Updated Two-Unit
For Sale
$265,000
2940 N 60th St, Milwaukee, WI 53210
1929 duplex with two leased apartments, period character, and substantial property improvements completed since 2017.
Property Size2,114 SF
Price / SF$125.35
Days on Market27
Property Features for 2940 N 60th St
General Information
Standard status
Active
Size
2,114 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1929
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Lakeside-Central
(414) 881-0058
Listed By:
Benson Group* · License #3904890
Source:
Nikolicgroup
Added: Aug 4
Changed: Aug 29
Last Checked: Aug 25 at 5:15AM
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 RE/MAX Lakeside-Central
Investment Insights
Based on property information with market context.
This 2,114-square-foot duplex, built in 1929, contains two two-bedroom, one-bath apartments. Interior features include hardwood flooring, formal dining rooms, built-in china cabinets, living rooms with artificial fireplaces, and integrated bookcases. The property combines original character with improvements completed since 2017, including refinished floors, a new roof, gutters, windows, driveway, and parking pad.
Both apartments are leased through 12/31/26, and the lower unit has a long-term tenant. The property is located at 2940 N 60th St in Milwaukee, Wisconsin, providing a defined two-unit residential income configuration with established tenancy and recent exterior and interior updates.
Both apartments are leased through 12/31/26, and the lower unit has a long-term tenant. The property is located at 2940 N 60th St in Milwaukee, Wisconsin, providing a defined two-unit residential income configuration with established tenancy and recent exterior and interior updates.
Key Highlights
- Two 2BR/1BA units within a 2,114‑square‑foot duplex
- Both tenants have leases extending through 12/31/26
- Lower apartment has a long‑term tenant
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
$21,265
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
8.02%
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%
$425,300
$425.3K
Cap Rate 7%
$303,786
$303.8K
Cap Rate 9%
$236,278
$236.3K
Market Conditions
NOI Build-Up for 2,114 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
$31.7K $15.00/SF
− Vacancy
−$1.3K −$0.63/SF
EGI
$30.4K $14.37/SF
− OpEx
−$9.1K −$4.31/SF
NOI
$21.3K $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%
$425,300
Cap Rate 7%
$303,786
Cap Rate 9%
$236,278
Alternative Uses
Best Use
Multifamily LT 5
$303.8K
$265.8K – $354.4K
NOI $21,265 @ 7.0% cap · market cap 8.02%
Second Best
Apartment 5plus
$281.3K
$246.1K – $328.2K
NOI $19,690 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$508.0K
$444.5K – $592.7K
NOI $35,561 @ 7.0% cap · market cap 13.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
954
Businesses Nearby
Explore this area
Business Placement
Demographics for 53210, WI
25,588
Population
11,005
Households
2.3
Avg Household Size
32
Median Age
23%
College-Educated
87%
High-School Grad
2.6 sq mi
ZIP Area
9,842
Density / Sq Mi
$45,268
Median Household Income
$35,797
Median Earnings
$1,044
Median Rent
$153,400
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 - 1929 duplex with two leased apartments, period character, and substantial property improvements completed since 2017.
Where is this duplex located?
The property is located at 2940 N 60th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two 2BR/1BA units within a 2,114‑square‑foot duplex; Both tenants have leases extending through 12/31/26; Lower apartment has a long‑term tenant
