,600
$319.6K
Cap Rate 9%
$248,578
$248.6K
Market Conditions
NOI Build-Up for 2,402 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
$42.4K $17.64/SF
− Vacancy
−$1.7K −$0.71/SF
EGI
$40.7K $16.93/SF
− OpEx
−$18.3K −$7.62/SF
NOI
$22.4K $9.31/SF
Area
Milwaukee, WI
Vacancy
4.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$447,440
Cap Rate 7%
$319,600
Cap Rate 9%
$248,578
Alternative Uses
Best Use
Multifamily LT 5
$345.2K
$302.0K – $402.7K
NOI $24,162 @ 7.0% cap · market cap 9.67%
Second Best
Apartment 5plus
$319.6K
$279.7K – $372.9K
NOI $22,372 @ 7.0% cap · market cap 8.95%
Theoretical Best
Office A
$577.2K
$505.1K – $673.4K
NOI $40,405 @ 7.0% cap · market cap 16.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 53224, WI
20,786
Population
8,530
Households
2.4
Avg Household Size
32
Median Age
27%
College-Educated
92%
High-School Grad
10.1 sq mi
ZIP Area
2,058
Density / Sq Mi
$69,727
Median Household Income
$44,745
Median Earnings
$1,160
Median Rent
$194,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Both units have long-term tenants and offer three-bedroom layouts.
Where is this duplex located?
The property is located at 10434 W Kiehnau Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 2,402‑square‑foot duplex built in 1980; Two units, each with 3 bedrooms and 1.5 bathrooms; Combined total of 6 bedrooms and 3 bathrooms
