Duplex with Third-Floor
For Sale
$479,900
2020 E Menlo Blvd, Shorewood, WI 53211
Character details, an attached garage, and a two-bedroom layout on each primary floor.
Property Size2,667 SF
Price / SF$179.94
Days on Market15
Property Features for 2020 E Menlo Blvd
General Information
Standard status
Active
Size
2,667 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
needs some TLC
Units
Unit Mix
2 x 2BR/1BA, 1 x studio
Multifamily Units
3
Additional Details
Road Access
Yes
Building Details
Year Built
1924
Stories
3
Listing Agency:
Rubins Realty, LLC
(262) 443-0030
Listed By:
Jacob Lishanski
Source:
Nikolicgroup
Added: Aug 16
Changed: Aug 29
Last Checked: Aug 25 at 5:15AM
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 Rubins Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1924, this 2,667-square-foot duplex includes two conventional apartments plus a finished studio on the third floor. The first and second levels each provide two bedrooms and one bathroom, while the studio includes its own full bath. Hardwood flooring, original built-in woodwork, and stained-glass windows add period character throughout the residence. An attached two-car garage provides covered parking and direct convenience.
The property is located at 2020 E Menlo Blvd in Shorewood, near UWM and Shorewood schools. The lower apartment is vacant, while the upper apartment has long-term occupants. The third-floor studio expands the property’s finished space beyond the two primary units.
The property is located at 2020 E Menlo Blvd in Shorewood, near UWM and Shorewood schools. The lower apartment is vacant, while the upper apartment has long-term occupants. The third-floor studio expands the property’s finished space beyond the two primary units.
Key Highlights
- 2,667‑square‑foot duplex built in 1924
- Two primary apartments, each with 2 bedrooms and 1 bathroom
- Finished third‑floor studio with a 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
$28,580
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
5.96%
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%
$571,600
$571.6K
Cap Rate 7%
$408,286
$408.3K
Cap Rate 9%
$317,556
$317.6K
Market Conditions
NOI Build-Up for 2,667 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
$43.2K $16.20/SF
− Vacancy
−$2.4K −$0.89/SF
EGI
$40.8K $15.31/SF
− OpEx
−$12.2K −$4.59/SF
NOI
$28.6K $10.72/SF
Area
Milwaukee County, WI
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%
$571,600
Cap Rate 7%
$408,286
Cap Rate 9%
$317,556
Alternative Uses
Best Use
Multifamily LT 5
$408.3K
$357.3K – $476.3K
NOI $28,580 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$364.7K
$319.1K – $425.5K
NOI $25,531 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$632.4K
$553.4K – $737.9K
NOI $44,271 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,052
Businesses Nearby
Explore this area
Business Placement
Demographics for 53211, WI
36,327
Population
16,346
Households
2.2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
4.0 sq mi
ZIP Area
9,082
Density / Sq Mi
$76,206
Median Household Income
$40,214
Median Earnings
$1,225
Median Rent
$413,500
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 - Character details, an attached garage, and a two-bedroom layout on each primary floor.
Where is this duplex located?
The property is located at 2020 E Menlo Blvd Shorewood, WI.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: 2,667‑square‑foot duplex built in 1924; Two primary apartments, each with 2 bedrooms and 1 bathroom; Finished third‑floor studio with a full bathroom
