Duplex with Three-Car
For Sale
$439,900
2637 N Oakland Ave, Milwaukee, WI 53211
Two residential units offer distinct layouts, laundry facilities, and basement access.
Property Size2,542 SF
Price / SF$173.05
Days on Market18
Property Features for 2637 N Oakland Ave
General Information
Standard status
Active
Size
2,542 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 4BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
hardwood floors
built-ins
Building Details
Year Built
1899
Listing Agency:
Smart Asset Realty Inc
Listed By:
Adam McCarthy · License #5831990
(414) 732-1123
Source:
Nikolicgroup
Added: Sep 10
Changed: Sep 23
Last Checked: Sep 26 at 11:31AM
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 Smart Asset Realty Inc
Investment Insights
Based on property information with market context.
This 2,542-square-foot duplex was built in 1899 and includes two separate residential units. The lower apartment has 3 bedrooms, 1 bathroom, basement access, and in-unit laundry. The upper apartment provides 4 bedrooms, 1 bathroom, 3 additional flexible rooms, and laundry facilities. Interior character includes hardwood floors, built-in features, and abundant natural light.
A detached 3-car garage is divided into 2-car and 1-car sections and produces additional income. The property is located at 2637 N Oakland Ave in Milwaukee, near UWM, Riverside Park, and the Oakland Corridor, with restaurants, cafes, shops, and nightlife in the surrounding area.
A detached 3-car garage is divided into 2-car and 1-car sections and produces additional income. The property is located at 2637 N Oakland Ave in Milwaukee, near UWM, Riverside Park, and the Oakland Corridor, with restaurants, cafes, shops, and nightlife in the surrounding area.
Key Highlights
- 2,542‑square‑foot duplex built in 1899
- Lower unit includes 3 bedrooms, 1 bathroom, basement access, and in‑unit laundry
- Upper unit offers 4 bedrooms, 1 bathroom, 3 additional rooms, and laundry
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
$25,570
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
5.81%
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%
$511,400
$511.4K
Cap Rate 7%
$365,286
$365.3K
Cap Rate 9%
$284,111
$284.1K
Market Conditions
NOI Build-Up for 2,542 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
$38.1K $15.00/SF
− Vacancy
−$1.6K −$0.63/SF
EGI
$36.5K $14.37/SF
− OpEx
−$11.0K −$4.31/SF
NOI
$25.6K $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%
$511,400
Cap Rate 7%
$365,286
Cap Rate 9%
$284,111
Alternative Uses
Best Use
Multifamily LT 5
$365.3K
$319.6K – $426.2K
NOI $25,570 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$338.2K
$296.0K – $394.6K
NOI $23,676 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$610.9K
$534.5K – $712.7K
NOI $42,761 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,908
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer distinct layouts, laundry facilities, and basement access.
Where is this duplex located?
The property is located at 2637 N Oakland Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: 2,542‑square‑foot duplex built in 1899; Lower unit includes 3 bedrooms, 1 bathroom, basement access, and in‑unit laundry; Upper unit offers 4 bedrooms, 1 bathroom, 3 additional rooms, and laundry
