Refreshed Duplex with Spacious Living
For Sale
$349,900
3026 S Hanson Ave, Milwaukee, WI 53207
Two vacant residential units provide three-bedroom layouts, full bathrooms, and generous living space.
Property Size2,302 SF
Price / SF$151
Days on Market42
Property Features for 3026 S Hanson Ave
General Information
Standard status
Active
Size
2,302 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1924
Listing Agency:
Keller Williams-MNS Wauwatosa
(262) 443-0030
Listed By:
Holly Speranza
Source:
Nikolicgroup
Added: Jul 22
Changed: Aug 30
Last Checked: Aug 31 at 7:04PM
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 Keller Williams-MNS Wauwatosa
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each arranged with three bedrooms, one full bathroom, and spacious living areas. The property has been recently refreshed and is fully vacant, offering immediate flexibility for an owner occupant or investor. Built in 1924, the building encompasses 2302 square feet.
The property is located in Milwaukee’s Bay View neighborhood, with access to Humboldt Park, South Shore Park, South Shore Beach, and the Bay View Community Center. The Kinnickinnic Avenue corridor is nearby, along with Cafe Centraal, Goodkind, Odd Duck, The Vanguard, Collectivo Coffee, South Shore Terrace Beer Garden, and Outpost Natural Foods. I-794 provides a direct commuting connection to downtown Milwaukee.
The property is located in Milwaukee’s Bay View neighborhood, with access to Humboldt Park, South Shore Park, South Shore Beach, and the Bay View Community Center. The Kinnickinnic Avenue corridor is nearby, along with Cafe Centraal, Goodkind, Odd Duck, The Vanguard, Collectivo Coffee, South Shore Terrace Beer Garden, and Outpost Natural Foods. I-794 provides a direct commuting connection to downtown Milwaukee.
Key Highlights
- Two‑unit duplex with each residence offering 3 bedrooms and 1 full bathroom
- Fully vacant and recently refreshed
- 2302 square feet of building area
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
$23,156
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
6.62%
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%
$463,120
$463.1K
Cap Rate 7%
$330,800
$330.8K
Cap Rate 9%
$257,289
$257.3K
Market Conditions
NOI Build-Up for 2,302 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
$34.5K $15.00/SF
− Vacancy
−$1.5K −$0.63/SF
EGI
$33.1K $14.37/SF
− OpEx
−$9.9K −$4.31/SF
NOI
$23.2K $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%
$463,120
Cap Rate 7%
$330,800
Cap Rate 9%
$257,289
Alternative Uses
Best Use
Multifamily LT 5
$330.8K
$289.5K – $385.9K
NOI $23,156 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$306.3K
$268.0K – $357.4K
NOI $21,441 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$553.2K
$484.0K – $645.4K
NOI $38,723 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
531
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 - Two vacant residential units provide three-bedroom layouts, full bathrooms, and generous living space.
Where is this duplex located?
The property is located at 3026 S Hanson Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑unit duplex with each residence offering 3 bedrooms and 1 full bathroom; Fully vacant and recently refreshed; 2302 square feet of building area
