Brick Duplex with Private
For Sale
$489,000
3307 South Springfield Avenue Unit 3309, Milwaukee, WI 53207
Brick and Lannon-stone duplex with private yard, decorative fireplaces, built-ins, crown molding, and four parking spots.
Property Size2,250 SF
Price / SF$217.33
Days on Market100
Property Features for 3307 South Springfield Avenue Unit 3309
General Information
Standard status
Active
Size
2,250 SF
Total Parking Spaces
4
Property subtype
Two-Family / Two Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,901
Amenities
Full
Brick
2.0
1.0
5.0
2250.0
Building Details
Year Built
1928
Listing Agency:
Closing Time Realty, LLC
Listed By:
Pat McMahon · License #54371-90
(414) 640-7338
Source:
Compass
Added: May 31
Changed: Aug 8
Last Checked: Jul 20 at 11:52PM
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 Closing Time Realty, LLC
Investment Insights
Based on property information with market context.
This unique brick and Lannon-stone duplex features a maintenance-free exterior and a private yard. Inside, the lower unit includes natural woodwork and hardwood floors, along with charming decorative fireplaces, built-ins, and crown molding. The upper unit offers a walk-up attic and a custom cedar closet, and it also includes decorative fireplaces, built-ins, and crown molding.
The property provides a total of four parking spots, including two garage spaces and two slab spaces. It is tucked into one of Bay View’s most desirable pockets and is described as within strolling distance of coffee shops, restaurants, parks, and the lakefront.
A two-unit configuration is well-suited to owner occupancy or leasing, with finishes and layout details across both levels designed to add character throughout the home.
The property provides a total of four parking spots, including two garage spaces and two slab spaces. It is tucked into one of Bay View’s most desirable pockets and is described as within strolling distance of coffee shops, restaurants, parks, and the lakefront.
A two-unit configuration is well-suited to owner occupancy or leasing, with finishes and layout details across both levels designed to add character throughout the home.
Key Highlights
- Brick and Lannon‑stone duplex built in 1928 with 2 bedrooms and 1 full bath per unit
- Full basement plus 5 total rooms per unit, totaling an estimated 2,250 SF
- Each unit features decorative fireplaces, built‑ins, and crown molding
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
$22,633
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
4.63%
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%
$452,660
$452.7K
Cap Rate 7%
$323,329
$323.3K
Cap Rate 9%
$251,478
$251.5K
Market Conditions
NOI Build-Up for 2,250 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
$33.8K $15.00/SF
− Vacancy
−$1.4K −$0.63/SF
EGI
$32.3K $14.37/SF
− OpEx
−$9.7K −$4.31/SF
NOI
$22.6K $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%
$452,660
Cap Rate 7%
$323,329
Cap Rate 9%
$251,478
Alternative Uses
Best Use
Multifamily LT 5
$323.3K
$282.9K – $377.2K
NOI $22,633 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$299.4K
$262.0K – $349.3K
NOI $20,956 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$540.7K
$473.1K – $630.8K
NOI $37,849 @ 7.0% cap · market cap 7.74%
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
450
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 - Brick and Lannon-stone duplex with private yard, decorative fireplaces, built-ins, crown molding, and four parking spots.
Where is this duplex located?
The property is located at 3307 South Springfield Avenue Unit 3309 Milwaukee, WI.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Brick and Lannon‑stone duplex built in 1928 with 2 bedrooms and 1 full bath per unit; Full basement plus 5 total rooms per unit, totaling an estimated 2,250 SF; Each unit features decorative fireplaces, built‑ins, and crown molding
