3-Unit Residential
For Sale
$499,000
1972 N Farwell Ave, Milwaukee, WI 53202
Three distinct apartment layouts provide a mix of studio and multi-bedroom living spaces.
Property Size2,851 SF
Price / SF$175.03
Days on Market87
Property Features for 1972 N Farwell Ave
General Information
Standard status
Active
Size
2,851 SF
Property subtype
Multi Family Home
Zoning
RES
Site & Location
Neighborhood
Northpoint
Units
Unit Mix
1 x 2BR/1BA, 1 x studio, 1 x 3BR/1.5BA
Multifamily Units
3
Building Details
Building Size
2,851 SF
Year Built
1890
Listing Agency:
Keller Williams Realty-Milwaukee North Shore
Listed By:
HIGHMARK RE Group* · License #5786890
(414) 517-7716
Source:
Defererealestate
Added: Jul 31
Changed: Oct 24
Last Checked: Oct 24 at 2:43PM
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-Milwaukee North Shore
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Investment Insights
Based on property information with market context.
Built in 1890, this residential property contains 2,851 square feet across three apartments: a two-bedroom, one-bath unit on the lower level, a studio, and a two-story upper apartment with three bedrooms and 1.5 baths. The property is zoned RES.
At 1972 N Farwell Ave, the building occupies the corner of Farwell Avenue and Lafayette Place in Milwaukee. Restaurants, cafés, shops, parks, and the lakefront are nearby.
At 1972 N Farwell Ave, the building occupies the corner of Farwell Avenue and Lafayette Place in Milwaukee. Restaurants, cafés, shops, parks, and the lakefront are nearby.
Key Highlights
- Three apartments: a 2 BR/1 BA lower unit, studio, and two‑story 3 BR/1.5 BA upper unit
- 2,851 square feet
- Built in 1890
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,678
Cap Rate
5.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$573,560
$573.6K
Cap Rate 7%
$409,686
$409.7K
Cap Rate 9%
$318,644
$318.6K
Market Conditions
NOI Build-Up for 2,851 SF
Gross rent
$42.8K $15.00/SF
− Vacancy
−$1.8K −$0.63/SF
EGI
$41.0K $14.37/SF
− OpEx
−$12.3K −$4.31/SF
NOI
$28.7K $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%
$573,560
Cap Rate 7%
$409,686
Cap Rate 9%
$318,644
Alternative Uses
Best Use
Multifamily LT 5
$409.7K
$358.5K – $478.0K
NOI $28,678 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$379.3K
$331.9K – $442.6K
NOI $26,554 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$685.1K
$599.5K – $799.3K
NOI $47,958 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
3
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three distinct apartment layouts provide a mix of studio and multi-bedroom living spaces.
Where is this triplex located?
The property is located at 1972 N Farwell 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: Three apartments: a 2 BR/1 BA lower unit, studio, and two‑story 3 BR/1.5 BA upper unit; 2,851 square feet; Built in 1890
