Updated Two-Unit
New
For Sale
$389,900
2651 S 51st St, Milwaukee, WI 53219
Each residence includes three bedrooms, a dining area, and separate air conditioning.
Property Size2,532 SF
Price / SF$153.99
Days on Market1
Property Features for 2651 S 51st St
General Information
Standard status
Active
Size
2,532 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Jackson Park
Building Details
Year Built
1958
Listing Agency:
Forward Realty Partners
Listed By:
Avenue Real Estate
(920) 893-3001
Source:
Avenueret
Added: Oct 23
Last Checked: Oct 23 at 4:05AM
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 Forward Realty Partners
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Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1958, has a three-bedroom layout on each level, with a dining area and a spacious living area in both residences. Kitchen and bathroom improvements have been completed, and each unit has its own air conditioning equipment. Forced-air furnaces were replaced in 2018 and 2025, and the roof was replaced in 2022.
The basement provides three separately locked storage areas for tenant or owner use.
The basement provides three separately locked storage areas for tenant or owner use.
Key Highlights
- Two three‑bedroom residences, each with a dining area and living space
- Separate air conditioning equipment for each unit; one unit’s equipment dates to 2026
- Forced‑air furnaces replaced in 2018 and 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,390
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$507,800
$507.8K
Cap Rate 7%
$362,714
$362.7K
Cap Rate 9%
$282,111
$282.1K
Market Conditions
NOI Build-Up for 2,532 SF
Gross rent
$38.0K $15.00/SF
− Vacancy
−$1.7K −$0.68/SF
EGI
$36.3K $14.33/SF
− OpEx
−$10.9K −$4.30/SF
NOI
$25.4K $10.03/SF
Area
ZIP 53219
Vacancy
4.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$507,800
Cap Rate 7%
$362,714
Cap Rate 9%
$282,111
Alternative Uses
Best Use
Multifamily LT 5
$362.7K
$317.4K – $423.2K
NOI $25,390 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$324.8K
$284.2K – $378.9K
NOI $22,733 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$608.5K
$532.4K – $709.9K
NOI $42,592 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
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Business Placement
Demographics for 53219, WI
34,925
Population
15,661
Households
2.2
Avg Household Size
38
Median Age
26%
College-Educated
90%
High-School Grad
5.0 sq mi
ZIP Area
6,985
Density / Sq Mi
$70,998
Median Household Income
$43,223
Median Earnings
$971
Median Rent
$190,300
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
Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes three bedrooms, a dining area, and separate air conditioning.
Where is this duplex located?
The property is located at 2651 S 51st St 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: Two three‑bedroom residences, each with a dining area and living space; Separate air conditioning equipment for each unit; one unit’s equipment dates to 2026; Forced‑air furnaces replaced in 2018 and 2025
