Duplex with Historic
For Sale
$259,900
1435 N 48th St, Milwaukee, WI 53208
Two-unit property featuring updated finishes, restored exterior elements, and several private outdoor spaces.
Property Size2,288 SF
Price / SF$113.59
Days on Market82
Property Features for 1435 N 48th St
General Information
Standard status
Active
Size
2,288 SF
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
in need of some easy TLC
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,292
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Real Broker Milwaukee
(262) 622-5977
Listed By:
Tyler Vandermolen · License #9424894
(262) 622-5977
Source:
Exprealty
Added: Jun 11
Changed: Aug 31
Last Checked: Aug 31 at 12:38AM
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 Real Broker Milwaukee
Investment Insights
Based on property information with market context.
This 2,288-square-foot duplex retains period character through natural woodwork, hardwood floors, and built-in buffets. The lower unit has been refreshed with new cabinets, quartz countertops, a remodeled bathroom, and vinyl replacement windows. The upper unit is partially remodeled and requires additional work.
Exterior improvements include a new front porch, upper balcony, and rear balcony, along with painted window frames and trim. The roof is less than 10 years old. The property is located in Milwaukee’s Washington Heights area, within walking distance of Vliet St. amenities and with access to downtown and nearby interstates.
Exterior improvements include a new front porch, upper balcony, and rear balcony, along with painted window frames and trim. The roof is less than 10 years old. The property is located in Milwaukee’s Washington Heights area, within walking distance of Vliet St. amenities and with access to downtown and nearby interstates.
Key Highlights
- 2,288 SF duplex in Milwaukee’s Washington Heights area
- Lower unit updated with new cabinets, quartz counters, remodeled bathroom, and vinyl replacement windows
- Natural woodwork, hardwood floors, and built‑in buffets preserve period character
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
$23,015
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
8.86%
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%
$460,300
$460.3K
Cap Rate 7%
$328,786
$328.8K
Cap Rate 9%
$255,722
$255.7K
Market Conditions
NOI Build-Up for 2,288 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
$34.3K $15.00/SF
− Vacancy
−$1.4K −$0.63/SF
EGI
$32.9K $14.37/SF
− OpEx
−$9.9K −$4.31/SF
NOI
$23.0K $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%
$460,300
Cap Rate 7%
$328,786
Cap Rate 9%
$255,722
Alternative Uses
Best Use
Multifamily LT 5
$328.8K
$287.7K – $383.6K
NOI $23,015 @ 7.0% cap · market cap 8.86%
Second Best
Apartment 5plus
$304.4K
$266.4K – $355.2K
NOI $21,310 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$549.8K
$481.1K – $641.5K
NOI $38,488 @ 7.0% cap · market cap 14.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
579
Businesses Nearby
Explore this area
Business Placement
Demographics for 53208, WI
29,644
Population
13,778
Households
2.2
Avg Household Size
33
Median Age
31%
College-Educated
89%
High-School Grad
4.2 sq mi
ZIP Area
7,058
Density / Sq Mi
$50,585
Median Household Income
$40,729
Median Earnings
$924
Median Rent
$196,300
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-unit property featuring updated finishes, restored exterior elements, and several private outdoor spaces.
Where is this duplex located?
The property is located at 1435 N 48th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: 2,288 SF duplex in Milwaukee’s Washington Heights area; Lower unit updated with new cabinets, quartz counters, remodeled bathroom, and vinyl replacement windows; Natural woodwork, hardwood floors, and built‑in buffets preserve period character
