Fourplex with Off-Street
For Sale
$659,000
2936 West Parnell Avenue, Milwaukee, WI 53221
Fully occupied four-unit residential property with two-bedroom apartments and rear parking.
Property Size3,582 SF
Price / SF$183.98
Days on Market184
Property Features for 2936 West Parnell Avenue
General Information
Standard status
Active
Size
3,582 SF
Property subtype
Multi-Family / Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Average Monthly Rent
$875
Amenities
Laundry Facilities, Full, Yes
Aluminum Siding, Brick
Building Details
Year Built
1960
Buildings
1
Listing Agency:
Coldwell Banker HomeSale Realty - Wauwatosa
(414) 737-3399
Listed By:
Shahbaz A Qureshi · License #81157-94
(414) 737-3399
Source:
Compass
Added: Feb 27
Changed: Aug 29
Last Checked: Aug 29 at 2:19PM
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 fourplex contains four residential units, each with two bedrooms and one bathroom. The 3,582-square-foot building was constructed in 1960 and features aluminum siding and brick exterior materials. Every apartment includes a stove and refrigerator, while laundry facilities are available within the property.
All four units are occupied, and each apartment rents for $875 per month. Rear off-street parking adds practical convenience for residents. The property is located at 2936 West Parnell Avenue in Milwaukee, Wisconsin.
All four units are occupied, and each apartment rents for $875 per month. Rear off-street parking adds practical convenience for residents. The property is located at 2936 West Parnell Avenue in Milwaukee, Wisconsin.
Key Highlights
- Four‑unit building with four occupied apartments
- Each unit offers two bedrooms and one bathroom
- 3,582 square feet; built in 1960
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
$38,386
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
5.82%
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%
$767,720
$767.7K
Cap Rate 7%
$548,371
$548.4K
Cap Rate 9%
$426,511
$426.5K
Market Conditions
NOI Build-Up for 3,582 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
$58.0K $16.20/SF
− Vacancy
−$3.2K −$0.89/SF
EGI
$54.8K $15.31/SF
− OpEx
−$16.5K −$4.59/SF
NOI
$38.4K $10.72/SF
Area
ZIP 53221
Vacancy
5.50%
Lease Rate
$16.20 /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%
$767,720
Cap Rate 7%
$548,371
Cap Rate 9%
$426,511
Alternative Uses
Best Use
Multifamily LT 5
$548.4K
$479.8K – $639.8K
NOI $38,386 @ 7.0% cap · market cap 5.82%
Second Best
Apartment 5plus
$486.8K
$425.9K – $567.9K
NOI $34,073 @ 7.0% cap · market cap 5.17%
Theoretical Best
Warehouse
$2.72M
$2.38M – $3.17M
NOI $190,061 @ 7.0% cap · market cap 28.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
Explore this area
Business Placement
Demographics for 53221, WI
39,560
Population
17,126
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
9.0 sq mi
ZIP Area
4,396
Density / Sq Mi
$61,640
Median Household Income
$41,430
Median Earnings
$1,071
Median Rent
$205,500
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?
Quadplex - Fully occupied four-unit residential property with two-bedroom apartments and rear parking.
Where is this quadplex located?
The property is located at 2936 West Parnell Avenue Milwaukee, WI.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: Four‑unit building with four occupied apartments; Each unit offers two bedrooms and one bathroom; 3,582 square feet; built in 1960
