Character Duplex with 3-Car
For Sale
$535,000
3932 N Maryland Ave, Shorewood, WI 53211
1918-built two-unit property with original architectural details, attic space, and alley access to the garage.
Property Size2,775 SF
Price / SF$192.79
Days on Market14
Property Features for 3932 N Maryland Ave
General Information
Standard status
Active
Size
2,775 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Building Details
Year Built
1918
Listing Agency:
Keller Williams Milwaukee North Shore
(414) 962-3605
Listed By:
William Lauer Group* · License #86953-94
Source:
Nikolicgroup
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 12:34PM
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 Milwaukee North Shore
Investment Insights
Based on property information with market context.
Built in 1918, this Shorewood duplex offers 2,775 square feet across two spacious units, with original details that include hardwood flooring, detailed millwork, leaded-glass built-ins, paneled walls, and many replacement windows. A walk-up attic adds storage and includes space identified for two additional bedrooms. Alley access leads to a detached 3-car garage.
The property is near restaurants, Lake Michigan, Oakland Avenue shopping, Atwater Elementary, UWM, churches, the Shorewood library, Atwater Park, and the beach. Its combination of period craftsmanship, two-unit configuration, attic space, and garage access creates a distinctive residential income property in Shorewood.
The property is near restaurants, Lake Michigan, Oakland Avenue shopping, Atwater Elementary, UWM, churches, the Shorewood library, Atwater Park, and the beach. Its combination of period craftsmanship, two-unit configuration, attic space, and garage access creates a distinctive residential income property in Shorewood.
Key Highlights
- 2,775‑square‑foot duplex built in 1918
- Detached 3‑car garage with alley access
- Original hardwood floors, millwork, and paneled walls
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
$29,738
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
5.56%
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%
$594,760
$594.8K
Cap Rate 7%
$424,829
$424.8K
Cap Rate 9%
$330,422
$330.4K
Market Conditions
NOI Build-Up for 2,775 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
$45.0K $16.20/SF
− Vacancy
−$2.5K −$0.89/SF
EGI
$42.5K $15.31/SF
− OpEx
−$12.7K −$4.59/SF
NOI
$29.7K $10.72/SF
Area
Milwaukee County, WI
Vacancy
5.50%
Lease Rate
$16.20 /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%
$594,760
Cap Rate 7%
$424,829
Cap Rate 9%
$330,422
Alternative Uses
Best Use
Multifamily LT 5
$424.8K
$371.7K – $495.6K
NOI $29,738 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$379.5K
$332.1K – $442.8K
NOI $26,565 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$658.1K
$575.8K – $767.7K
NOI $46,064 @ 7.0% cap · market cap 8.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
854
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 - 1918-built two-unit property with original architectural details, attic space, and alley access to the garage.
Where is this duplex located?
The property is located at 3932 N Maryland Ave Shorewood, WI.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: 2,775‑square‑foot duplex built in 1918; Detached 3‑car garage with alley access; Original hardwood floors, millwork, and paneled walls
