Fully Occupied
For Sale
$199,900
1544 S 2nd St, Milwaukee, WI 53204
Two-unit residential property with current full occupancy on S 2nd St.
Property Size1,572 SF
Days on Market166
Property Features for 1544 S 2nd St
General Information
Standard status
Active
Size
1,572 SF
Class
C
Property subtype
MultiFamily Apartments
Occupancy
100%
Additional Details
Road Access
Yes
Multifamily Units
2
Building Details
Building Size
1,572 SF
Year Built
1900
Listing Agency:
Anderson Commercial Group
(414) 858-5202
Listed By:
Colin Hough · License #9475610
(414) 858-5202
Source:
Thebrokerlist
Added: Mar 20
Changed: Aug 30
Last Checked: Aug 30 at 1:36AM
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 Anderson Commercial Group
Investment Insights
Based on property information with market context.
This duplex is a fully occupied residential income property at 1544 S 2nd St in Milwaukee. Constructed in 1900, the two-unit building offers an established residential configuration for an investor seeking an occupied asset.
The property sits on the east side of S 2nd St, north of W Lapham Blvd. S 2nd St records +/- 5,300 vehicles per day, providing a measurable traffic context along the property’s street. The address places the asset within Milwaukee’s 53204 ZIP code.
The property sits on the east side of S 2nd St, north of W Lapham Blvd. S 2nd St records +/- 5,300 vehicles per day, providing a measurable traffic context along the property’s street. The address places the asset within Milwaukee’s 53204 ZIP code.
Key Highlights
- Fully occupied duplex
- Built in 1900
- +/- 5,300 vehicles/day via S 2nd St
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
$15,813
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
7.91%
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%
$316,260
$316.3K
Cap Rate 7%
$225,900
$225.9K
Cap Rate 9%
$175,700
$175.7K
Market Conditions
NOI Build-Up for 1,572 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
$23.6K $15.00/SF
− Vacancy
−$990 −$0.63/SF
EGI
$22.6K $14.37/SF
− OpEx
−$6.8K −$4.31/SF
NOI
$15.8K $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%
$316,260
Cap Rate 7%
$225,900
Cap Rate 9%
$175,700
Alternative Uses
Best Use
Multifamily LT 5
$225.9K
$197.7K – $263.6K
NOI $15,813 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$209.2K
$183.0K – $244.0K
NOI $14,641 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$377.8K
$330.6K – $440.7K
NOI $26,444 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,192
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?
Duplex - Two-unit residential property with current full occupancy on S 2nd St.
Where is this duplex located?
The property is located at 1544 S 2nd St Milwaukee, WI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Fully occupied duplex; Built in 1900; +/- 5,300 vehicles/day via S 2nd St
