Two-Unit Duplex with Detached
For Sale
$419,900
3154 S Nevada St, Milwaukee, WI 53207
Two vacant residences include separate basement storage and laundry spaces, plus access to a fenced private yard.
Property Size1,863 SF
Price / SF$225.39
Days on Market25
Property Features for 3154 S Nevada St
General Information
Standard status
Active
Size
1,863 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
gas fireplace
large covered front porch
balcony
fenced-in yard
storage shed
separate basement laundry area
separate basement storage area
Building Details
Year Built
1927
Buildings
1
Listing Agency:
Lake Country Flat Fee
(262) 567-5700
Listed By:
Paul Liebe · License #5158790
Source:
Levelupwi
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 31 at 6:26PM
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 Lake Country Flat Fee
Investment Insights
Based on property information with market context.
Built in 1927, this 1,863-square-foot duplex contains two 2BR/1BA residences, with one apartment on the main level and another upstairs. The interiors retain refinished hardwood floors, natural woodwork, and other period details, while kitchen appliances are included. Both units are vacant, supporting either an owner-occupancy arrangement or a two-unit rental configuration.
Each residence has its own basement storage and laundry area. Exterior features include a covered front porch, an upper-level balcony, a fenced yard with mature landscaping, and a storage shed. The property also includes a detached 2-car garage with alley access. The home is in Bay View at 3154 S Nevada St, with access to freeways and walkable proximity to the lake, parks, and restaurants.
Each residence has its own basement storage and laundry area. Exterior features include a covered front porch, an upper-level balcony, a fenced yard with mature landscaping, and a storage shed. The property also includes a detached 2-car garage with alley access. The home is in Bay View at 3154 S Nevada St, with access to freeways and walkable proximity to the lake, parks, and restaurants.
Key Highlights
- Two 2BR/1BA units, both currently vacant
- 1,863 square feet; built in 1927
- Detached 2‑car garage with alley entrance
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
$18,740
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
4.46%
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%
$374,800
$374.8K
Cap Rate 7%
$267,714
$267.7K
Cap Rate 9%
$208,222
$208.2K
Market Conditions
NOI Build-Up for 1,863 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
$27.9K $15.00/SF
− Vacancy
−$1.2K −$0.63/SF
EGI
$26.8K $14.37/SF
− OpEx
−$8.0K −$4.31/SF
NOI
$18.7K $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%
$374,800
Cap Rate 7%
$267,714
Cap Rate 9%
$208,222
Alternative Uses
Best Use
Multifamily LT 5
$267.7K
$234.3K – $312.3K
NOI $18,740 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$247.9K
$216.9K – $289.2K
NOI $17,352 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$447.7K
$391.7K – $522.3K
NOI $31,339 @ 7.0% cap · market cap 7.46%
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
400
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 residences include separate basement storage and laundry spaces, plus access to a fenced private yard.
Where is this duplex located?
The property is located at 3154 S Nevada St Milwaukee, WI.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: Two 2BR/1BA units, both currently vacant; 1,863 square feet; built in 1927; Detached 2‑car garage with alley entrance
