Updated Triplex with In-Unit
For Sale
$595,000
1308 N Astor St, Milwaukee, WI 53202
Fully leased three-family property with tenant-paid utilities and a fenced backyard.
Property Size3,060 SF
Days on Market12
Property Features for 1308 N Astor St
General Information
Standard status
Active
Size
3,060 SF
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Gross Income
$49,440
Public Transit
Yes
Multifamily Units
3
Amenities
in-unit laundry
high ceilings
exposed cream city brick
large windows
hardwood floors
fenced backyard
Building Details
Building Size
3,060 SF
Year Built
1880
Buildings
1
Construction
cream city brick
Listing Agency:
SNSHN Realty LLC
(608) 333-2827
Listed By:
Anna Cihla · License #5965690
(608) 333-2827
Source:
Therealtycompanyllc
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 29 at 7:28PM
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 SNSHN Realty LLC
Investment Insights
Based on property information with market context.
This three-family residential income property was built in 1880 and offers a brick exterior, high ceilings, oversized windows, exposed cream city brick, and hardwood flooring. Each unit includes its own laundry, while the fenced backyard adds outdoor space. The front lower residence was remodeled in 2021, followed by improvements to the rear lower residence in 2022.
The property is fully leased through 2027, with tenants responsible for all utilities. Its Milwaukee setting places the building near Brady Street, The Hop, Lake Michigan, restaurants, and entertainment venues.
The property is fully leased through 2027, with tenants responsible for all utilities. Its Milwaukee setting places the building near Brady Street, The Hop, Lake Michigan, restaurants, and entertainment venues.
Key Highlights
- Three‑family property built in 1880
- Fully leased through 2027
- Front lower unit remodeled in 2021; rear lower unit remodeled in 2022
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
$30,781
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
5.17%
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%
$615,620
$615.6K
Cap Rate 7%
$439,729
$439.7K
Cap Rate 9%
$342,011
$342.0K
Market Conditions
NOI Build-Up for 3,060 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
$45.9K $15.00/SF
− Vacancy
−$1.9K −$0.63/SF
EGI
$44.0K $14.37/SF
− OpEx
−$13.2K −$4.31/SF
NOI
$30.8K $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%
$615,620
Cap Rate 7%
$439,729
Cap Rate 9%
$342,011
Alternative Uses
Best Use
Multifamily LT 5
$439.7K
$384.8K – $513.0K
NOI $30,781 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$407.2K
$356.3K – $475.0K
NOI $28,501 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$735.3K
$643.4K – $857.9K
NOI $51,474 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,045
Businesses Nearby
Explore this area
Business Placement
Demographics for 53202, WI
27,897
Population
18,629
Households
1.5
Avg Household Size
31
Median Age
66%
College-Educated
98%
High-School Grad
2.1 sq mi
ZIP Area
13,284
Density / Sq Mi
$68,482
Median Household Income
$52,339
Median Earnings
$1,234
Median Rent
$298,000
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?
Triplex - Fully leased three-family property with tenant-paid utilities and a fenced backyard.
Where is this triplex located?
The property is located at 1308 N Astor St Milwaukee, WI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Three‑family property built in 1880; Fully leased through 2027; Front lower unit remodeled in 2021; rear lower unit remodeled in 2022
