Updated
For Sale
$319,900
2962 N Pierce St, Milwaukee, WI 53212
Two-unit residential property with refreshed kitchens, bathrooms, and flexible interior space in Milwaukee’s Riverwest neighborhood.
Property Size1,936 SF
Price / SF$165.24
Days on Market17
Property Features for 2962 N Pierce St
General Information
Standard status
Active
Size
1,936 SF
Property subtype
Multi-Family
Building Details
Year Built
1894
Listing Agency:
Coldwell Banker Homesale Realty - Wauwatosa
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Sep 11
Changed: Sep 26
Last Checked: Sep 26 at 6:47AM
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.
Built in 1894, this 1,936-square-foot duplex combines a traditional residential structure with selected interior updates. Both kitchens and bathrooms have been modernized, while large windows add natural light throughout the spacious floor plan. The layout provides room for everyday living, work areas, and entertaining.
Located at 2962 N Pierce St in Milwaukee’s Riverwest neighborhood, the property can accommodate an owner-occupant seeking rental support or an investor adding a residential income property to a portfolio. Its two-unit configuration offers flexibility for different living arrangements.
Located at 2962 N Pierce St in Milwaukee’s Riverwest neighborhood, the property can accommodate an owner-occupant seeking rental support or an investor adding a residential income property to a portfolio. Its two-unit configuration offers flexibility for different living arrangements.
Key Highlights
- 1,936‑square‑foot duplex in Milwaukee’s Riverwest neighborhood
- Built in 1894
- Updated kitchens and bathrooms
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
$19,474
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
6.09%
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%
$389,480
$389.5K
Cap Rate 7%
$278,200
$278.2K
Cap Rate 9%
$216,378
$216.4K
Market Conditions
NOI Build-Up for 1,936 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
$29.0K $15.00/SF
− Vacancy
−$1.2K −$0.63/SF
EGI
$27.8K $14.37/SF
− OpEx
−$8.3K −$4.31/SF
NOI
$19.5K $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%
$389,480
Cap Rate 7%
$278,200
Cap Rate 9%
$216,378
Alternative Uses
Best Use
Multifamily LT 5
$278.2K
$243.4K – $324.6K
NOI $19,474 @ 7.0% cap · market cap 6.09%
Second Best
Apartment 5plus
$257.6K
$225.4K – $300.5K
NOI $18,032 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$465.2K
$407.1K – $542.8K
NOI $32,567 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
739
Businesses Nearby
Explore this area
Business Placement
Demographics for 53212, WI
28,702
Population
15,749
Households
1.8
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
7,000
Density / Sq Mi
$42,679
Median Household Income
$36,578
Median Earnings
$1,038
Median Rent
$204,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with refreshed kitchens, bathrooms, and flexible interior space in Milwaukee’s Riverwest neighborhood.
Where is this duplex located?
The property is located at 2962 N Pierce St Milwaukee, WI.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: 1,936‑square‑foot duplex in Milwaukee’s Riverwest neighborhood; Built in 1894; Updated kitchens and bathrooms
