Freshly Painted
New
For Sale
$200,000
1114 W Keefe Ave, Milwaukee, WI 53206
Two-unit property with appliances, a newer roof, and updated water-heating equipment.
Property Size1,728 SF
Price / SF$115.74
Days on Market5
Property Features for 1114 W Keefe Ave
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Multi-Family
Additional Details
Cap Rate
8%
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1908
Listing Agency:
Keller Williams Realty-Milwaukee Southwest
(262) 443-0030
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Aug 25
Changed: Aug 27
Last Checked: Aug 29 at 8:56AM
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.
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.
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 = 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
$17,382
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
8.69%
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%
$347,640
$347.6K
Cap Rate 7%
$248,314
$248.3K
Cap Rate 9%
$193,133
$193.1K
Market Conditions
NOI Build-Up for 1,728 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
$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 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%
$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
NOI $17,382 @ 7.0% cap · market cap 8.69%
Second Best
Apartment 5plus
$229.9K
$201.2K – $268.2K
NOI $16,094 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$415.3K
$363.4K – $484.5K
NOI $29,068 @ 7.0% cap · market cap 14.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
