Renovated 7-Bedroom Victorian
For Sale
$449,000
1914 N 48th St, Milwaukee, WI 53208
Historic character pairs with updated kitchens and bathrooms for owner-occupant or rental use.
Property Size3,832 SF
Price / SF$117.17
Days on Market21
Property Features for 1914 N 48th St
General Information
Standard status
Active
Size
3,832 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1912
Construction
Victorian
Listing Agency:
Coldwell Banker Realty
(414) 940-3976
Listed By:
Analise Billings
Source:
Nikolicgroup
Added: Aug 11
Changed: Aug 29
Last Checked: Aug 30 at 8:41PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1912, this Victorian duplex combines historic architectural details with extensive updates. The property includes seven bedrooms, a newly finished third-floor primary retreat, updated kitchens, refreshed bathrooms, original herringbone hardwood flooring, and detailed millwork. Renovation and restoration work extends throughout the building, supporting immediate occupancy for an owner-occupant or rental operation.
The duplex is located in Milwaukee’s Washington Heights neighborhood and is identified for RES zoning. Its blend of period features and contemporary improvements provides a distinctive residential income property with both owner-occupant and investor appeal.
The duplex is located in Milwaukee’s Washington Heights neighborhood and is identified for RES zoning. Its blend of period features and contemporary improvements provides a distinctive residential income property with both owner-occupant and investor appeal.
Key Highlights
- Seven‑bedroom Victorian duplex
- Newly finished third‑floor primary retreat
- Original herringbone hardwood floors and detailed millwork
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
$38,546
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
8.58%
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%
$770,920
$770.9K
Cap Rate 7%
$550,657
$550.7K
Cap Rate 9%
$428,289
$428.3K
Market Conditions
NOI Build-Up for 3,832 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
$57.5K $15.00/SF
− Vacancy
−$2.4K −$0.63/SF
EGI
$55.1K $14.37/SF
− OpEx
−$16.5K −$4.31/SF
NOI
$38.5K $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%
$770,920
Cap Rate 7%
$550,657
Cap Rate 9%
$428,289
Alternative Uses
Best Use
Multifamily LT 5
$550.7K
$481.8K – $642.4K
NOI $38,546 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$509.9K
$446.1K – $594.9K
NOI $35,691 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$920.9K
$805.8K – $1.07M
NOI $64,460 @ 7.0% cap · market cap 14.36%
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
838
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
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 - Historic character pairs with updated kitchens and bathrooms for owner-occupant or rental use.
Where is this duplex located?
The property is located at 1914 N 48th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Seven‑bedroom Victorian duplex; Newly finished third‑floor primary retreat; Original herringbone hardwood floors and detailed millwork
