Updated Duplex with
For Sale
$260,000
5607 W Philip Pl, Milwaukee, WI 53216
Custom-built two-unit property with hardwood floors, recent mechanical updates, and off-street parking in Milwaukee’s Grasslyn Manor area.
Property Size2,033 SF
Price / SF$127.89
Days on Market9
Property Features for 5607 W Philip Pl
General Information
Standard status
Active
Size
2,033 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Keller Williams Realty-Milwaukee Southwest
(262) 443-0030
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Aug 23
Changed: Aug 27
Last Checked: Aug 30 at 4:33PM
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 Keller Williams Realty-Milwaukee Southwest
Investment Insights
Based on property information with market context.
Built in 1940, this custom-built duplex at 5607 W Philip Pl features hardwood floors, built-in dining room cabinetry, and decorative tray ceilings. Recent improvements include a roof replaced 5 years ago, a furnace installed 3 years ago, and a new water heater. The property also includes a 2-car garage and a 2-car parking slab.
Located in Milwaukee’s Grasslyn Manor area, also identified as Sherman Park, the property is zoned rt2. The lower unit is scheduled to be vacant at the end of August, while the building remains maintained by the original owner’s family. The sale is offered as-is.
Located in Milwaukee’s Grasslyn Manor area, also identified as Sherman Park, the property is zoned rt2. The lower unit is scheduled to be vacant at the end of August, while the building remains maintained by the original owner’s family. The sale is offered as-is.
Key Highlights
- Custom‑built duplex with hardwood floors, built‑in dining room cabinets, and decorative tray ceilings
- Roof replaced 5 years ago; furnace installed 3 years ago; new water heater
- 2‑car garage plus 2‑car parking slab
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
$20,450
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
7.87%
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%
$409,000
$409.0K
Cap Rate 7%
$292,143
$292.1K
Cap Rate 9%
$227,222
$227.2K
Market Conditions
NOI Build-Up for 2,033 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
$30.5K $15.00/SF
− Vacancy
−$1.3K −$0.63/SF
EGI
$29.2K $14.37/SF
− OpEx
−$8.8K −$4.31/SF
NOI
$20.4K $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 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%
$409,000
Cap Rate 7%
$292,143
Cap Rate 9%
$227,222
Alternative Uses
Best Use
Multifamily LT 5
$292.1K
$255.6K – $340.8K
NOI $20,450 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$270.5K
$236.7K – $315.6K
NOI $18,935 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$488.5K
$427.5K – $570.0K
NOI $34,198 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
674
Businesses Nearby
Explore this area
Business Placement
Demographics for 53216, WI
30,109
Population
13,556
Households
2.2
Avg Household Size
36
Median Age
18%
College-Educated
85%
High-School Grad
4.6 sq mi
ZIP Area
6,545
Density / Sq Mi
$43,466
Median Household Income
$34,823
Median Earnings
$970
Median Rent
$122,800
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 - Custom-built two-unit property with hardwood floors, recent mechanical updates, and off-street parking in Milwaukee’s Grasslyn Manor area.
Where is this duplex located?
The property is located at 5607 W Philip Pl Milwaukee, WI.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Custom‑built duplex with hardwood floors, built‑in dining room cabinets, and decorative tray ceilings; Roof replaced 5 years ago; furnace installed 3 years ago; new water heater; 2‑car garage plus 2‑car parking slab
