Updated Duplex Near Enderis
For Sale
$315,000
2705 N Carlton Pl, Milwaukee, WI 53210
Two-unit property with distinct upper and lower residences, hardwood flooring, and separate eat-in kitchens.
Property Size2,408 SF
Price / SF$130.81
Days on Market10
Property Features for 2705 N Carlton Pl
General Information
Standard status
Active
Size
2,408 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1952
Listing Agency:
Coldwell Banker Homesale Realty - Wauwatosa
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Sep 18
Changed: Sep 26
Last Checked: Sep 26 at 7:11AM
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 Coldwell Banker Homesale Realty - Wauwatosa
Investment Insights
Based on property information with market context.
This 2,408-square-foot duplex, built in 1952, offers two separate residences with distinct layouts. The lower unit includes 3 bedrooms, 1 bath, hardwood floors, a dining room, an eat-in kitchen, updated LVP kitchen flooring, and new A/C installed in 2026. The upper unit provides 2 bedrooms, 1.5 baths, hardwood floors, and its own eat-in kitchen.
Major property improvements include a new roof on both the house and garage completed in 2025, along with water heaters installed in 2020. The property is located at 2705 N Carlton Pl in Milwaukee’s Enderis Park neighborhood, with tree-lined residential streets and neighborhood parks nearby.
Major property improvements include a new roof on both the house and garage completed in 2025, along with water heaters installed in 2020. The property is located at 2705 N Carlton Pl in Milwaukee’s Enderis Park neighborhood, with tree-lined residential streets and neighborhood parks nearby.
Key Highlights
- 2,408‑square‑foot duplex built in 1952
- Lower unit features 3 bedrooms, 1 bath, dining room, hardwood floors, and an eat‑in kitchen
- Upper unit includes 2 bedrooms, 1.5 baths, hardwood floors, and an eat‑in kitchen
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
$24,222
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
7.69%
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%
$484,440
$484.4K
Cap Rate 7%
$346,029
$346.0K
Cap Rate 9%
$269,133
$269.1K
Market Conditions
NOI Build-Up for 2,408 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
$36.1K $15.00/SF
− Vacancy
−$1.5K −$0.63/SF
EGI
$34.6K $14.37/SF
− OpEx
−$10.4K −$4.31/SF
NOI
$24.2K $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%
$484,440
Cap Rate 7%
$346,029
Cap Rate 9%
$269,133
Alternative Uses
Best Use
Multifamily LT 5
$346.0K
$302.8K – $403.7K
NOI $24,222 @ 7.0% cap · market cap 7.69%
Second Best
Apartment 5plus
$320.4K
$280.4K – $373.8K
NOI $22,428 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$578.7K
$506.3K – $675.1K
NOI $40,506 @ 7.0% cap · market cap 12.86%
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
680
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
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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-unit property with distinct upper and lower residences, hardwood flooring, and separate eat-in kitchens.
Where is this duplex located?
The property is located at 2705 N Carlton Pl Milwaukee, WI.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 2,408‑square‑foot duplex built in 1952; Lower unit features 3 bedrooms, 1 bath, dining room, hardwood floors, and an eat‑in kitchen; Upper unit includes 2 bedrooms, 1.5 baths, hardwood floors, and an eat‑in kitchen
