Brick Live-Work
For Sale
$210,000
3103 N 28th St, Milwaukee, WI 53216
Y, Milwaukee, WI
Property Size3,347 SF
Lot Size0.12 Acres
Price / SF$62.74
Days on Market49
Property Features for 3103 N 28th St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LB2
Directions
Burleigh to 28th St
Standard status
Active
APN
2860958000
Size
3,347 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2677
Building Details
Year built
1923
Architectural style
Other
Listing Agency:
Realty Executives Integrity~Brookfield · Realty Executives International
(262) 783-7080
Listed By:
Dionne Barnes · License #5708790
(414) 467-8003
Added: Jul 27
Changed: Sep 8
Last Checked: Sep 13 at 10:06PM
MLS# 1973491
Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This live-work property combines a two-story brick residence with a separate brick commercial garage on a 0.12-acre lot. The 3,347-square-foot home includes four bedrooms, one bathroom, living and dining rooms, an eat-in kitchen, two main-floor bedrooms, and two additional bedrooms upstairs with a sitting room. Basement storage adds functional space. Built in 1923, the property is zoned LB2.
The approximately 2,000-square-foot garage contains an office, bathroom, and storage room, with room for up to three commercial vans. The separate garage configuration creates a clear division between residential and business functions while keeping both components on one property. Located at 3103 N 28th St in Milwaukee, the offering is suited to an owner-occupant or small business operation seeking an integrated home and workspace.
The approximately 2,000-square-foot garage contains an office, bathroom, and storage room, with room for up to three commercial vans. The separate garage configuration creates a clear division between residential and business functions while keeping both components on one property. Located at 3103 N 28th St in Milwaukee, the offering is suited to an owner-occupant or small business operation seeking an integrated home and workspace.
Key Highlights
- Two‑story brick residence with 4 bedrooms and 1 bathroom
- Separate brick commercial garage measuring approximately 2000 sq ft
- Garage includes office, bathroom, storage room, and space for up to 3 commercial vans
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Office units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two-story residence paired with a separate commercial garage, providing dedicated areas for living, office use, storage, and vehicle parking.
Where is this live-work space located?
The property is located at 3103 N 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: Two‑story brick residence with 4 bedrooms and 1 bathroom; Separate brick commercial garage measuring approximately 2000 sq ft; Garage includes office, bathroom, storage room, and space for up to 3 commercial vans
