Updated Duplex Near Humboldt
For Sale
$369,900
2921 S Howell Ave, Milwaukee, WI 53207
Two-unit property with recent updates and access to shops, restaurants, parks, and Lake Michigan.
Property Size2,015 SF
Price / SF$183.57
Days on Market25
Property Features for 2921 S Howell Ave
General Information
Standard status
Active
Size
2,015 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,767
Listing Agency:
Wolfpack Realty Group
(919) 368-7224
Listed By:
Kavin Tedamrongwanish
(919) 368-7224
Source:
Exprealty
Added: Jul 30
Changed: Aug 20
Last Checked: Aug 22 at 11:20AM
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 Wolfpack Realty Group
Investment Insights
Based on property information with market context.
This 2,015-square-foot duplex combines a classic residential layout with numerous recent updates. The two-unit configuration supports both investment ownership and an owner-occupant approach, with rental history noted as part of the property’s appeal.
The property is located in Milwaukee’s Bay View area, directly across from Humboldt Park. Shops, restaurants, additional parks, and Lake Michigan are all identified as nearby destinations, providing a range of daily conveniences and recreational options. The address is 2921 S Howell Ave, Milwaukee, WI.
The property is located in Milwaukee’s Bay View area, directly across from Humboldt Park. Shops, restaurants, additional parks, and Lake Michigan are all identified as nearby destinations, providing a range of daily conveniences and recreational options. The address is 2921 S Howell Ave, Milwaukee, WI.
Key Highlights
- 2,015‑square‑foot duplex
- Across the street from Humboldt Park
- Numerous recent updates
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
$20,269
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
5.48%
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%
$405,380
$405.4K
Cap Rate 7%
$289,557
$289.6K
Cap Rate 9%
$225,211
$225.2K
Market Conditions
NOI Build-Up for 2,015 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
$30.2K $15.00/SF
− Vacancy
−$1.3K −$0.63/SF
EGI
$29.0K $14.37/SF
− OpEx
−$8.7K −$4.31/SF
NOI
$20.3K $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%
$405,380
Cap Rate 7%
$289,557
Cap Rate 9%
$225,211
Alternative Uses
Best Use
Multifamily LT 5
$289.6K
$253.4K – $337.8K
NOI $20,269 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$268.1K
$234.6K – $312.8K
NOI $18,768 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$484.2K
$423.7K – $564.9K
NOI $33,896 @ 7.0% cap · market cap 9.16%
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
722
Businesses Nearby
Explore this area
Business Placement
Demographics for 53207, WI
34,292
Population
17,278
Households
2
Avg Household Size
37
Median Age
45%
College-Educated
94%
High-School Grad
10.0 sq mi
ZIP Area
3,429
Density / Sq Mi
$79,576
Median Household Income
$53,886
Median Earnings
$1,145
Median Rent
$228,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with recent updates and access to shops, restaurants, parks, and Lake Michigan.
Where is this duplex located?
The property is located at 2921 S Howell Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: 2,015‑square‑foot duplex; Across the street from Humboldt Park; Numerous recent updates
