Building Details

Year Built 1908

Listing Agency: Abundance Real Estate

Listed By: Realty Executives Southeast Show Phone

Source: Therealestatestudiowi

Added: Aug 25 Changed: Oct 16 Last Checked: Oct 16 at 8:53AM

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Investment Insights

Based on property information with market context.

This 1,728-square-foot duplex, built in 1908, has two residential units arranged on separate levels. Both units have received fresh paint and include appliances. The property also features a newer roof and newer hot-water heaters. One unit is occupied, while the other is vacant and available for leasing.

The property is located at 1114 W Keefe Ave in Milwaukee’s Riverwest area, near I-43. Super Walmart is approximately 5 minutes away, downtown destinations are 8 minutes away, the airport is 16 minutes away, and Costco and Sam’s Club are 19 minutes away. The occupied unit’s tenant pays all utilities. The reported cap rate is 5-8.

Key Highlights

• 1,728 SF duplex built in 1908
• Two residential units with one occupied and one vacant
• Fresh paint and appliances included in both units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,382

Cap Rate

8.69%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$347,640 $347.6K

Cap Rate 7%

$248,314 $248.3K

Cap Rate 9%

$193,133 $193.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,728 SF

Gross rent

$25.9K $15.00/SF

− Vacancy

−$1.1K −$0.63/SF

EGI

$24.8K $14.37/SF

− OpEx

−$7.4K −$4.31/SF

NOI

$17.4K $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 Rate 5%

$347,640

Cap Rate 7%

$248,314

Cap Rate 9%

$193,133

Alternative Uses

Best Use

Multifamily LT 5

$248.3K

$217.3K – $289.7K (±1% cap)

NOI $17,382 @ 7.0% cap · market cap 8.69%

Second Best

Apartment 5plus

$229.9K

$201.2K – $268.2K (±1% cap)

NOI $16,094 @ 7.0% cap · market cap 8.05%

Theoretical Best

Office A

$415.3K

$363.4K – $484.5K (±1% cap)

NOI $29,068 @ 7.0% cap · market cap 14.53%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Parking Lot & Garage Skin Care Clinic Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

445

Businesses Nearby

Explore this area Business Placement

Demographics for 53206, WI

22,816

Population

10,077

Households

2.3

Avg Household Size

32

Median Age

7%

College-Educated

82%

High-School Grad

2.7 sq mi

ZIP Area

8,450

Density / Sq Mi

$28,995

Median Household Income

$25,655

Median Earnings

$998

Median Rent

$70,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property with appliances, a newer roof, and updated water-heating equipment.

Where is this duplex located?

The property is located at 1114 W Keefe Ave Milwaukee, WI.

What is the asking price?

The asking price for this property is $200,000.

What are key features of this property?

This property features: 1,728 SF duplex built in 1908; Two residential units with one occupied and one vacant; Fresh paint and appliances included in both units