Remodeled
For Sale
$425,000
3171 S 9th St, Milwaukee, WI 53215
Two-family property with refreshed kitchens, included appliances, walk-in closets, and extensive interior and exterior improvements.
Property Size1,571 SF
Price / SF$270.53
Days on Market13
Property Features for 3171 S 9th St
General Information
Standard status
Active
Size
1,571 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
walk-in closets
appliances included
Building Details
Year Built
1920
Listing Agency:
Lyon Realty, LLC - Milwaukee
(414) 384-6226
Listed By:
Nina Halcomb · License #4802790
Source:
Nikolicgroup
Added: Aug 18
Changed: Aug 29
Last Checked: Aug 25 at 5:15AM
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 Lyon Realty, LLC - Milwaukee
Investment Insights
Based on property information with market context.
This two-family duplex at 3171 S 9th St has undergone comprehensive remodeling. Improvements include updated kitchens and bathrooms, new flooring, walk-in closets, and included appliances. The property also features a new roof, siding, windows, exterior paint, and new concrete around the house.
Built in 1920, the residence is positioned near schools, hospitals, shopping, parks, and transportation. Its two-family layout and broad scope of completed improvements provide a substantially refreshed residential income property.
Built in 1920, the residence is positioned near schools, hospitals, shopping, parks, and transportation. Its two-family layout and broad scope of completed improvements provide a substantially refreshed residential income property.
Key Highlights
- Two‑family duplex at 3171 S 9th St, Milwaukee, WI 53215
- Completely remodeled with new flooring and updated kitchens and bathrooms
- New roof, siding, windows, exterior paint, and concrete improvements
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
$18,274
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
4.30%
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%
$365,480
$365.5K
Cap Rate 7%
$261,057
$261.1K
Cap Rate 9%
$203,044
$203.0K
Market Conditions
NOI Build-Up for 1,571 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
$27.3K $17.40/SF
− Vacancy
−$1.2K −$0.78/SF
EGI
$26.1K $16.62/SF
− OpEx
−$7.8K −$4.99/SF
NOI
$18.3K $11.63/SF
Area
ZIP 53215
Vacancy
4.50%
Lease Rate
$17.40 /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%
$365,480
Cap Rate 7%
$261,057
Cap Rate 9%
$203,044
Alternative Uses
Best Use
Multifamily LT 5
$261.1K
$228.4K – $304.6K
NOI $18,274 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$234.1K
$204.9K – $273.2K
NOI $16,390 @ 7.0% cap · market cap 3.86%
Theoretical Best
Warehouse
$1.19M
$1.04M – $1.39M
NOI $83,357 @ 7.0% cap · market cap 19.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
599
Businesses Nearby
Explore this area
Business Placement
Demographics for 53215, WI
59,359
Population
21,307
Households
2.8
Avg Household Size
31
Median Age
11%
College-Educated
67%
High-School Grad
5.5 sq mi
ZIP Area
10,793
Density / Sq Mi
$49,207
Median Household Income
$32,261
Median Earnings
$933
Median Rent
$148,400
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-family property with refreshed kitchens, included appliances, walk-in closets, and extensive interior and exterior improvements.
Where is this duplex located?
The property is located at 3171 S 9th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑family duplex at 3171 S 9th St, Milwaukee, WI 53215; Completely remodeled with new flooring and updated kitchens and bathrooms; New roof, siding, windows, exterior paint, and concrete improvements
