Duplex with New
For Sale
$364,900
1822 E Thomas Ave, Milwaukee, WI 53211
Two-unit property with a vacant upper residence, an occupied lower unit, and flexible space including a porch and unfinished attic.
Property Size1,918 SF
Price / SF$190.25
Days on Market54
Property Features for 1822 E Thomas Ave
General Information
Standard status
Active
Size
1,918 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Listing Agency:
Shorewest Realtors - South Metro
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Aug 22
Changed: Oct 13
Last Checked: Oct 12 at 7:49PM
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 Shorewest Realtors - South Metro
Investment Insights
Based on property information with market context.
This 1,918-square-foot duplex was built in 1910 and includes two residential units. The upper residence is vacant and features two bedrooms, a living room, eat-in kitchen, den or office, and a large porch. An unfinished attic provides additional storage or future expansion space. The lower unit is occupied by long-term tenants who would like to remain.
The property is located at 1822 E Thomas Ave in Milwaukee’s Eastside area. A new roof is in place, adding a recently completed major building improvement. The combination of an available upper unit and an established lower tenancy supports both owner-occupant and investment-oriented use.
The property is located at 1822 E Thomas Ave in Milwaukee’s Eastside area. A new roof is in place, adding a recently completed major building improvement. The combination of an available upper unit and an established lower tenancy supports both owner-occupant and investment-oriented use.
Key Highlights
- 1,918 SF duplex built in 1910
- Upper unit is vacant and includes 2 bedrooms, den or office, eat‑in kitchen, and large porch
- Lower unit has long‑term tenants who would like to remain
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,293
Cap Rate
5.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$385,860
$385.9K
Cap Rate 7%
$275,614
$275.6K
Cap Rate 9%
$214,367
$214.4K
Market Conditions
NOI Build-Up for 1,918 SF
Gross rent
$28.8K $15.00/SF
− Vacancy
−$1.2K −$0.63/SF
EGI
$27.6K $14.37/SF
− OpEx
−$8.3K −$4.31/SF
NOI
$19.3K $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 Rate 5%
$385,860
Cap Rate 7%
$275,614
Cap Rate 9%
$214,367
Alternative Uses
Best Use
Multifamily LT 5
$275.6K
$241.2K – $321.6K
NOI $19,293 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$255.2K
$223.3K – $297.7K
NOI $17,864 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$460.9K
$403.3K – $537.7K
NOI $32,264 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,056
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
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Cap Rate, Value Estimation, Potential NOI and more
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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 a vacant upper residence, an occupied lower unit, and flexible space including a porch and unfinished attic.
Where is this duplex located?
The property is located at 1822 E Thomas Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: 1,918 SF duplex built in 1910; Upper unit is vacant and includes 2 bedrooms, den or office, eat‑in kitchen, and large porch; Lower unit has long‑term tenants who would like to remain
