Historic Three-Unit
For Sale
$950,000
1728 North Franklin Place Unit 1730, Milwaukee, WI 53202
Three condo-style residences offer updated kitchens, in-unit laundry, and dedicated off-street parking.
Property Size4,162 SF
Price / SF$228.26
Days on Market231
Property Features for 1728 North Franklin Place Unit 1730
General Information
Standard status
Active
Size
4,162 SF
Total Parking Spaces
7
Property subtype
Multi-Family / Multi-Family
Additional Details
Gross Income
$91,740
Multifamily Units
3
Amenities
in-unit laundry
fireplaces
rooftop terrace
Brick, Walk Out/Outer Door, Full, Yes
Wood, Brick
Building Details
Year Built
1891
Listing Agency:
North Shore Realty Group, LLC.
Listed By:
Rudy A Gudgeon · License #79833-94
(414) 630-1744
Source:
Compass
Added: Jan 14
Changed: Sep 2
Last Checked: Aug 30 at 1:53PM
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 North Shore Realty Group, LLC.
Investment Insights
Based on property information with market context.
Built in 1891, this 4,162-square-foot triplex contains three condo-style units with updated kitchens, quartz countertops, in-unit laundry, and finished interior spaces combining brick and wood details. The primary second-floor residence includes a large kitchen island, professional-grade appliances, two fireplaces, two en-suite bedrooms, an updated powder room, and private laundry.
The property provides seven off-street parking spaces and an oversized garage configured for two or three vehicles. A rooftop terrace serves the main residence. Located at 1728 North Franklin Place in Milwaukee’s East Village/Brady Street District, the property offers a residential setting near the district’s shops, restaurants, and services.
The property provides seven off-street parking spaces and an oversized garage configured for two or three vehicles. A rooftop terrace serves the main residence. Located at 1728 North Franklin Place in Milwaukee’s East Village/Brady Street District, the property offers a residential setting near the district’s shops, restaurants, and services.
Key Highlights
- Three condo‑style units within a 4,162‑square‑foot triplex
- 1891 construction with brick and wood interior details
- Main second‑floor unit has two en‑suite bedrooms and two fireplaces
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
$41,866
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
4.41%
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%
$837,320
$837.3K
Cap Rate 7%
$598,086
$598.1K
Cap Rate 9%
$465,178
$465.2K
Market Conditions
NOI Build-Up for 4,162 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
$62.4K $15.00/SF
− Vacancy
−$2.6K −$0.63/SF
EGI
$59.8K $14.37/SF
− OpEx
−$17.9K −$4.31/SF
NOI
$41.9K $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%
$837,320
Cap Rate 7%
$598,086
Cap Rate 9%
$465,178
Alternative Uses
Best Use
Multifamily LT 5
$598.1K
$523.3K – $697.8K
NOI $41,866 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$553.8K
$484.6K – $646.1K
NOI $38,765 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.00M
$875.1K – $1.17M
NOI $70,011 @ 7.0% cap · market cap 7.37%
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
2,024
Businesses Nearby
Explore this area
Business Placement
Demographics for 53202, WI
27,897
Population
18,629
Households
1.5
Avg Household Size
31
Median Age
66%
College-Educated
98%
High-School Grad
2.1 sq mi
ZIP Area
13,284
Density / Sq Mi
$68,482
Median Household Income
$52,339
Median Earnings
$1,234
Median Rent
$298,000
Median Home Value
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?
Triplex - Three condo-style residences offer updated kitchens, in-unit laundry, and dedicated off-street parking.
Where is this triplex located?
The property is located at 1728 North Franklin Place Unit 1730 Milwaukee, WI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Three condo‑style units within a 4,162‑square‑foot triplex; 1891 construction with brick and wood interior details; Main second‑floor unit has two en‑suite bedrooms and two fireplaces
