Brick Live-Work Property with
For Sale
$210,000
3103 28TH ST, Milwaukee, WI 53216
Live-work property in LB2 zoning with a separate commercial garage for up to three vans.
Property Size3,347 SF
Price / SF$62.74
Days on Market20
Property Features for 3103 28TH ST
General Information
Standard status
Active
Size
3,347 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$2,677
Amenities
sitting room
living room
dining room
eat-in kitchen
basement
office
bathroom
storage room
3
LB2
0.0 to .499
Building Details
Year Built
1923
Buildings
2
Construction
brick
Listing Agency:
Realty Executives Integrity Brookfield
(414) 467-8003
Listed By:
Dionne Barnes · License #57087
(414) 467-8003
Source:
Xome
Added: Jul 23
Changed: Aug 8
Last Checked: Aug 11 at 5:20AM
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 Realty Executives Integrity Brookfield
Investment Insights
Based on property information with market context.
Brick 2-story live-work property includes a separate commercial garage sold together. The home features 4 bedrooms and 1 bath, with spacious living and dining rooms, an eat-in kitchen, and 2 main-floor bedrooms. Upstairs offers an additional 2 bedrooms along with a sitting room. A basement adds additional storage space.
The separate brick commercial garage is approximately 2,000 SF and includes an office, bathroom, and storage room, plus space for up to 3 commercial vans. Zoning is LB2.
Built in 1923, the property provides one location to combine daily living with on-site commercial garage space.
The separate brick commercial garage is approximately 2,000 SF and includes an office, bathroom, and storage room, plus space for up to 3 commercial vans. Zoning is LB2.
Built in 1923, the property provides one location to combine daily living with on-site commercial garage space.
Key Highlights
- LB2 zoning for combined residential and commercial use
- Brick 2‑story home with 4 bedrooms and 1 bathroom
- 2 main‑floor bedrooms plus two upstairs bedrooms and a sitting room
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
$12,188
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
5.80%
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%
$243,760
$243.8K
Cap Rate 7%
$174,114
$174.1K
Cap Rate 9%
$135,422
$135.4K
Market Conditions
NOI Build-Up for 3,347 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
$18.3K $5.47/SF
− Vacancy
−$897 −$0.27/SF
EGI
$17.4K $5.20/SF
− OpEx
−$5.2K −$1.56/SF
NOI
$12.2K $3.64/SF
Area
Milwaukee, WI
Vacancy
4.90%
Lease Rate
$5.47 /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%
$243,760
Cap Rate 7%
$174,114
Cap Rate 9%
$135,422
Alternative Uses
Best Use
Mixed Use
$583.8K
$510.8K – $681.1K
NOI $40,867 @ 7.0% cap · market cap 19.46%
Second Best
Office B
$546.7K
$478.4K – $637.9K
NOI $38,271 @ 7.0% cap · market cap 18.22%
Theoretical Best
Office A
$804.3K
$703.8K – $938.4K
NOI $56,302 @ 7.0% cap · market cap 26.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Explore this area
Business Placement
Demographics for 53216, WI
30,109
Population
13,556
Households
2.2
Avg Household Size
36
Median Age
18%
College-Educated
85%
High-School Grad
4.6 sq mi
ZIP Area
6,545
Density / Sq Mi
$43,466
Median Household Income
$34,823
Median Earnings
$970
Median Rent
$122,800
Median Home Value
Market
Vacancy Rate% for Office in Milwaukee, WI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Live-work property in LB2 zoning with a separate commercial garage for up to three vans.
Where is this live-work space located?
The property is located at 3103 28TH ST Milwaukee, WI.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: LB2 zoning for combined residential and commercial use; Brick 2‑story home with 4 bedrooms and 1 bathroom; 2 main‑floor bedrooms plus two upstairs bedrooms and a sitting room
