Bayview Triplex Investment
For Sale
Contact for pricing
Pending
2962 S Delaware Ave, Milwaukee, WI 53207
Furnished triplex in Bayview operating as Airbnb, bookings through October.
Property Size3,455 SF
Days on Market762
Property Features for 2962 S Delaware Ave
General Information
Standard status
Pending
Size
3,455 SF
Class
B
Property subtype
Multifamily
Zoning
Residential
Building Details
Year Built
1915
Units
3
Listing Agency:
EXP Realty, LLC~Milw
Listed By:
Lor Vang · License #WI 85560-94
(414) 459-1655
Source:
Crexi
Added: Aug 7, 2024
Changed: Aug 24
Last Checked: Sep 6 at 11:38PM
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 EXP Realty, LLC~Milw
Investment Insights
Based on property information with market context.
This triplex in Bayview presents an investment opportunity. The property is currently operating as an Airbnb and will be sold fully furnished. Existing bookings are in place through October. The triplex features a 4-bedroom unit in the front, a 3-bedroom unit in the rear upper section, and a 1-bedroom unit in the rear lower section. Each unit includes one full bathroom and a private washer and dryer. Recent updates have been made to the property. The property includes a fully fenced backyard/patio and a 2.5-car garage for off-street parking. It is located blocks from the lakefront, South Shore Park, and other Bayview amenities. The property could continue operating as a short-term rental or be converted to long-term rentals. The property size is 3455 square feet.
Key Highlights
- Triplex in prime Bayview location, ideal for investors
- Currently operating as a successful Airbnb with bookings through October, ready for immediate takeover
- Sold fully furnished, simplifying the transition for the new owner
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
$34,754
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
5.71%
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%
$695,080
$695.1K
Cap Rate 7%
$496,486
$496.5K
Cap Rate 9%
$386,156
$386.2K
Market Conditions
NOI Build-Up for 3,455 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
$51.8K $15.00/SF
− Vacancy
−$2.2K −$0.63/SF
EGI
$49.6K $14.37/SF
− OpEx
−$14.9K −$4.31/SF
NOI
$34.8K $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%
$695,080
Cap Rate 7%
$496,486
Cap Rate 9%
$386,156
Alternative Uses
Best Use
Multifamily LT 5
$496.5K
$434.4K – $579.2K
NOI $34,754 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$459.7K
$402.3K – $536.3K
NOI $32,180 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$830.3K
$726.5K – $968.7K
NOI $58,119 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
366
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
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Frequently Asked Questions
What type of property is this?
Triplex - Furnished triplex in Bayview operating as Airbnb, bookings through October.
Where is this triplex located?
The property is located at 2962 S Delaware Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $609,000.
What are key features of this property?
This property features: Triplex in prime Bayview location, ideal for investors; Currently operating as a successful Airbnb with bookings through October, ready for immediate takeover; Sold fully furnished, simplifying the transition for the new owner
