Multifamily
New
For Sale
$374,999
2028 N 16th St, Milwaukee, WI 53205
Located near Downtown Milwaukee with access from Fond du Lac Avenue.
Property Size3,693 SF
Price / SF$101.54
Days on Market4
Property Features for 2028 N 16th St
General Information
Standard status
Active
Size
3,693 SF
Property subtype
Multi-Family
Building Details
Year Built
1890
Listing Agency:
EXP Realty, LLC~MKE
Listed By:
David Dunn · License #94407-94
(414) 310-9681
Source:
Nikolicgroup
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 11:18AM
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 EXP Realty, LLC~MKE
Investment Insights
Based on property information with market context.
This 3,693-square-foot multifamily property was built in 1890. It is located off Fond du Lac Avenue, a few minutes from Downtown Milwaukee.
Key Highlights
- 3,693‑square‑foot multifamily property
- Built in 1890
- A few minutes from Downtown Milwaukee
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
$34,396
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
9.17%
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%
$687,920
$687.9K
Cap Rate 7%
$491,371
$491.4K
Cap Rate 9%
$382,178
$382.2K
Market Conditions
NOI Build-Up for 3,693 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
$65.1K $17.64/SF
− Vacancy
−$2.6K −$0.71/SF
EGI
$62.5K $16.93/SF
− OpEx
−$28.1K −$7.62/SF
NOI
$34.4K $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%
$687,920
Cap Rate 7%
$491,371
Cap Rate 9%
$382,178
Alternative Uses
Best Use
Apartment 5plus
$491.4K
$430.0K – $573.3K
NOI $34,396 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$887.5K
$776.5K – $1.04M
NOI $62,122 @ 7.0% cap · market cap 16.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
595
Businesses Nearby
Explore this area
Business Placement
Demographics for 53205, WI
9,397
Population
4,164
Households
2.3
Avg Household Size
30
Median Age
19%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
6,712
Density / Sq Mi
$30,300
Median Household Income
$30,871
Median Earnings
$803
Median Rent
$122,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Located near Downtown Milwaukee with access from Fond du Lac Avenue.
Where is this multifamily property located?
The property is located at 2028 N 16th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $374,999.
What are key features of this property?
This property features: 3,693‑square‑foot multifamily property; Built in 1890; A few minutes from Downtown Milwaukee
