Duplex with New
For Sale
$399,900
1822 E Thomas Ave, Milwaukee, WI 53211
Two-unit property with a vacant upper residence, an occupied lower unit, and flexible space including a porch and unfinished attic.
Property Size1,918 SF
Price / SF$208.50
Days on Market8
Property Features for 1822 E Thomas Ave
General Information
Standard status
Active
Size
1,918 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Listing Agency:
Keller Williams Realty-Milwaukee Southwest
(262) 443-0030
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 8:59AM
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 1,918-square-foot duplex was built in 1910 and includes two residential units. The upper residence is vacant and features two bedrooms, a living room, eat-in kitchen, den or office, and a large porch. An unfinished attic provides additional storage or future expansion space. The lower unit is occupied by long-term tenants who would like to remain.
The property is located at 1822 E Thomas Ave in Milwaukee’s Eastside area. A new roof is in place, adding a recently completed major building improvement. The combination of an available upper unit and an established lower tenancy supports both owner-occupant and investment-oriented use.
The property is located at 1822 E Thomas Ave in Milwaukee’s Eastside area. A new roof is in place, adding a recently completed major building improvement. The combination of an available upper unit and an established lower tenancy supports both owner-occupant and investment-oriented use.
Key Highlights
- 1,918 SF duplex built in 1910
- Upper unit is vacant and includes 2 bedrooms, den or office, eat‑in kitchen, and large porch
- Lower unit has long‑term tenants who would like to remain
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
$19,293
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
4.82%
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%
$385,860
$385.9K
Cap Rate 7%
$275,614
$275.6K
Cap Rate 9%
$214,367
$214.4K
Market Conditions
NOI Build-Up for 1,918 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
$28.8K $15.00/SF
− Vacancy
−$1.2K −$0.63/SF
EGI
$27.6K $14.37/SF
− OpEx
−$8.3K −$4.31/SF
NOI
$19.3K $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%
$385,860
Cap Rate 7%
$275,614
Cap Rate 9%
$214,367
Alternative Uses
Best Use
Multifamily LT 5
$275.6K
$241.2K – $321.6K
NOI $19,293 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$255.2K
$223.3K – $297.7K
NOI $17,864 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$460.9K
$403.3K – $537.7K
NOI $32,264 @ 7.0% cap · market cap 8.07%
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
2,056
Businesses Nearby
Explore this area
Business Placement
Demographics for 53211, WI
36,327
Population
16,346
Households
2.2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
4.0 sq mi
ZIP Area
9,082
Density / Sq Mi
$76,206
Median Household Income
$40,214
Median Earnings
$1,225
Median Rent
$413,500
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?
Duplex - Two-unit property with a vacant upper residence, an occupied lower unit, and flexible space including a porch and unfinished attic.
Where is this duplex located?
The property is located at 1822 E Thomas Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 1,918 SF duplex built in 1910; Upper unit is vacant and includes 2 bedrooms, den or office, eat‑in kitchen, and large porch; Lower unit has long‑term tenants who would like to remain
