Duplex with Expansion
New
For Sale
$390,000
3238 N Cambridge Ave, Milwaukee, WI 53211
Two-unit property with an immediately available lower residence and rear off-street parking.
Property Size2,399 SF
Price / SF$162.57
Days on Market6
Property Features for 3238 N Cambridge Ave
General Information
Standard status
Active
Size
2,399 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,674
Building Details
Buildings
1
Listing Agency:
Lannon Stone Realty LLC
(262) 333-4440
Listed By:
Emanuel Patino
(414) 254-6972
Source:
Exprealty
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 8:50PM
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 Lannon Stone Realty LLC
Investment Insights
Based on property information with market context.
This duplex includes two matching residences, each arranged with three bedrooms, one bathroom, a living room, dining room, and a generously sized kitchen. Both units feature high ceilings. The lower residence is ready for immediate occupancy and has refinished hardwood flooring along with fresh interior paint. Two off-street parking spaces are located behind the property.
The attic includes a dedicated furnace and plumbing connections for a kitchen and bathroom, providing a defined path for potential expansion. The property sits across from the Milwaukee River and Oakleaf trail, with Hubbard Park Beer Garden a couple of blocks away. The University of Wisconsin–Milwaukee is also located within a few blocks.
The attic includes a dedicated furnace and plumbing connections for a kitchen and bathroom, providing a defined path for potential expansion. The property sits across from the Milwaukee River and Oakleaf trail, with Hubbard Park Beer Garden a couple of blocks away. The University of Wisconsin–Milwaukee is also located within a few blocks.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 bath in each residence
- Lower unit available for immediate occupancy
- Refinished hardwood floors and fresh paint in the lower unit
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
$24,132
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
6.19%
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%
$482,640
$482.6K
Cap Rate 7%
$344,743
$344.7K
Cap Rate 9%
$268,133
$268.1K
Market Conditions
NOI Build-Up for 2,399 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
$36.0K $15.00/SF
− Vacancy
−$1.5K −$0.63/SF
EGI
$34.5K $14.37/SF
− OpEx
−$10.3K −$4.31/SF
NOI
$24.1K $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%
$482,640
Cap Rate 7%
$344,743
Cap Rate 9%
$268,133
Alternative Uses
Best Use
Multifamily LT 5
$344.7K
$301.7K – $402.2K
NOI $24,132 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$319.2K
$279.3K – $372.4K
NOI $22,344 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$576.5K
$504.4K – $672.6K
NOI $40,355 @ 7.0% cap · market cap 10.35%
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
943
Businesses Nearby
Explore this area
Business Placement
Demographics for 53211, WI
36,327
Population
16,346
Households
2.2
Avg Household Size
29
Median Age
74%
College-Educated
98%
High-School Grad
4.0 sq mi
ZIP Area
9,082
Density / Sq Mi
$76,206
Median Household Income
$40,214
Median Earnings
$1,225
Median Rent
$413,500
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-unit property with an immediately available lower residence and rear off-street parking.
Where is this duplex located?
The property is located at 3238 N Cambridge Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1 bath in each residence; Lower unit available for immediate occupancy; Refinished hardwood floors and fresh paint in the lower unit
