Duplex with Detached
For Sale
$174,900
2005-2007 West Lapham Street, Milwaukee, WI 53204
Two-level income property with finished living areas, gated alley access, and substantial off-street parking.
Property Size1,670 SF
Price / SF$104.73
Days on Market67
Property Features for 2005-2007 West Lapham Street
General Information
Standard status
Active
Size
1,670 SF
Property subtype
Two-Family / Two Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,195
Amenities
laundry area
detached garage
covered patio
gated alley access
Full, Brick
Aluminum Siding
1.0
3.0
2.0
1670.0
6.0
Building Details
Year Built
1901
Buildings
1
Listing Agency:
Keller Williams Realty-Milwaukee Southwest
Listed By:
Medina Real Estate Team* · License #78624-94
(414) 418-2710
Source:
Compass
Added: Jun 29
Changed: Sep 2
Last Checked: Aug 31 at 6:55AM
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 Southwest
Investment Insights
Based on property information with market context.
This duplex at 2005-2007 West Lapham Street includes 1,670 square feet of property space and was built in 1901. The lower residence provides a large living room, kitchen, full bathroom, laundry area, and finished lower-level living space. Upstairs, the layout includes living areas, an eat-in kitchen, an updated full bathroom, a bedroom, and a finished attic with an additional full bathroom.
Exterior features include a detached 2.5-car garage, covered patio, gated alley entry, and an oversized concrete parking area. The roof is less than 5 years old. The property is near parks, schools, shopping, and restaurants, with freeway access also nearby.
Exterior features include a detached 2.5-car garage, covered patio, gated alley entry, and an oversized concrete parking area. The roof is less than 5 years old. The property is near parks, schools, shopping, and restaurants, with freeway access also nearby.
Key Highlights
- Duplex with 1,670 square feet and 2 separate living units
- Lower unit includes finished lower‑level living space and laundry area
- Upper unit features a finished attic with an additional full bathroom
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
$15,554
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
8.89%
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%
$311,080
$311.1K
Cap Rate 7%
$222,200
$222.2K
Cap Rate 9%
$172,822
$172.8K
Market Conditions
NOI Build-Up for 1,670 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
$29.5K $17.64/SF
− Vacancy
−$1.2K −$0.71/SF
EGI
$28.3K $16.93/SF
− OpEx
−$12.7K −$7.62/SF
NOI
$15.6K $9.31/SF
Area
Milwaukee, WI
Vacancy
4.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$311,080
Cap Rate 7%
$222,200
Cap Rate 9%
$172,822
Alternative Uses
Best Use
Multifamily LT 5
$240.0K
$210.0K – $280.0K
NOI $16,799 @ 7.0% cap · market cap 9.60%
Second Best
Apartment 5plus
$222.2K
$194.4K – $259.2K
NOI $15,554 @ 7.0% cap · market cap 8.89%
Theoretical Best
Office A
$401.3K
$351.2K – $468.2K
NOI $28,092 @ 7.0% cap · market cap 16.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,172
Businesses Nearby
Explore this area
Business Placement
Demographics for 53204, WI
39,728
Population
14,979
Households
2.7
Avg Household Size
29
Median Age
15%
College-Educated
65%
High-School Grad
3.2 sq mi
ZIP Area
12,415
Density / Sq Mi
$43,645
Median Household Income
$30,906
Median Earnings
$964
Median Rent
$106,000
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 - Two-level income property with finished living areas, gated alley access, and substantial off-street parking.
Where is this duplex located?
The property is located at 2005-2007 West Lapham Street Milwaukee, WI.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Duplex with 1,670 square feet and 2 separate living units; Lower unit includes finished lower‑level living space and laundry area; Upper unit features a finished attic with an additional full bathroom
