Three-Bedroom
For Sale
$169,999
2444 N 40th St Unit 2446, Milwaukee, WI 53210
Two-unit residential income property with both residences leased and a 1913 construction date.
Property Size1,267 SF
Price / SF$134.17
Days on Market19
Property Features for 2444 N 40th St Unit 2446
General Information
Standard status
Active
Size
1,267 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Gross Income
$24,000
Average Monthly Rent
$1,000
Additional Details
Multifamily Units
2
Building Details
Year Built
1913
Buildings
1
Listing Agency:
EXP Realty, LLC MKE
Listed By:
D'Antae Powers · License #5937290
(866) 848-6990
Source:
Jwregwi
Added: Sep 9
Changed: Sep 15
Last Checked: Sep 26 at 10:24AM
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 EXP Realty, LLC MKE
Investment Insights
Based on property information with market context.
This Milwaukee duplex contains two residential units, each identified as a three-bedroom layout. The property encompasses 1,267 square feet and was constructed in 1913. Both units are currently leased, providing an occupied configuration for an investor evaluating residential income real estate.
The property is located at 2444 N 40th St Unit 2446 in Milwaukee, Wisconsin. It may also be acquired with three additional duplexes offered as part of a larger package, creating an eight-unit collection across the properties.
The property is located at 2444 N 40th St Unit 2446 in Milwaukee, Wisconsin. It may also be acquired with three additional duplexes offered as part of a larger package, creating an eight-unit collection across the properties.
Key Highlights
- Two‑unit duplex with 3/3 bedroom configuration
- 1,267 square feet of property size
- Both units are currently leased
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
$12,745
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
7.50%
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%
$254,900
$254.9K
Cap Rate 7%
$182,071
$182.1K
Cap Rate 9%
$141,611
$141.6K
Market Conditions
NOI Build-Up for 1,267 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
$19.0K $15.00/SF
− Vacancy
−$798 −$0.63/SF
EGI
$18.2K $14.37/SF
− OpEx
−$5.5K −$4.31/SF
NOI
$12.7K $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%
$254,900
Cap Rate 7%
$182,071
Cap Rate 9%
$141,611
Alternative Uses
Best Use
Multifamily LT 5
$182.1K
$159.3K – $212.4K
NOI $12,745 @ 7.0% cap · market cap 7.50%
Second Best
Apartment 5plus
$168.6K
$147.5K – $196.7K
NOI $11,801 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$304.5K
$266.4K – $355.2K
NOI $21,313 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
766
Businesses Nearby
Explore this area
Business Placement
Demographics for 53210, WI
25,588
Population
11,005
Households
2.3
Avg Household Size
32
Median Age
23%
College-Educated
87%
High-School Grad
2.6 sq mi
ZIP Area
9,842
Density / Sq Mi
$45,268
Median Household Income
$35,797
Median Earnings
$1,044
Median Rent
$153,400
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 residential income property with both residences leased and a 1913 construction date.
Where is this duplex located?
The property is located at 2444 N 40th St Unit 2446 Milwaukee, WI.
What is the asking price?
The asking price for this property is $169,999.
What are key features of this property?
This property features: Two‑unit duplex with 3/3 bedroom configuration; 1,267 square feet of property size; Both units are currently leased
