Two-Unit Polish Flat
For Sale
$169,900
2451 S 11th St, Milwaukee, WI 53215
Two-bedroom apartments include one occupied unit, one vacant unit, and rear parking for up to three cars.
Property Size1,366 SF
Price / SF$124.38
Days on Market10
Property Features for 2451 S 11th St
General Information
Standard status
Active
Size
1,366 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Stories
2
Construction
Polish Flat
Listing Agency:
Shorewest Realtors, Inc.
Listed By:
Avenue Real Estate
(920) 893-3001
Source:
Avenueret
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 6:52AM
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 Shorewest Realtors, Inc.
Investment Insights
Based on property information with market context.
This two-story duplex contains two residential units, each with two bedrooms and one bathroom. The upper apartment is occupied under month-to-month terms, while the lower apartment is vacant and available for occupancy. The property was built in 1900 and includes 1,366 SF of reported property size.
Rear parking accommodates up to three cars. Located at 2451 S 11th St in Milwaukee, the property offers a two-unit residential configuration with an existing occupant and a second unit ready for use.
Rear parking accommodates up to three cars. Located at 2451 S 11th St in Milwaukee, the property offers a two-unit residential configuration with an existing occupant and a second unit ready for use.
Key Highlights
- Two residential units, each with 2 bedrooms and 1 bathroom
- Upper unit occupied on month‑to‑month terms
- Lower unit is vacant and available for occupancy
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
$14,251
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
8.39%
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%
$285,020
$285.0K
Cap Rate 7%
$203,586
$203.6K
Cap Rate 9%
$158,344
$158.3K
Market Conditions
NOI Build-Up for 1,366 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
$27.0K $19.80/SF
− Vacancy
−$1.1K −$0.83/SF
EGI
$25.9K $18.97/SF
− OpEx
−$11.7K −$8.54/SF
NOI
$14.3K $10.43/SF
Area
ZIP 53215
Vacancy
4.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$285,020
Cap Rate 7%
$203,586
Cap Rate 9%
$158,344
Alternative Uses
Best Use
Multifamily LT 5
$227.0K
$198.6K – $264.8K
NOI $15,889 @ 7.0% cap · market cap 9.35%
Second Best
Apartment 5plus
$203.6K
$178.1K – $237.5K
NOI $14,251 @ 7.0% cap · market cap 8.39%
Theoretical Best
Warehouse
$1.04M
$906.0K – $1.21M
NOI $72,480 @ 7.0% cap · market cap 42.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
669
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two-bedroom apartments include one occupied unit, one vacant unit, and rear parking for up to three cars.
Where is this duplex located?
The property is located at 2451 S 11th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Two residential units, each with 2 bedrooms and 1 bathroom; Upper unit occupied on month‑to‑month terms; Lower unit is vacant and available for occupancy
