Queen Anne Duplex with Sun
For Sale
$499,000
1920 N Oakland Ave, Milwaukee, WI 53202
Historic two-unit residence with original details, spacious rooms, and on-site parking.
Property Size2,844 SF
Price / SF$175.46
Days on Market39
Property Features for 1920 N Oakland Ave
General Information
Standard status
Active
Size
2,844 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Amenities
hardwood floors
oversized windows
covered patio
sun porch
artificial fireplace
Building Details
Year Built
1892
Buildings
1
Construction
Queen Anne
Listing Agency:
Keller Williams Milwaukee North Shore
Listed By:
Nancy Meeks · License #41526-94
(414) 962-3605
Source:
Levelupwi
Added: Jul 28
Changed: Sep 3
Last Checked: Sep 4 at 9:37AM
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 Milwaukee North Shore
Investment Insights
Based on property information with market context.
Built in 1892, this Milwaukee duplex reflects Queen Anne architecture and retains notable period character, including hardwood flooring, oversized windows, and artificial fireplaces in both units. Each residence offers 3 bedrooms and 1 bath along with formal living and dining rooms, a parlor, and generously proportioned interiors.
Outdoor features vary by level: the lower unit includes a covered patio, while the upper unit has a sun porch. The property accommodates parking for 6 vehicles and is identified with the historic Ann Kotas home, designed and built by architect B. Kolpacki.
Outdoor features vary by level: the lower unit includes a covered patio, while the upper unit has a sun porch. The property accommodates parking for 6 vehicles and is identified with the historic Ann Kotas home, designed and built by architect B. Kolpacki.
Key Highlights
- 1892 Queen Anne duplex with historic architectural character
- Two units, each with 3 bedrooms and 1 bath
- Original hardwood floors and oversized windows
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
$28,608
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
5.73%
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%
$572,160
$572.2K
Cap Rate 7%
$408,686
$408.7K
Cap Rate 9%
$317,867
$317.9K
Market Conditions
NOI Build-Up for 2,844 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
$42.7K $15.00/SF
− Vacancy
−$1.8K −$0.63/SF
EGI
$40.9K $14.37/SF
− OpEx
−$12.3K −$4.31/SF
NOI
$28.6K $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%
$572,160
Cap Rate 7%
$408,686
Cap Rate 9%
$317,867
Alternative Uses
Best Use
Multifamily LT 5
$408.7K
$357.6K – $476.8K
NOI $28,608 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$378.4K
$331.1K – $441.5K
NOI $26,489 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$683.4K
$598.0K – $797.4K
NOI $47,841 @ 7.0% cap · market cap 9.59%
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
2,416
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
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Frequently Asked Questions
What type of property is this?
Duplex - Historic two-unit residence with original details, spacious rooms, and on-site parking.
Where is this duplex located?
The property is located at 1920 N Oakland Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1892 Queen Anne duplex with historic architectural character; Two units, each with 3 bedrooms and 1 bath; Original hardwood floors and oversized windows
