Renovated Duplex with Two 3-Bedroom
For Sale
$500,000
2846 S Herman St, Milwaukee, WI 53207
Updated interiors, private outdoor space, a garage, and basement storage support comfortable multifamily living.
Property Size2,200 SF
Price / SF$227.27
Days on Market16
Property Features for 2846 S Herman St
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
fenced-in yard
garage
front porch
laundry area
Building Details
Year Built
1905
Buildings
1
Listing Agency:
Keller Williams Milwaukee North Shore
Listed By:
Thrive Realty Group* · License #8980694
(414) 962-3605
Source:
Nikolicgroup
Added: Sep 12
Changed: Sep 17
Last Checked: Sep 26 at 10:18AM
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 1905, this 2,200-square-foot duplex pairs historic character with extensive recent improvements. Both units offer three bedrooms, a living room, dining room, bathroom with a walk-in shower, an updated kitchen, and pantry space. Hardwood flooring runs throughout the property, while the basement adds drain tile, a sump pump, laundry space, and storage. A walk-up attic provides additional space for future finishing, subject to applicable approvals.
Outdoor features include a fenced yard, large garage, and covered front porch. The property is in Bay View, one block from Humboldt Park and near KK, placing neighborhood amenities within close reach.
Outdoor features include a fenced yard, large garage, and covered front porch. The property is in Bay View, one block from Humboldt Park and near KK, placing neighborhood amenities within close reach.
Key Highlights
- Two‑unit duplex with 3 bedrooms in each unit
- 2,200 square feet; built in 1905
- Nearly all improvements are less than 5 years old
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
$22,130
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
4.43%
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%
$442,600
$442.6K
Cap Rate 7%
$316,143
$316.1K
Cap Rate 9%
$245,889
$245.9K
Market Conditions
NOI Build-Up for 2,200 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
$33.0K $15.00/SF
− Vacancy
−$1.4K −$0.63/SF
EGI
$31.6K $14.37/SF
− OpEx
−$9.5K −$4.31/SF
NOI
$22.1K $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%
$442,600
Cap Rate 7%
$316,143
Cap Rate 9%
$245,889
Alternative Uses
Best Use
Multifamily LT 5
$316.1K
$276.6K – $368.8K
NOI $22,130 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$292.7K
$256.1K – $341.5K
NOI $20,491 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$528.7K
$462.6K – $616.8K
NOI $37,008 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
571
Businesses Nearby
Explore this area
Business Placement
Demographics for 53207, WI
34,292
Population
17,278
Households
2
Avg Household Size
37
Median Age
45%
College-Educated
94%
High-School Grad
10.0 sq mi
ZIP Area
3,429
Density / Sq Mi
$79,576
Median Household Income
$53,886
Median Earnings
$1,145
Median Rent
$228,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated interiors, private outdoor space, a garage, and basement storage support comfortable multifamily living.
Where is this duplex located?
The property is located at 2846 S Herman St Milwaukee, WI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms in each unit; 2,200 square feet; built in 1905; Nearly all improvements are less than 5 years old
