Duplex with Original
For Sale
$499,000
2960 N Maryland Ave, Milwaukee, WI 53211
Two-unit property near UWM with separate three-bedroom and five-bedroom layouts, hardwood floors, porches, and off-street parking.
Property Size3,923 SF
Price / SF$127.20
Days on Market31
Property Features for 2960 N Maryland Ave
General Information
Standard status
Active
Size
3,923 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 5BR/2BA
Multifamily Units
2
Amenities
original woodwork
hardwood floors
balcony/porch areas
Building Details
Year Built
1921
Listing Agency:
Compass RE WI-Northshore
(414) 441-6925
Listed By:
Horizon Homes Group* · License #6031390
Source:
Nikolicgroup
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 30 at 8:29PM
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 Compass RE WI-Northshore
Investment Insights
Based on property information with market context.
Built in 1921, this 3,923-square-foot duplex includes a lower residence with 3 bedrooms and 1 bathroom and an upper residence with 5 bedrooms and 2 bathrooms. Original woodwork and hardwood floors contribute character throughout, while two balcony or porch areas extend the usable living space. The exterior has been refreshed, and a parking slab provides off-street parking for up to 3+ cars.
The property is near UWM on Milwaukee’s Upper East Side, placing it within an established residential setting close to the university. Its two-unit configuration and differing bedroom counts support a range of residential income strategies, subject to applicable requirements.
The property is near UWM on Milwaukee’s Upper East Side, placing it within an established residential setting close to the university. Its two-unit configuration and differing bedroom counts support a range of residential income strategies, subject to applicable requirements.
Key Highlights
- Two‑unit duplex near UWM on Milwaukee’s Upper East Side
- 3,923 square feet; built in 1921
- Lower unit: 3 bedrooms and 1 bathroom
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
$39,461
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
7.91%
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%
$789,220
$789.2K
Cap Rate 7%
$563,729
$563.7K
Cap Rate 9%
$438,456
$438.5K
Market Conditions
NOI Build-Up for 3,923 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
$58.8K $15.00/SF
− Vacancy
−$2.5K −$0.63/SF
EGI
$56.4K $14.37/SF
− OpEx
−$16.9K −$4.31/SF
NOI
$39.5K $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%
$789,220
Cap Rate 7%
$563,729
Cap Rate 9%
$438,456
Alternative Uses
Best Use
Multifamily LT 5
$563.7K
$493.3K – $657.7K
NOI $39,461 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$522.0K
$456.7K – $609.0K
NOI $36,539 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$942.7K
$824.9K – $1.10M
NOI $65,991 @ 7.0% cap · market cap 13.22%
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property near UWM with separate three-bedroom and five-bedroom layouts, hardwood floors, porches, and off-street parking.
Where is this duplex located?
The property is located at 2960 N Maryland Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑unit duplex near UWM on Milwaukee’s Upper East Side; 3,923 square feet; built in 1921; Lower unit: 3 bedrooms and 1 bathroom
