Updated Triplex with Three-Car
For Sale
$249,999
6221 W Thurston Ct, Milwaukee, WI 53218
Three-unit property with a mixed unit layout, refreshed mechanical systems, and on-site garage space.
Property Size2,396 SF
Price / SF$104.34
Days on Market48
Property Features for 6221 W Thurston Ct
General Information
Standard status
Active
Size
2,396 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Building Details
Year Built
1931
Listing Agency:
Homestead Realty, Inc
(414) 667-7389
Listed By:
Own it Real Estate Solutions Team* · License #6024890
Source:
Levelupwi
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 31 at 7:46PM
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 1931, this 2,396-square-foot triplex contains two 1-bedroom units on the upper level and a 2-bedroom unit below. The lower unit also includes a sunroom currently used as a third bedroom. Property improvements include new water heaters and newer boilers that have been tuned and serviced. A 3-car garage provides dedicated on-site parking and storage capacity.
The property is located at 6221 W Thurston Ct in Milwaukee, Wisconsin. All tenants have maintained one-year occupancies, and two of the three units participate in Section 8. The unit mix and existing mechanical updates provide a clear operating profile for a multifamily buyer.
The property is located at 6221 W Thurston Ct in Milwaukee, Wisconsin. All tenants have maintained one-year occupancies, and two of the three units participate in Section 8. The unit mix and existing mechanical updates provide a clear operating profile for a multifamily buyer.
Key Highlights
- 2,396 SF triplex built in 1931
- Two 1‑bedroom upper units and one 2‑bedroom lower unit
- Lower‑level sunroom currently used as a 3rd bedroom
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
$22,792
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
9.12%
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%
$455,840
$455.8K
Cap Rate 7%
$325,600
$325.6K
Cap Rate 9%
$253,244
$253.2K
Market Conditions
NOI Build-Up for 2,396 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
$44.0K $18.36/SF
− Vacancy
−$2.6K −$1.06/SF
EGI
$41.4K $17.30/SF
− OpEx
−$18.6K −$7.78/SF
NOI
$22.8K $9.51/SF
Area
ZIP 53218
Vacancy
5.80%
Lease Rate
$18.36 /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%
$455,840
Cap Rate 7%
$325,600
Cap Rate 9%
$253,244
Alternative Uses
Best Use
Multifamily LT 5
$362.9K
$317.6K – $423.4K
NOI $25,405 @ 7.0% cap · market cap 10.16%
Second Best
Apartment 5plus
$325.6K
$284.9K – $379.9K
NOI $22,792 @ 7.0% cap · market cap 9.12%
Theoretical Best
Warehouse
$1.82M
$1.59M – $2.12M
NOI $127,132 @ 7.0% cap · market cap 50.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
350
Businesses Nearby
Explore this area
Business Placement
Demographics for 53218, WI
38,488
Population
15,971
Households
2.4
Avg Household Size
31
Median Age
10%
College-Educated
83%
High-School Grad
5.9 sq mi
ZIP Area
6,523
Density / Sq Mi
$42,207
Median Household Income
$33,622
Median Earnings
$1,034
Median Rent
$122,200
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?
Triplex - Three-unit property with a mixed unit layout, refreshed mechanical systems, and on-site garage space.
Where is this triplex located?
The property is located at 6221 W Thurston Ct Milwaukee, WI.
What is the asking price?
The asking price for this property is $249,999.
What are key features of this property?
This property features: 2,396 SF triplex built in 1931; Two 1‑bedroom upper units and one 2‑bedroom lower unit; Lower‑level sunroom currently used as a 3rd bedroom
