Three-Unit Property with
For Sale
$469,900
Pending
1623 E Webster Pl, Milwaukee, WI 53211
East-side triplex with flexible unit configuration, separate entrances, and dedicated mechanical systems.
Property Size2,124 SF
Days on Market76
Property Features for 1623 E Webster Pl
General Information
Standard status
Pending
Size
2,124 SF
Total Parking Spaces
6
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,206
Amenities
fenced-in yard
front porch
Building Details
Buildings
1
Stories
3
Listing Agency:
Structure Properties LLC
(414) 331-4542
Listed By:
Michelle Thompson
(414) 331-4542
Source:
Exprealty
Added: May 28
Changed: Aug 9
Last Checked: Aug 10 at 8:00AM
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 Structure Properties LLC
Investment Insights
Based on property information with market context.
Located at 1623 E Webster Pl in Milwaukee, this 2,124-square-foot triplex includes two three-bedroom, one-bath units on the first and second floors, along with a one-bedroom, one-bath loft-style unit on the third floor. The upper unit features beamed ceilings, an in-unit furnace, its own electric panel, and a washer and dryer. The first- and second-floor residences have separate front entries from a covered front porch.
The property includes a fenced yard and side concrete surface parking accessed from the alley, with space for 5-6 vehicles. Building systems include 3 furnaces, 3 AC units, 3 electric panels, and 2 HWHs. The third-floor unit has one point of egress. The property is situated on Milwaukee’s east side near Shorewood and Riverside Park.
The property includes a fenced yard and side concrete surface parking accessed from the alley, with space for 5-6 vehicles. Building systems include 3 furnaces, 3 AC units, 3 electric panels, and 2 HWHs. The third-floor unit has one point of egress. The property is situated on Milwaukee’s east side near Shorewood and Riverside Park.
Key Highlights
- 2,124‑square‑foot triplex with two 3 bed/1 bath units and one 1 bed/1 bath lofted unit
- Third‑floor unit includes beamed ceilings, in‑unit furnace, electric panel, and W/D
- 3 furnaces, 3 AC units, 3 electric panels, and 2 HWHs
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
$21,365
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
4.55%
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%
$427,300
$427.3K
Cap Rate 7%
$305,214
$305.2K
Cap Rate 9%
$237,389
$237.4K
Market Conditions
NOI Build-Up for 2,124 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
$31.9K $15.00/SF
− Vacancy
−$1.3K −$0.63/SF
EGI
$30.5K $14.37/SF
− OpEx
−$9.2K −$4.31/SF
NOI
$21.4K $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%
$427,300
Cap Rate 7%
$305,214
Cap Rate 9%
$237,389
Alternative Uses
Best Use
Multifamily LT 5
$305.2K
$267.1K – $356.1K
NOI $21,365 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$282.6K
$247.3K – $329.7K
NOI $19,783 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$510.4K
$446.6K – $595.5K
NOI $35,729 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,004
Businesses Nearby
Explore this area
Business Placement
Demographics for 53211, WI
36,327
Population
16,346
Households
2.2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
4.0 sq mi
ZIP Area
9,082
Density / Sq Mi
$76,206
Median Household Income
$40,214
Median Earnings
$1,225
Median Rent
$413,500
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?
Triplex - East-side triplex with flexible unit configuration, separate entrances, and dedicated mechanical systems.
Where is this triplex located?
The property is located at 1623 E Webster Pl Milwaukee, WI.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: 2,124‑square‑foot triplex with two 3 bed/1 bath units and one 1 bed/1 bath lofted unit; Third‑floor unit includes beamed ceilings, in‑unit furnace, electric panel, and W/D; 3 furnaces, 3 AC units, 3 electric panels, and 2 HWHs
