Duplex with In-Unit
For Sale
$589,000
2107-2105 Ludington Avenue, Wauwatosa, WI 53226
Two-unit property with private outdoor areas, stainless-steel kitchen appliances, and mechanical updates documented through 2026.
Property Size2,850 SF
Price / SF$206.67
Days on Market10
Property Features for 2107-2105 Ludington Avenue
General Information
Standard status
Active
Size
2,850 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,509
Amenities
in-unit laundry
private balcony
concrete patio
Building Details
Buildings
1
Listing Agency:
Ease Investment Realty LLC
(414) 899-7393
Listed By:
Benjamin Wiesner
(414) 899-7393
Source:
Exprealty
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 11:11PM
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 Ease Investment Realty LLC
Investment Insights
Based on property information with market context.
Located at 2107-2105 Ludington Avenue in Wauwatosa, this 2,850-square-foot duplex contains two residential units with separate kitchens and in-unit laundry. Both kitchens feature stainless appliances and dishwashers. The upper unit includes two bedrooms, substantial closet and storage space, and a private balcony, while the lower unit has access to a concrete patio. The layout also allows for possible conversion to a single-family residence.
The property is positioned near parks, coffee shops, a beer garden, Sendik's, and Tosa Village. Mechanical updates include furnaces installed in 2013, A/C work from 2015 and 2026, water heaters from 2024, and most windows replaced in 2015. The lower unit is occupied on a month-to-month arrangement with a 60-day notice provision and a winter clause beginning in November.
The property is positioned near parks, coffee shops, a beer garden, Sendik's, and Tosa Village. Mechanical updates include furnaces installed in 2013, A/C work from 2015 and 2026, water heaters from 2024, and most windows replaced in 2015. The lower unit is occupied on a month-to-month arrangement with a 60-day notice provision and a winter clause beginning in November.
Key Highlights
- 2, 850 sqft two‑family property at 2107‑2105 Ludington Avenue
- Two units with in‑unit laundry, stainless appliances, and dishwashers
- Upper unit includes 2 bedrooms, extensive storage, and a private balcony
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
$30,541
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
5.19%
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%
$610,820
$610.8K
Cap Rate 7%
$436,300
$436.3K
Cap Rate 9%
$339,344
$339.3K
Market Conditions
NOI Build-Up for 2,850 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
$46.2K $16.20/SF
− Vacancy
−$2.5K −$0.89/SF
EGI
$43.6K $15.31/SF
− OpEx
−$13.1K −$4.59/SF
NOI
$30.5K $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%
$610,820
Cap Rate 7%
$436,300
Cap Rate 9%
$339,344
Alternative Uses
Best Use
Multifamily LT 5
$436.3K
$381.8K – $509.0K
NOI $30,541 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$389.8K
$341.0K – $454.7K
NOI $27,283 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$675.8K
$591.4K – $788.5K
NOI $47,309 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Explore this area
Business Placement
Demographics for 53226, WI
19,921
Population
8,912
Households
2.2
Avg Household Size
37
Median Age
60%
College-Educated
97%
High-School Grad
6.8 sq mi
ZIP Area
2,930
Density / Sq Mi
$86,361
Median Household Income
$57,753
Median Earnings
$1,348
Median Rent
$301,400
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-unit property with private outdoor areas, stainless-steel kitchen appliances, and mechanical updates documented through 2026.
Where is this duplex located?
The property is located at 2107-2105 Ludington Avenue Wauwatosa, WI.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 2, 850 sqft two‑family property at 2107‑2105 Ludington Avenue; Two units with in‑unit laundry, stainless appliances, and dishwashers; Upper unit includes 2 bedrooms, extensive storage, and a private balcony
