Two-Unit Residential Income
For Sale
$247,500
Pending
2065 South 28th Street, Milwaukee, WI 53215
Single-family structure configured as two rental units with front porch and three off-street parking spaces.
Property Size1,651 SF
Days on Market89
Property Features for 2065 South 28th Street
General Information
Standard status
Pending
Size
1,651 SF
Property subtype
Two-Family / Two Family
Taxes and HOA fees
Annual Taxes
$4,837
Amenities
Full
Stucco
1.0
2.0
1000.0
4.0
1651.0
5.0
Building Details
Year Built
1912
Listing Agency:
Century 21 Affiliated-Wauwatosa
Listed By:
Vickie Kelsall · License #55646-90
(262) 332-2233
Source:
Compass
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 4 at 11:11AM
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 Century 21 Affiliated-Wauwatosa
Investment Insights
Based on property information with market context.
This single-family home is currently set up as a two-unit rental property. The upper unit features a large one-bedroom layout with a loft, while the lower unit includes two bedrooms plus two sizable living spaces and a spacious kitchen.
The property also includes a front porch and offers three off-street parking spots for tenant convenience. It is being operated as short-term rentals, with the current owner renting to traveling nurses on short-term contracts.
Showings are scheduled for 6/12 from 3–5 PM and 6/13 & 6/14 from 10–12 PM only for this weekend.
The property also includes a front porch and offers three off-street parking spots for tenant convenience. It is being operated as short-term rentals, with the current owner renting to traveling nurses on short-term contracts.
Showings are scheduled for 6/12 from 3–5 PM and 6/13 & 6/14 from 10–12 PM only for this weekend.
Key Highlights
- Single‑family home configured as a profitable two‑unit rental setup
- Year built 1912; stucco construction; full basement
- Upper unit: 1 bedroom plus loft; 1 full bath
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
$19,204
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
7.76%
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%
$384,080
$384.1K
Cap Rate 7%
$274,343
$274.3K
Cap Rate 9%
$213,378
$213.4K
Market Conditions
NOI Build-Up for 1,651 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
$28.7K $17.40/SF
− Vacancy
−$1.3K −$0.78/SF
EGI
$27.4K $16.62/SF
− OpEx
−$8.2K −$4.99/SF
NOI
$19.2K $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%
$384,080
Cap Rate 7%
$274,343
Cap Rate 9%
$213,378
Alternative Uses
Best Use
Multifamily LT 5
$274.3K
$240.1K – $320.1K
NOI $19,204 @ 7.0% cap · market cap 7.76%
Second Best
Apartment 5plus
$246.1K
$215.3K – $287.1K
NOI $17,224 @ 7.0% cap · market cap 6.96%
Theoretical Best
Warehouse
$1.25M
$1.10M – $1.46M
NOI $87,602 @ 7.0% cap · market cap 35.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
656
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Single-family structure configured as two rental units with front porch and three off-street parking spaces.
Where is this duplex located?
The property is located at 2065 South 28th Street Milwaukee, WI.
What is the asking price?
The asking price for this property is $247,500.
What are key features of this property?
This property features: Single‑family home configured as a profitable two‑unit rental setup; Year built 1912; stucco construction; full basement; Upper unit: 1 bedroom plus loft; 1 full bath
