Updated Triplex with
For Sale
$589,900
2531 North Murray Avenue, Milwaukee, WI 53211
Three residential units combine refreshed interiors, upgraded major systems, and on-site laundry facilities.
Property Size2,786 SF
Price / SF$211.74
Days on Market219
Property Features for 2531 North Murray Avenue
General Information
Standard status
Active
Size
2,786 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Multi-Family
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
Laundry Facilities, Full, Yes
Wood
Building Details
Year Built
1901
Listing Agency:
Shorewest Realtors, Inc.
(414) 801-9929
Listed By:
Dui White · License #78514-94
(414) 801-9929
Source:
Compass
Added: Jan 24
Changed: Aug 30
Last Checked: Aug 30 at 6:08AM
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 Milwaukee triplex contains 2,786 square feet and was built in 1901. The layout includes two 2-bedroom apartments and one 1-bedroom apartment, giving the property a defined three-unit configuration. Interior improvements include updated kitchens, bathrooms, and flooring, along with upgraded furnaces, water heaters, windows, electrical systems, and roofing. Laundry facilities are also included.
The property is located at 2531 North Murray Avenue and provides off-street parking for 4 vehicles. Shops, dining, nightlife, transit, and UWM are within walking distance. The combination of refreshed unit interiors, substantial system updates, and a clearly established unit mix supports consideration by multifamily buyers and owner-occupants.
The property is located at 2531 North Murray Avenue and provides off-street parking for 4 vehicles. Shops, dining, nightlife, transit, and UWM are within walking distance. The combination of refreshed unit interiors, substantial system updates, and a clearly established unit mix supports consideration by multifamily buyers and owner-occupants.
Key Highlights
- Three‑unit property with two 2‑bedroom apartments and one 1‑bedroom apartment
- 2,786 SF triplex built in 1901
- Updated kitchens, bathrooms, and flooring across the units
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
$28,024
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
4.75%
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%
$560,480
$560.5K
Cap Rate 7%
$400,343
$400.3K
Cap Rate 9%
$311,378
$311.4K
Market Conditions
NOI Build-Up for 2,786 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
$41.8K $15.00/SF
− Vacancy
−$1.8K −$0.63/SF
EGI
$40.0K $14.37/SF
− OpEx
−$12.0K −$4.31/SF
NOI
$28.0K $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%
$560,480
Cap Rate 7%
$400,343
Cap Rate 9%
$311,378
Alternative Uses
Best Use
Multifamily LT 5
$400.3K
$350.3K – $467.1K
NOI $28,024 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$370.7K
$324.4K – $432.5K
NOI $25,949 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$669.5K
$585.8K – $781.1K
NOI $46,865 @ 7.0% cap · market cap 7.94%
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
1,989
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units combine refreshed interiors, upgraded major systems, and on-site laundry facilities.
Where is this triplex located?
The property is located at 2531 North Murray Avenue Milwaukee, WI.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: Three‑unit property with two 2‑bedroom apartments and one 1‑bedroom apartment; 2,786 SF triplex built in 1901; Updated kitchens, bathrooms, and flooring across the units
