Remodeled Duplex with
For Sale
$235,000
3021 N 6th St Unit 3023, Milwaukee, WI 53212
Two updated units feature new kitchens, bathrooms, and major building systems.
Property Size1,175 SF
Price / SF$200
Days on Market29
Property Features for 3021 N 6th St Unit 3023
General Information
Standard status
Active
Size
1,175 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
full basement
walk-up attic
off-street parking
Building Details
Year Built
1914
Buildings
1
Listing Agency:
reThought Real Estate
(414) 315-0801
Listed By:
Adrian Hernandez
Source:
Jwregwi
Added: Aug 3
Changed: Aug 30
Last Checked: Aug 30 at 11:58PM
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 reThought Real Estate
Investment Insights
Based on property information with market context.
This two-family duplex in Milwaukee has undergone extensive remodeling, with improvements completed within the past two years. Updates include the roof, HVAC, plumbing, electrical systems, drywall, insulation, flooring, and interior paint. Each unit has a new kitchen and bathroom with modern finishes, while refreshed living areas provide bright interior space.
The property also includes a full basement, walk-up attic, and rear off-street parking. Built in 1914, the building combines its established construction with recent updates across major systems and unit interiors.
The property also includes a full basement, walk-up attic, and rear off-street parking. Built in 1914, the building combines its established construction with recent updates across major systems and unit interiors.
Key Highlights
- Two‑family duplex configuration in Milwaukee
- Roof, HVAC, plumbing, electrical, drywall, insulation, flooring, and paint updated within the past two years
- Both units include new 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
$11,819
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
5.03%
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%
$236,380
$236.4K
Cap Rate 7%
$168,843
$168.8K
Cap Rate 9%
$131,322
$131.3K
Market Conditions
NOI Build-Up for 1,175 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
$17.6K $15.00/SF
− Vacancy
−$740 −$0.63/SF
EGI
$16.9K $14.37/SF
− OpEx
−$5.1K −$4.31/SF
NOI
$11.8K $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%
$236,380
Cap Rate 7%
$168,843
Cap Rate 9%
$131,322
Alternative Uses
Best Use
Multifamily LT 5
$168.8K
$147.7K – $197.0K
NOI $11,819 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$156.3K
$136.8K – $182.4K
NOI $10,944 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$282.4K
$247.1K – $329.4K
NOI $19,765 @ 7.0% cap · market cap 8.41%
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
650
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
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 updated units feature new kitchens, bathrooms, and major building systems.
Where is this duplex located?
The property is located at 3021 N 6th St Unit 3023 Milwaukee, WI.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two‑family duplex configuration in Milwaukee; Roof, HVAC, plumbing, electrical, drywall, insulation, flooring, and paint updated within the past two years; Both units include new kitchens and bathrooms
