Updated Duplex with
New
For Sale
$499,900
1500 E Oklahoma Ave, Milwaukee, WI 53207
Two-unit property with off-street parking and in-unit laundry.
Property Size2,306 SF
Price / SF$216.78
Days on Market7
Property Features for 1500 E Oklahoma Ave
General Information
Standard status
Active
Size
2,306 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Year Built
1924
Buildings
1
Listing Agency:
@properties
Listed By:
Daniel Kroll · License #5847690
(262) 308-4508
Source:
Levelupwi
Added: Sep 21
Last Checked: Sep 26 at 12:45PM
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 @properties
Investment Insights
Based on property information with market context.
This 2,306-square-foot duplex, built in 1924, offers an updated two-unit layout with owner-occupant flexibility. Improvements include updated kitchens and bathrooms, newer luxury vinyl plank flooring, updated plumbing, newer fixtures and appliances, and in-unit laundry. The property also features updated porches and balcony with composite decking.
Exterior improvements include a new garage roof completed in 2025 and two new AC systems installed in 2020. Parking includes a 2-car garage, an additional parking pad, and roomy off-street space. A lower-unit dishwasher was replaced in 2025.
The property is located 0.3 miles from Humboldt Park and provides access to the park’s trails, lagoons, pavilion, picnic areas, and outdoor music stage. The Bay View location also offers access to I-794.
Exterior improvements include a new garage roof completed in 2025 and two new AC systems installed in 2020. Parking includes a 2-car garage, an additional parking pad, and roomy off-street space. A lower-unit dishwasher was replaced in 2025.
The property is located 0.3 miles from Humboldt Park and provides access to the park’s trails, lagoons, pavilion, picnic areas, and outdoor music stage. The Bay View location also offers access to I-794.
Key Highlights
- 2,306‑square‑foot duplex built in 1924
- New garage roof completed in 2025
- Two new AC systems installed in 2020
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
$23,196
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
4.64%
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%
$463,920
$463.9K
Cap Rate 7%
$331,371
$331.4K
Cap Rate 9%
$257,733
$257.7K
Market Conditions
NOI Build-Up for 2,306 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
$34.6K $15.00/SF
− Vacancy
−$1.5K −$0.63/SF
EGI
$33.1K $14.37/SF
− OpEx
−$9.9K −$4.31/SF
NOI
$23.2K $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%
$463,920
Cap Rate 7%
$331,371
Cap Rate 9%
$257,733
Alternative Uses
Best Use
Multifamily LT 5
$331.4K
$290.0K – $386.6K
NOI $23,196 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$306.8K
$268.5K – $358.0K
NOI $21,478 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$554.2K
$484.9K – $646.5K
NOI $38,791 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
918
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with off-street parking and in-unit laundry.
Where is this duplex located?
The property is located at 1500 E Oklahoma Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,306‑square‑foot duplex built in 1924; New garage roof completed in 2025; Two new AC systems installed in 2020
