Two-Unit Property Near
For Sale
$245,000
2827 N 51st St, Milwaukee, WI 53219
Two residential apartments offer an owner-occupancy path with an existing lower-unit tenancy through 2026.
Property Size1,843 SF
Price / SF$132.94
Days on Market13
Property Features for 2827 N 51st St
General Information
Standard status
Active
Size
1,843 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,331
Listing Agency:
Mangat Realty Group LLC
(262) 902-4662
Listed By:
William Harvill
(262) 902-4662
Source:
Exprealty
Added: Jul 31
Changed: Aug 8
Last Checked: Aug 11 at 10:37AM
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 Mangat Realty Group LLC
Investment Insights
Based on property information with market context.
This 1,843-square-foot duplex at 2827 N 51st St includes two residential apartments. The lower unit is occupied through 12/31/2026, while the upper apartment may be available for buyer occupancy after closing or used as an additional rental unit following updates. The property also includes an above-garage area that a buyer may explore for a possible efficiency unit, subject to applicable requirements.
The duplex is located in Milwaukee’s St. Joseph’s neighborhood, within blocks of Ascension SE Wisconsin hospital. Its two-unit layout supports several ownership approaches, including occupying one apartment while retaining the other as a rental, or coordinating turnover of the lower unit for future personal use and improvements.
The duplex is located in Milwaukee’s St. Joseph’s neighborhood, within blocks of Ascension SE Wisconsin hospital. Its two-unit layout supports several ownership approaches, including occupying one apartment while retaining the other as a rental, or coordinating turnover of the lower unit for future personal use and improvements.
Key Highlights
- 1,843 SF duplex with two residential apartments
- Lower unit occupied through 12/31/2026
- Upper apartment may support buyer occupancy after closing
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
$18,481
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
7.54%
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%
$369,620
$369.6K
Cap Rate 7%
$264,014
$264.0K
Cap Rate 9%
$205,344
$205.3K
Market Conditions
NOI Build-Up for 1,843 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
$27.6K $15.00/SF
− Vacancy
−$1.2K −$0.68/SF
EGI
$26.4K $14.33/SF
− OpEx
−$7.9K −$4.30/SF
NOI
$18.5K $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 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%
$369,620
Cap Rate 7%
$264,014
Cap Rate 9%
$205,344
Alternative Uses
Best Use
Multifamily LT 5
$264.0K
$231.0K – $308.0K
NOI $18,481 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$236.4K
$206.8K – $275.8K
NOI $16,547 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$442.9K
$387.5K – $516.7K
NOI $31,002 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential apartments offer an owner-occupancy path with an existing lower-unit tenancy through 2026.
Where is this duplex located?
The property is located at 2827 N 51st St Milwaukee, WI.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: 1,843 SF duplex with two residential apartments; Lower unit occupied through 12/31/2026; Upper apartment may support buyer occupancy after closing
