Two-Home Corner-Lot Multifamily
New
For Sale
$310,000
Pending
2031 W Pierce St #2037, Milwaukee, WI 53204
Two residences feature updated baths, flooring, siding, and newly installed roofs.
Property Size2,610 SF
Days on Market4
Property Features for 2031 W Pierce St #2037
General Information
Standard status
Pending
Size
2,610 SF
Property subtype
Multi-Family
Building Details
Year Built
1928
Listing Agency:
Homesmart Connect LLC
Listed By:
Rafael Vazquez · License #45787
Source:
Milwaukeeforeverhome
Added: Aug 30
Changed: Sep 2
Last Checked: Sep 1 at 3:11PM
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 Homesmart Connect LLC
Investment Insights
Based on property information with market context.
This multifamily property includes two homes positioned on a single corner lot, with a combined property size of 2,610 square feet. The improvements date to 1928 and include brand-new roofs and granite countertops throughout both residences.
The brick home has refinished hardwood floors, an updated bathroom, and new carpet and flooring. The second home includes a fully remodeled bathroom, new aluminum wrap siding, and matching new carpet and flooring. Together, the two-home configuration provides separate residential improvements within one multifamily property.
The brick home has refinished hardwood floors, an updated bathroom, and new carpet and flooring. The second home includes a fully remodeled bathroom, new aluminum wrap siding, and matching new carpet and flooring. Together, the two-home configuration provides separate residential improvements within one multifamily property.
Key Highlights
- Two homes situated on one corner lot
- Combined property size of 2,610 square feet
- Brand‑new roofs installed on both homes
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
$24,309
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
7.84%
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%
$486,180
$486.2K
Cap Rate 7%
$347,271
$347.3K
Cap Rate 9%
$270,100
$270.1K
Market Conditions
NOI Build-Up for 2,610 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
$46.0K $17.64/SF
− Vacancy
−$1.8K −$0.71/SF
EGI
$44.2K $16.93/SF
− OpEx
−$19.9K −$7.62/SF
NOI
$24.3K $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%
$486,180
Cap Rate 7%
$347,271
Cap Rate 9%
$270,100
Alternative Uses
Best Use
Apartment 5plus
$347.3K
$303.9K – $405.2K
NOI $24,309 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$627.2K
$548.8K – $731.7K
NOI $43,904 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
986
Businesses Nearby
Explore this area
Business Placement
Demographics for 53204, WI
39,728
Population
14,979
Households
2.7
Avg Household Size
29
Median Age
15%
College-Educated
65%
High-School Grad
3.2 sq mi
ZIP Area
12,415
Density / Sq Mi
$43,645
Median Household Income
$30,906
Median Earnings
$964
Median Rent
$106,000
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 - Two residences feature updated baths, flooring, siding, and newly installed roofs.
Where is this multifamily property located?
The property is located at 2031 W Pierce St #2037 Milwaukee, WI.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Two homes situated on one corner lot; Combined property size of 2,610 square feet; Brand‑new roofs installed on both homes
