3-Unit Building with Detached
3138 N Pierce St, Milwaukee, WI 53212
For Sale
$370,000
Three distinct apartments include a finished attic, private balcony, and detached garage.
Property Size2,486 SF
Days on Market65
Property Features for 3138 N Pierce St
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Building Details
Building Size
Year Built
Listing Agency:
RE/MAX United - Port Washington
Listed By:
Tom Didier Team* · License WI #4802690
(262) 375-0400
Source:
Karlaflorance.kw
Added: Sep 11
Changed: Nov 8
Last Checked: Nov 12 at 4:16AM
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 RE/MAX United - Port Washington
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Investment Insights
Based on property information with market context.
Built in 1912, this three-unit property offers a varied layout suited to both rental operations and owner occupancy. The upper residence includes three bedrooms, one and a half baths, and a finished attic, while the lower level contains a two-bedroom, one-bath front apartment and a one-bedroom, one-bath rear apartment. A balcony serves the upper unit, and the property includes a detached two-car garage.
The building is located at 3138 N Pierce St in Milwaukee’s River West area, around the corner from Art Bar. The separate unit arrangements and range of bedroom configurations provide a clearly defined multifamily layout within an established residential setting.
The building is located at 3138 N Pierce St in Milwaukee’s River West area, around the corner from Art Bar. The separate unit arrangements and range of bedroom configurations provide a clearly defined multifamily layout within an established residential setting.
Key Highlights
- Three‑unit configuration with 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments
- Upper unit includes 3 bedrooms, 1.5 baths, and a finished attic
- Lower front unit offers 2 bedrooms and 1 bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,007
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$500,140
$500.1K
Cap Rate 7%
$357,243
$357.2K
Cap Rate 9%
$277,856
$277.9K
Market Conditions
NOI Build-Up for 2,486 SF
Gross rent
$37.3K $15.00/SF
− Vacancy
−$1.6K −$0.63/SF
EGI
$35.7K $14.37/SF
− OpEx
−$10.7K −$4.31/SF
NOI
$25.0K $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 Rate 5%
$500,140
Cap Rate 7%
$357,243
Cap Rate 9%
$277,856
Alternative Uses
Best Use
Multifamily LT 5
$357.2K
$312.6K – $416.8K
NOI $25,007 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$330.8K
$289.4K – $385.9K
NOI $23,154 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$597.4K
$522.7K – $697.0K
NOI $41,818 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
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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
$204,300
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Milwaukee, WI
Properties on Market for Triplexes in Milwaukee
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three distinct apartments include a finished attic, private balcony, and detached garage.
Where is this triplex located?
The property is located at 3138 N Pierce St Milwaukee, WI.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Three‑unit configuration with 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments; Upper unit includes 3 bedrooms, 1.5 baths, and a finished attic; Lower front unit offers 2 bedrooms and 1 bath
