Townhouse-Style
For Sale
$699,000
2200 Patrick Ln, Waukesha, WI 53188
Two residences offer open layouts, attached garages, private patios, and multi-level living with basement storage.
Property Size3,424 SF
Price / SF$204.15
Days on Market18
Property Features for 2200 Patrick Ln
General Information
Standard status
Active
Size
3,424 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,959
Building Details
Construction
townhouse style
Listing Agency:
Keller Williams Realty-Lake Country
(414) 517-3594
Listed By:
Natashia Jambrek
(414) 517-3594
Source:
Exprealty
Added: Jul 27
Changed: Aug 13
Last Checked: Aug 13 at 3:13AM
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 Keller Williams Realty-Lake Country
Investment Insights
Based on property information with market context.
This 3,424 SF townhouse-style duplex is arranged as two spacious residences, each designed with a single-family-home layout. Both sides feature an open main level with a great room and gas fireplace, LVP flooring, bright kitchens with stainless steel appliances, peninsula seating, pantry storage, dinette space, sliding-door patio access, laundry rooms, and half baths. Upstairs, each residence includes a primary suite with a walk-in closet and private full bathroom, two additional bedrooms, and a second full bathroom. Separate driveways lead to attached 2.5-car garages, with additional basement storage. Mature trees frame the large backyard and patio areas. The property is near parks, schools, a bike trail, the beach, shopping, and freeway access. Washers, dryers, and water softeners are included.
Key Highlights
- 3,424 SF townhouse‑style duplex with two spacious residences
- Each side includes 3 bedrooms and 2.5 bathrooms
- Attached 2.5‑car garage and separate driveway for each residence
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
$39,278
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
5.62%
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%
$785,560
$785.6K
Cap Rate 7%
$561,114
$561.1K
Cap Rate 9%
$436,422
$436.4K
Market Conditions
NOI Build-Up for 3,424 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
$58.8K $17.16/SF
− Vacancy
−$2.6K −$0.77/SF
EGI
$56.1K $16.39/SF
− OpEx
−$16.8K −$4.92/SF
NOI
$39.3K $11.47/SF
Area
Waukesha County, WI
Vacancy
4.50%
Lease Rate
$17.16 /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%
$785,560
Cap Rate 7%
$561,114
Cap Rate 9%
$436,422
Alternative Uses
Best Use
Multifamily LT 5
$561.1K
$491.0K – $654.6K
NOI $39,278 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$519.6K
$454.6K – $606.2K
NOI $36,371 @ 7.0% cap · market cap 5.20%
Theoretical Best
Flex RnD
$1.75M
$1.53M – $2.04M
NOI $122,326 @ 7.0% cap · market cap 17.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 53188, WI
35,552
Population
14,703
Households
2.4
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
26.8 sq mi
ZIP Area
1,327
Density / Sq Mi
$88,656
Median Household Income
$51,930
Median Earnings
$1,235
Median Rent
$317,300
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 residences offer open layouts, attached garages, private patios, and multi-level living with basement storage.
Where is this duplex located?
The property is located at 2200 Patrick Ln Waukesha, WI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,424 SF townhouse‑style duplex with two spacious residences; Each side includes 3 bedrooms and 2.5 bathrooms; Attached 2.5‑car garage and separate driveway for each residence
