Historic Multifamily Property with
For Sale
$699,000
2712 N Maryland Ave, Milwaukee, WI 53211
Preserved historic details combine with adaptable living areas and a self-contained third-floor loft.
Property Size3,185 SF
Price / SF$219.47
Days on Market46
Property Features for 2712 N Maryland Ave
General Information
Standard status
Active
Size
3,185 SF
Property subtype
Multi-Family
Building Details
Year Built
1898
Listing Agency:
Homestead Realty, Inc
(920) 893-3001
Listed By:
Timothy Klingman
Source:
Nikolicgroup
Added: Jul 15
Changed: Aug 28
Last Checked: Aug 29 at 12:07PM
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 Homestead Realty, Inc
Investment Insights
Based on property information with market context.
Built in 1898, this 3,185-square-foot multifamily property retains original architectural details, including hardwood floors, millwork, coved ceilings, paneled pocket doors, and a wood-paneled staircase. The interior includes interchangeable living and dining rooms, a primary suite with an en suite bathroom, and a flex room with balcony access. A reading nook occupies the lower stair landing, adding a distinct interior feature.
The third-floor loft has its own furnace, kitchen, full bathroom, skylights, and new carpeting noted for the end of July. The space can function as a guest suite, home office, hobby area, artist retreat, or rental area. A rare three-car garage and additional slab provide supplementary parking and storage. The property is located at 2712 N Maryland Ave in Milwaukee, Wisconsin, within the Eastside.
The third-floor loft has its own furnace, kitchen, full bathroom, skylights, and new carpeting noted for the end of July. The space can function as a guest suite, home office, hobby area, artist retreat, or rental area. A rare three-car garage and additional slab provide supplementary parking and storage. The property is located at 2712 N Maryland Ave in Milwaukee, Wisconsin, within the Eastside.
Key Highlights
- 3,185‑square‑foot multifamily property built in 1898
- Original hardwood floors, millwork, coved ceilings, and paneled pocket doors
- Third‑floor loft with separate furnace, kitchen, full bath, and skylights
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
$29,665
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
4.24%
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%
$593,300
$593.3K
Cap Rate 7%
$423,786
$423.8K
Cap Rate 9%
$329,611
$329.6K
Market Conditions
NOI Build-Up for 3,185 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
$56.2K $17.64/SF
− Vacancy
−$2.2K −$0.71/SF
EGI
$53.9K $16.93/SF
− OpEx
−$24.3K −$7.62/SF
NOI
$29.7K $9.31/SF
Area
Milwaukee, WI
Vacancy
4.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$593,300
Cap Rate 7%
$423,786
Cap Rate 9%
$329,611
Alternative Uses
Best Use
Apartment 5plus
$423.8K
$370.8K – $494.4K
NOI $29,665 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$765.4K
$669.7K – $893.0K
NOI $53,577 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,789
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Preserved historic details combine with adaptable living areas and a self-contained third-floor loft.
Where is this multifamily property located?
The property is located at 2712 N Maryland Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,185‑square‑foot multifamily property built in 1898; Original hardwood floors, millwork, coved ceilings, and paneled pocket doors; Third‑floor loft with separate furnace, kitchen, full bath, and skylights
