Duplex with Private
For Sale
$449,900
N88w16226 Park Blvd, Menomonee Falls, WI 53051
Two separately accessed residences include finished attic space, a sunroom, and a detached garage.
Property Size2,880 SF
Price / SF$156.22
Days on Market19
Property Features for N88w16226 Park Blvd
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
detached garage
Building Details
Year Built
1898
Listing Agency:
Epique Realty Germantown
(262) 573-5441
Listed By:
Neal Miller
Source:
Nikolicgroup
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 29 at 12:21PM
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 Epique Realty Germantown
Investment Insights
Based on property information with market context.
Built in 1898, this 2,880-square-foot duplex contains two private-entry residences, each with two bedrooms and one bathroom. The lower unit includes a sunroom, family room, dining area with built-ins, custom kitchen cabinetry, exposed brick, and a walk-in shower. Upstairs, an eat-in kitchen and spacious family room lead to a landing and finished attic bedroom area.
Outdoor features include a rear patio, a private yard with towering pine trees, and a detached 2.5-car garage. The property sits at the end of the street near the Lime Kiln Park walking path, with restaurants, bars, and shopping along the route.
Outdoor features include a rear patio, a private yard with towering pine trees, and a detached 2.5-car garage. The property sits at the end of the street near the Lime Kiln Park walking path, with restaurants, bars, and shopping along the route.
Key Highlights
- 2,880‑square‑foot duplex built in 1898
- Two 2 bd, 1 ba units with private entrances
- Lower residence features a sunroom, built‑ins, exposed brick, and walk‑in shower
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
$33,038
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
7.34%
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%
$660,760
$660.8K
Cap Rate 7%
$471,971
$472.0K
Cap Rate 9%
$367,089
$367.1K
Market Conditions
NOI Build-Up for 2,880 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
$49.4K $17.16/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$47.2K $16.39/SF
− OpEx
−$14.2K −$4.92/SF
NOI
$33.0K $11.47/SF
Area
Waukesha County, WI
Vacancy
4.50%
Lease Rate
$17.16 /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%
$660,760
Cap Rate 7%
$471,971
Cap Rate 9%
$367,089
Alternative Uses
Best Use
Multifamily LT 5
$472.0K
$413.0K – $550.6K
NOI $33,038 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$437.0K
$382.4K – $509.9K
NOI $30,592 @ 7.0% cap · market cap 6.80%
Theoretical Best
Flex RnD
$1.47M
$1.29M – $1.71M
NOI $102,891 @ 7.0% cap · market cap 22.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,078
Businesses Nearby
Explore this area
Business Placement
Demographics for 53051, WI
38,562
Population
16,972
Households
2.3
Avg Household Size
44
Median Age
49%
College-Educated
96%
High-School Grad
33.3 sq mi
ZIP Area
1,158
Density / Sq Mi
$98,423
Median Household Income
$60,331
Median Earnings
$1,257
Median Rent
$341,700
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 separately accessed residences include finished attic space, a sunroom, and a detached garage.
Where is this duplex located?
The property is located at N88w16226 Park Blvd Menomonee Falls, WI.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2,880‑square‑foot duplex built in 1898; Two 2 bd, 1 ba units with private entrances; Lower residence features a sunroom, built‑ins, exposed brick, and walk‑in shower
