Three-Unit Multifamily
For Sale
$389,900
2405 N Frederick Ave, Milwaukee, WI 53211
Configured as three income-producing units in Milwaukee’s Upper East Side.
Property Size2,555 SF
Price / SF$152.60
Days on Market21
Property Features for 2405 N Frederick Ave
General Information
Standard status
Active
Size
2,555 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1895
Listing Agency:
Homestead Realty, Inc
(262) 719-0123
Listed By:
Joshua Ghelfi · License #95510-94
Source:
Levelupwi
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 29 at 11:41AM
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 Homestead Realty, Inc
Investment Insights
Based on property information with market context.
Built in 1895, this multifamily property contains 2,555 square feet and is currently arranged as three income-producing residential units. The configuration supports separate rental operations within a single residential asset.
The property is located at 2405 N Frederick Ave in Milwaukee’s Upper East Side, with access to the lakefront, parks, dining, nightlife, and campus amenities. Its setting places residents near a range of recreational, entertainment, and educational destinations.
The property is located at 2405 N Frederick Ave in Milwaukee’s Upper East Side, with access to the lakefront, parks, dining, nightlife, and campus amenities. Its setting places residents near a range of recreational, entertainment, and educational destinations.
Key Highlights
- Three income‑producing residential units
- 2,555 square feet of building area
- Built in 1895
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
$25,701
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
6.59%
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%
$514,020
$514.0K
Cap Rate 7%
$367,157
$367.2K
Cap Rate 9%
$285,567
$285.6K
Market Conditions
NOI Build-Up for 2,555 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
$38.3K $15.00/SF
− Vacancy
−$1.6K −$0.63/SF
EGI
$36.7K $14.37/SF
− OpEx
−$11.0K −$4.31/SF
NOI
$25.7K $10.06/SF
Area
Milwaukee, WI
Vacancy
4.20%
Lease Rate
$15.00 /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%
$514,020
Cap Rate 7%
$367,157
Cap Rate 9%
$285,567
Alternative Uses
Best Use
Multifamily LT 5
$367.2K
$321.3K – $428.4K
NOI $25,701 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$340.0K
$297.5K – $396.6K
NOI $23,797 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$614.0K
$537.2K – $716.3K
NOI $42,979 @ 7.0% cap · market cap 11.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,902
Businesses Nearby
Explore this area
Business Placement
Demographics for 53211, WI
36,327
Population
16,346
Households
2.2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
4.0 sq mi
ZIP Area
9,082
Density / Sq Mi
$76,206
Median Household Income
$40,214
Median Earnings
$1,225
Median Rent
$413,500
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?
Triplex - Configured as three income-producing units in Milwaukee’s Upper East Side.
Where is this triplex located?
The property is located at 2405 N Frederick Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Three income‑producing residential units; 2,555 square feet of building area; Built in 1895
