Spacious Duplex with Updated
For Sale
$474,900
Pending
2972 South Wentworth Avenue Unit 2974, Milwaukee, WI 53207
Upper unit features an updated kitchen and front balcony, while the lower unit highlights original woodwork and maple floors.
Property Size2,336 SF
Days on Market64
Property Features for 2972 South Wentworth Avenue Unit 2974
General Information
Standard status
Pending
Size
2,336 SF
Property subtype
Two-Family / Two Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,444
Amenities
Full, Block
Vinyl
2.0
1.0
5.0
2336.0
Building Details
Year Built
1914
Tenancy
Multi
Listing Agency:
Resolute Real Estate LLC
Listed By:
Cheri Redner · License #58006-90
(414) 412-9790
Source:
Compass
Added: Jul 5
Changed: Aug 8
Last Checked: Jul 28 at 3:07PM
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 Resolute Real Estate LLC
Investment Insights
Based on property information with market context.
This spacious duplex offers two well-kept residences with a mix of updates and preserved character. The upper unit includes an updated cook’s kitchen with granite countertops, stainless steel appliances, rich cabinetry, and a welcoming front balcony. The lower unit showcases original woodwork, picture frame molding, and rail in the dining room, helping maintain its timeless feel. Both units feature architectural details, maple floors, and butler’s pantries, with the property described as in excellent condition throughout.
The foundation has been replaced, and extensive low-maintenance exterior upgrades are noted as completed. Additional work includes updated plumbing, electrical, drain tile, and a sump pump.
Set close to Lake Michigan, parks, and the shops, restaurants, and nightlife of downtown Bay View, the property presents an owner with straightforward live-in or rental options supported by significant system upgrades.
The foundation has been replaced, and extensive low-maintenance exterior upgrades are noted as completed. Additional work includes updated plumbing, electrical, drain tile, and a sump pump.
Set close to Lake Michigan, parks, and the shops, restaurants, and nightlife of downtown Bay View, the property presents an owner with straightforward live-in or rental options supported by significant system upgrades.
Key Highlights
- Duplex with 2 bedrooms and 1 full bath per unit (2 units total)
- Estimated total living area of 2,336 SF with 5 rooms per unit
- Full, block basement
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
$23,498
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
4.95%
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%
$469,960
$470.0K
Cap Rate 7%
$335,686
$335.7K
Cap Rate 9%
$261,089
$261.1K
Market Conditions
NOI Build-Up for 2,336 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
$35.0K $15.00/SF
− Vacancy
−$1.5K −$0.63/SF
EGI
$33.6K $14.37/SF
− OpEx
−$10.1K −$4.31/SF
NOI
$23.5K $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%
$469,960
Cap Rate 7%
$335,686
Cap Rate 9%
$261,089
Alternative Uses
Best Use
Multifamily LT 5
$335.7K
$293.7K – $391.6K
NOI $23,498 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$310.8K
$272.0K – $362.6K
NOI $21,757 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$561.4K
$491.2K – $654.9K
NOI $39,295 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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?
Duplex - Upper unit features an updated kitchen and front balcony, while the lower unit highlights original woodwork and maple floors.
Where is this duplex located?
The property is located at 2972 South Wentworth Avenue Unit 2974 Milwaukee, WI.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Duplex with 2 bedrooms and 1 full bath per unit (2 units total); Estimated total living area of 2,336 SF with 5 rooms per unit; Full, block basement
