3-Unit Building with Detached
For Sale
$389,900
3138 N Pierce St, Milwaukee, WI 53212
Three distinct apartments include a finished attic, private balcony, and detached garage.
Property Size2,486 SF
Days on Market17
Property Features for 3138 N Pierce St
General Information
Standard status
Active
Size
2,486 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
3BR/1.5BA upper, 2BR/1BA lower front, 1BR/1BA lower rear
Multifamily Units
3
Building Details
Building Size
2,486 SF
Year Built
1912
Listing Agency:
RE/MAX United - Port Washington
Listed By:
Tom Didier Team* · License #4802690
(262) 375-0400
Source:
Karlaflorance.kw
Added: Sep 11
Changed: Sep 19
Last Checked: Sep 26 at 3:36AM
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
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 = 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
$25,007
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
6.41%
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%
$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
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
$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 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%
$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 6.41%
Second Best
Apartment 5plus
$330.8K
$289.4K – $385.9K
NOI $23,154 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$597.4K
$522.7K – $697.0K
NOI $41,818 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
631
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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 $389,900.
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
