Updated Duplex with
For Sale
$369,999
3332 S Burrell St, Milwaukee, WI 53207
Two updated units include flexible lower-level space, private outdoor areas, and in-unit laundry.
Property Size2,014 SF
Price / SF$183.71
Days on Market19
Property Features for 3332 S Burrell St
General Information
Standard status
Active
Size
2,014 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Amenities
balcony
covered patio
finished basement
rec room
bar
fenced-in backyard
storage shed
garage
in-unit washer/dryer
Building Details
Year Built
1959
Listing Agency:
Shorewest Realtors, Inc.
Listed By:
Avenue Real Estate
(920) 893-3001
Source:
Avenueret
Added: Sep 9
Changed: Sep 26
Last Checked: Sep 26 at 7:21AM
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 Shorewest Realtors, Inc.
Investment Insights
Based on property information with market context.
Built in 1959, this duplex at 3332 S Burrell St includes two two-bedroom units, each with one full bathroom. Both units have been updated and include their own washer and dryer. The upper residence opens to a large walk-out balcony, while the lower unit has a covered patio.
Additional space is provided by a finished basement with a recreation room, bar, and half bath. The property also includes a fenced backyard, an oversized 13x12 storage shed, and a 2.5-car garage. Set on a quiet dead-end street near Bay View, the duplex offers access to parks, restaurants, shopping, and other area amenities.
Additional space is provided by a finished basement with a recreation room, bar, and half bath. The property also includes a fenced backyard, an oversized 13x12 storage shed, and a 2.5-car garage. Set on a quiet dead-end street near Bay View, the duplex offers access to parks, restaurants, shopping, and other area amenities.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bath in each unit
- Finished basement with recreation room, bar, and additional half bath
- Large walk‑out balcony serves the upper unit; covered patio serves 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
$20,259
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
5.48%
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%
$405,180
$405.2K
Cap Rate 7%
$289,414
$289.4K
Cap Rate 9%
$225,100
$225.1K
Market Conditions
NOI Build-Up for 2,014 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
$30.2K $15.00/SF
− Vacancy
−$1.3K −$0.63/SF
EGI
$28.9K $14.37/SF
− OpEx
−$8.7K −$4.31/SF
NOI
$20.3K $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%
$405,180
Cap Rate 7%
$289,414
Cap Rate 9%
$225,100
Alternative Uses
Best Use
Multifamily LT 5
$289.4K
$253.2K – $337.7K
NOI $20,259 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$268.0K
$234.5K – $312.6K
NOI $18,758 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$484.0K
$423.5K – $564.7K
NOI $33,879 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
430
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated units include flexible lower-level space, private outdoor areas, and in-unit laundry.
Where is this duplex located?
The property is located at 3332 S Burrell St Milwaukee, WI.
What is the asking price?
The asking price for this property is $369,999.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bath in each unit; Finished basement with recreation room, bar, and additional half bath; Large walk‑out balcony serves the upper unit; covered patio serves the lower unit
