Updated Duplex With
For Sale
$499,900
1500 E Oklahoma Ave Unit 1502, Milwaukee, WI 53207
Two-unit property with refreshed kitchens, bathrooms, porches, and in-unit laundry in Milwaukee’s Bay View area.
Property Size2,306 SF
Price / SF$216.78
Days on Market8
Property Features for 1500 E Oklahoma Ave Unit 1502
General Information
Standard status
Active
Size
2,306 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Amenities
in-unit laundry
Building Details
Year Built
1924
Tenancy
Multi
Listing Agency:
@properties
Listed By:
Daniel Kroll · License #5847690
(262) 308-4508
Source:
Jwregwi
Added: Sep 20
Changed: Sep 25
Last Checked: Sep 26 at 9:44AM
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 two residential units with updated kitchens and bathrooms, newer luxury vinyl plank flooring, and in-unit laundry. Additional improvements include updated plumbing, fixtures, and appliances, along with refreshed porches and a balcony finished with composite decking. Each unit has newer AC equipment installed in 2020, and the lower unit received a new dishwasher in 2025.
The property is located at 1500 E Oklahoma Ave Unit 1502 in Milwaukee’s Bay View area, approximately 0.3 miles from Humboldt Park and its trails, lagoons, pavilion, picnic areas, and outdoor music stage. Access to 794 is also available. Parking includes a 2-car garage and an additional parking pad. The garage roof was replaced in 2025.
The property is located at 1500 E Oklahoma Ave Unit 1502 in Milwaukee’s Bay View area, approximately 0.3 miles from Humboldt Park and its trails, lagoons, pavilion, picnic areas, and outdoor music stage. Access to 794 is also available. Parking includes a 2-car garage and an additional parking pad. The garage roof was replaced in 2025.
Key Highlights
- 2,306 SF duplex built in 1924
- Located 0.3 miles from Humboldt Park
- 2‑car garage plus an extra parking pad
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
Current Use
Lease Details
Multi-tenant
Tenancy
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
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 with refreshed kitchens, bathrooms, porches, and in-unit laundry in Milwaukee’s Bay View area.
Where is this duplex located?
The property is located at 1500 E Oklahoma Ave Unit 1502 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 SF duplex built in 1924; Located 0.3 miles from Humboldt Park; 2‑car garage plus an extra parking pad
