Morgandale Two-Family Bungalow
For Sale
$265,000
3225 S 12th St #A, Milwaukee, WI 53215
Two-family bungalow in Morgandale, original character, tenant-occupied, fenced yard.
Property Size2,172 SF
Price / SF$122.01
Days on Market379
Property Features for 3225 S 12th St #A
General Information
Standard status
Active
Size
2,172 SF
Property subtype
Multi-Family
Amenities
Forced Air
Natural Gas
Building Details
Building Size
2,172 SF
Year Built
1928
Listing Agency:
Milwaukee Southwest
Listed By:
Alfredo Medina · License #78624
(414) 418-2710
Source:
Kw
Added: Aug 26, 2025
Changed: Aug 16
Last Checked: Sep 7 at 6:57PM
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 Milwaukee Southwest
Investment Insights
Based on property information with market context.
This two-family bungalow duplex is located in the Morgandale neighborhood. The property has been maintained by the same owners for 20 years and showcases original character. Each unit features 2 bedrooms, 1 bath, a spacious living room, a formal dining area, a kitchen, and a full pantry. The upper unit mirrors the lower unit and is tenant-occupied on a month-to-month basis. The property includes a fenced yard and a 2-car garage. It is located close to public transportation and local amenities. The property has a size of 2172 square feet.
Key Highlights
- Two‑family duplex in the desirable Morgandale neighborhood.
- Ideal for house hacking or rental portfolio expansion.
- Features a 2‑car garage and fenced yard.
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
$22,660
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
8.55%
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%
$453,200
$453.2K
Cap Rate 7%
$323,714
$323.7K
Cap Rate 9%
$251,778
$251.8K
Market Conditions
NOI Build-Up for 2,172 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
$43.0K $19.80/SF
− Vacancy
−$1.8K −$0.83/SF
EGI
$41.2K $18.97/SF
− OpEx
−$18.5K −$8.54/SF
NOI
$22.7K $10.43/SF
Area
ZIP 53215
Vacancy
4.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$453,200
Cap Rate 7%
$323,714
Cap Rate 9%
$251,778
Alternative Uses
Best Use
Multifamily LT 5
$360.9K
$315.8K – $421.1K
NOI $25,264 @ 7.0% cap · market cap 9.53%
Second Best
Apartment 5plus
$323.7K
$283.3K – $377.7K
NOI $22,660 @ 7.0% cap · market cap 8.55%
Theoretical Best
Warehouse
$1.65M
$1.44M – $1.92M
NOI $115,247 @ 7.0% cap · market cap 43.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
920
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 bungalow in Morgandale, original character, tenant-occupied, fenced yard.
Where is this duplex located?
The property is located at 3225 S 12th St #A Milwaukee, WI.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Two‑family duplex in the desirable Morgandale neighborhood.; Ideal for house hacking or rental portfolio expansion.; Features a 2‑car garage and fenced yard.
