Updated Duplex with Oversized
New
For Sale
$469,900
1823 W Ramsey Ave, Milwaukee, WI 53221
Well-maintained duplex with refreshed kitchens and baths, private outdoor space, and flexible owner-occupancy appeal.
Property Size2,470 SF
Price / SF$190.24
Days on Market3
Property Features for 1823 W Ramsey Ave
General Information
Standard status
Active
Size
2,470 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
in-unit laundry
patio
fenced private yard
greenhouse
gazebo
Building Details
Year Built
1955
Listing Agency:
RE/MAX Lakeside-West
Listed By:
Michael Martin · License #32134
(414) 559-2929
Source:
Jwregwi
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:35AM
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 RE/MAX Lakeside-West
Investment Insights
Based on property information with market context.
This 2,470-square-foot duplex, built in 1955, has been owner-occupied for 20 years and includes two residential units. The lower residence offers three bedrooms, two full baths, in-unit laundry, wood flooring, an updated granite kitchen, a large living room, and a primary bedroom with a private full bath and 11-foot walk-in closet. The upper unit features an updated marble kitchen and ceramic-tiled bath. Additional improvements include newer windows and oak six-panel doors.
The property includes an oversized 2.5-car garage, concrete circle driveway, side driveway, patio, and a fenced private yard exceeding one-half acre. Outdoor features also include a greenhouse and gazebo. Located in a residential neighborhood in Milwaukee, the property provides substantial living space and well-maintained interior and exterior improvements.
The property includes an oversized 2.5-car garage, concrete circle driveway, side driveway, patio, and a fenced private yard exceeding one-half acre. Outdoor features also include a greenhouse and gazebo. Located in a residential neighborhood in Milwaukee, the property provides substantial living space and well-maintained interior and exterior improvements.
Key Highlights
- 2,470‑square‑foot duplex built in 1955
- Lower unit has 3 bedrooms, 2 full baths, in‑unit laundry, and a private primary bath
- Updated granite kitchen downstairs and marble kitchen upstairs
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
$26,469
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
5.63%
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%
$529,380
$529.4K
Cap Rate 7%
$378,129
$378.1K
Cap Rate 9%
$294,100
$294.1K
Market Conditions
NOI Build-Up for 2,470 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
$40.0K $16.20/SF
− Vacancy
−$2.2K −$0.89/SF
EGI
$37.8K $15.31/SF
− OpEx
−$11.3K −$4.59/SF
NOI
$26.5K $10.72/SF
Area
ZIP 53221
Vacancy
5.50%
Lease Rate
$16.20 /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%
$529,380
Cap Rate 7%
$378,129
Cap Rate 9%
$294,100
Alternative Uses
Best Use
Multifamily LT 5
$378.1K
$330.9K – $441.2K
NOI $26,469 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$335.6K
$293.7K – $391.6K
NOI $23,495 @ 7.0% cap · market cap 5.00%
Theoretical Best
Warehouse
$1.87M
$1.64M – $2.18M
NOI $131,058 @ 7.0% cap · market cap 27.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 53221, WI
39,560
Population
17,126
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
9.0 sq mi
ZIP Area
4,396
Density / Sq Mi
$61,640
Median Household Income
$41,430
Median Earnings
$1,071
Median Rent
$205,500
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?
Duplex - Well-maintained duplex with refreshed kitchens and baths, private outdoor space, and flexible owner-occupancy appeal.
Where is this duplex located?
The property is located at 1823 W Ramsey Ave 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: 2,470‑square‑foot duplex built in 1955; Lower unit has 3 bedrooms, 2 full baths, in‑unit laundry, and a private primary bath; Updated granite kitchen downstairs and marble kitchen upstairs
