Duplex with Finished Third-Floor Rec
For Sale
$335,000
1813 N 54th St Unit 1815, Milwaukee, WI 53208
Two-unit property with updated kitchen, porches, rear deck, and flexible finished space beyond the reported area.
Property Size2,529 SF
Price / SF$132.46
Days on Market16
Property Features for 1813 N 54th St Unit 1815
General Information
Standard status
Active
Size
2,529 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1922
Buildings
1
Listing Agency:
Keller Williams Realty-Lake Country
Listed By:
Jordan Shelton · License #95879-94
(262) 804-3230
Source:
Jwregwi
Added: Sep 12
Changed: Sep 16
Last Checked: Sep 26 at 8:35AM
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 Keller Williams Realty-Lake Country
Investment Insights
Based on property information with market context.
Built in 1922, this two-unit duplex contains 2,529 square feet and offers a mix of original character and recent updates. The property includes spacious living, dining, and kitchen areas, along with two porches and a rear deck. A finished third-floor recreation room adds flexible interior space and is excluded from the reported square footage. The kitchen has been recently remodeled while retaining the building’s established character.
The property is located at 1813 N 54th St Unit 1815 in Milwaukee’s Washington Heights neighborhood. Restaurants, shopping, parks, and other neighborhood amenities are located nearby.
The property is located at 1813 N 54th St Unit 1815 in Milwaukee’s Washington Heights neighborhood. Restaurants, shopping, parks, and other neighborhood amenities are located nearby.
Key Highlights
- Two‑unit duplex with 2,529 square feet
- Built in 1922
- Recently remodeled kitchen
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
$25,439
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
7.59%
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%
$508,780
$508.8K
Cap Rate 7%
$363,414
$363.4K
Cap Rate 9%
$282,656
$282.7K
Market Conditions
NOI Build-Up for 2,529 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
$37.9K $15.00/SF
− Vacancy
−$1.6K −$0.63/SF
EGI
$36.3K $14.37/SF
− OpEx
−$10.9K −$4.31/SF
NOI
$25.4K $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%
$508,780
Cap Rate 7%
$363,414
Cap Rate 9%
$282,656
Alternative Uses
Best Use
Multifamily LT 5
$363.4K
$318.0K – $424.0K
NOI $25,439 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$336.5K
$294.4K – $392.6K
NOI $23,555 @ 7.0% cap · market cap 7.03%
Theoretical Best
Office A
$607.7K
$531.8K – $709.0K
NOI $42,542 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
769
Businesses Nearby
Explore this area
Business Placement
Demographics for 53208, WI
29,644
Population
13,778
Households
2.2
Avg Household Size
33
Median Age
31%
College-Educated
89%
High-School Grad
4.2 sq mi
ZIP Area
7,058
Density / Sq Mi
$50,585
Median Household Income
$40,729
Median Earnings
$924
Median Rent
$196,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with updated kitchen, porches, rear deck, and flexible finished space beyond the reported area.
Where is this duplex located?
The property is located at 1813 N 54th St Unit 1815 Milwaukee, WI.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,529 square feet; Built in 1922; Recently remodeled kitchen
