Three-Bedroom Duplex with Attic
For Sale
$445,000
2951 N Farwell Ave, Milwaukee, WI 53211
Two residential units offer matching layouts with kitchens, living rooms, and dining areas.
Property Size2,620 SF
Price / SF$169.85
Days on Market16
Property Features for 2951 N Farwell Ave
General Information
Standard status
Active
Size
2,620 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1904
Listing Agency:
Lannon Stone Realty LLC
(414) 322-6910
Listed By:
Carissa Porth · License #95539-94
Source:
Levelupwi
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 31 at 7:44PM
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 Lannon Stone Realty LLC
Investment Insights
Based on property information with market context.
This duplex contains 2,620 square feet and was built in 1904. Each unit includes three bedrooms, one full bathroom, a kitchen, living room, and dining room, providing a consistent layout across both residences. An additional finished attic area expands the property’s usable space.
The property is located at 2951 N Farwell Ave in Milwaukee, Wisconsin, within steps of the UWM campus. The existing configuration and proximity to the campus support continued use as a two-unit residential property.
The property is located at 2951 N Farwell Ave in Milwaukee, Wisconsin, within steps of the UWM campus. The existing configuration and proximity to the campus support continued use as a two-unit residential property.
Key Highlights
- Duplex with two units, each offering 3 bedrooms and 1 full bath
- Each residence includes a kitchen, living room, and dining room
- 2,620 square feet of total property size
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
$26,355
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
5.92%
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%
$527,100
$527.1K
Cap Rate 7%
$376,500
$376.5K
Cap Rate 9%
$292,833
$292.8K
Market Conditions
NOI Build-Up for 2,620 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
$39.3K $15.00/SF
− Vacancy
−$1.7K −$0.63/SF
EGI
$37.6K $14.37/SF
− OpEx
−$11.3K −$4.31/SF
NOI
$26.4K $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%
$527,100
Cap Rate 7%
$376,500
Cap Rate 9%
$292,833
Alternative Uses
Best Use
Multifamily LT 5
$376.5K
$329.4K – $439.3K
NOI $26,355 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$348.6K
$305.0K – $406.7K
NOI $24,402 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$629.6K
$550.9K – $734.6K
NOI $44,073 @ 7.0% cap · market cap 9.90%
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
945
Businesses Nearby
Explore this area
Business Placement
Demographics for 53211, WI
36,327
Population
16,346
Households
2.2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
4.0 sq mi
ZIP Area
9,082
Density / Sq Mi
$76,206
Median Household Income
$40,214
Median Earnings
$1,225
Median Rent
$413,500
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 residential units offer matching layouts with kitchens, living rooms, and dining areas.
Where is this duplex located?
The property is located at 2951 N Farwell Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Duplex with two units, each offering 3 bedrooms and 1 full bath; Each residence includes a kitchen, living room, and dining room; 2,620 square feet of total property size
