Two-Unit Townhome
For Sale
$249,900
10436-10434 W Kiehnau Avenue, Milwaukee, WI 53224
Both residences feature practical layouts and established long-term tenancy.
Property Size2,402 SF
Price / SF$104.04
Days on Market16
Property Features for 10436-10434 W Kiehnau Avenue
General Information
Standard status
Active
Size
2,402 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,365
Building Details
Year Built
1980
Buildings
1
Tenancy
Multi
Listing Agency:
Smart Asset Realty Inc
(262) 442-3401
Listed By:
Karla Maldonado
(262) 442-3401
Source:
Exprealty
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 29 at 12:02PM
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 two-family townhome contains 2,402 square feet arranged as two residential units. Each unit includes three bedrooms and one and a half baths, creating a consistent layout across the property. A full basement provides additional storage and houses utility space.
Both units are occupied by long-term tenants. The property is located at 10434-10436 W Kiehnau Avenue in Milwaukee’s Maple Tree neighborhood and is offered for sale.
Both units are occupied by long-term tenants. The property is located at 10434-10436 W Kiehnau Avenue in Milwaukee’s Maple Tree neighborhood and is offered for sale.
Key Highlights
- 2,402‑square‑foot two‑family townhome
- Built in 1980
- Six bedrooms and 3 baths total
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
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
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 - Both residences feature practical layouts and established long-term tenancy.
Where is this duplex located?
The property is located at 10436-10434 W Kiehnau Avenue 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 two‑family townhome; Built in 1980; Six bedrooms and 3 baths total
