Two-Unit Duplex with Detached
New
For Sale
$275,000
2040 S 28th St, Milwaukee, WI 53215
Well-maintained duplex with matching two-bedroom layouts, original wood details, separate basement storage, and recent exterior improvements.
Property Size1,738 SF
Price / SF$158.23
Days on Market3
Property Features for 2040 S 28th St
General Information
Standard status
Active
Size
1,738 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1915
Listing Agency:
Porch Light Property Management & Real Estate
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 18 at 7:11AM
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 Porch Light Property Management & Real Estate
Investment Insights
Based on property information with market context.
Built in 1915, this 1,738-square-foot duplex includes two matching units, each arranged with a living room, dining room, two bedrooms, butler’s pantry, hardwood floors, wood cabinetry, and original woodwork. A clean, dry basement provides separate areas for each unit. Recent improvements include a new roof in 2024, replacement windows from 2023, and an expanded driveway completed in 2021.
The property also includes a two-car detached garage, patio, and adjoining lot. The expanded driveway accommodates 4+ vehicles. Public transportation, schools, grocery stores, and neighborhood amenities are located nearby.
The property also includes a two-car detached garage, patio, and adjoining lot. The expanded driveway accommodates 4+ vehicles. Public transportation, schools, grocery stores, and neighborhood amenities are located nearby.
Key Highlights
- Two matching units, each with 2 bedrooms, living room, dining room, and butler’s pantry
- 1,738 SF duplex built in 1915
- New roof in 2024 and windows replaced in 2023
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
$20,216
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
7.35%
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%
$404,320
$404.3K
Cap Rate 7%
$288,800
$288.8K
Cap Rate 9%
$224,622
$224.6K
Market Conditions
NOI Build-Up for 1,738 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
$30.2K $17.40/SF
− Vacancy
−$1.4K −$0.78/SF
EGI
$28.9K $16.62/SF
− OpEx
−$8.7K −$4.99/SF
NOI
$20.2K $11.63/SF
Area
ZIP 53215
Vacancy
4.50%
Lease Rate
$17.40 /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%
$404,320
Cap Rate 7%
$288,800
Cap Rate 9%
$224,622
Alternative Uses
Best Use
Multifamily LT 5
$288.8K
$252.7K – $336.9K
NOI $20,216 @ 7.0% cap · market cap 7.35%
Second Best
Apartment 5plus
$259.0K
$226.7K – $302.2K
NOI $18,132 @ 7.0% cap · market cap 6.59%
Theoretical Best
Warehouse
$1.32M
$1.15M – $1.54M
NOI $92,218 @ 7.0% cap · market cap 33.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
Explore this area
Business Placement
Demographics for 53215, WI
59,359
Population
21,307
Households
2.8
Avg Household Size
31
Median Age
11%
College-Educated
67%
High-School Grad
5.5 sq mi
ZIP Area
10,793
Density / Sq Mi
$49,207
Median Household Income
$32,261
Median Earnings
$933
Median Rent
$148,400
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
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with matching two-bedroom layouts, original wood details, separate basement storage, and recent exterior improvements.
Where is this duplex located?
The property is located at 2040 S 28th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two matching units, each with 2 bedrooms, living room, dining room, and butler’s pantry; 1,738 SF duplex built in 1915; New roof in 2024 and windows replaced in 2023
