Duplex with Original
For Sale
$324,900
347 Prospect Ave, Pewaukee, WI 53072
Two-bedroom units provide a vacant lower residence and an occupied upper unit with a long-term tenant.
Property Size2,050 SF
Price / SF$158.49
Days on Market21
Property Features for 347 Prospect Ave
General Information
Standard status
Active
Size
2,050 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,880
Listing Agency:
RE/MAX Forward
(262) 613-2548
Listed By:
The Hupke Team* · License #5786190
(262) 613-2548
Source:
Exprealty
Added: Jul 31
Changed: Aug 18
Last Checked: Aug 19 at 1:20PM
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 RE/MAX Forward
Investment Insights
Based on property information with market context.
Located at 347 Prospect Ave in Pewaukee, this duplex contains 2,050 SF with two residential units. Each unit includes 2 bedrooms and 1 full bath, while original woodwork, built-ins, and other period character distinguish the interiors. A covered front porch adds outdoor space, and the upper residence has seasonal lake views.
The property sits steps from Pewaukee Lake and Downtown Pewaukee, placing both destinations within walking distance. The lower unit is vacant, while the upper unit is occupied by a long-term tenant, creating a two-unit configuration with different occupancy conditions. The home has remained with the same family for 4 generations.
The property sits steps from Pewaukee Lake and Downtown Pewaukee, placing both destinations within walking distance. The lower unit is vacant, while the upper unit is occupied by a long-term tenant, creating a two-unit configuration with different occupancy conditions. The home has remained with the same family for 4 generations.
Key Highlights
- 2,050 SF duplex at 347 Prospect Ave, Pewaukee, WI
- Each unit includes 2 bedrooms and 1 full bath
- Vacant lower unit; upper unit occupied by a long‑term tenant
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
$23,516
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
7.24%
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%
$470,320
$470.3K
Cap Rate 7%
$335,943
$335.9K
Cap Rate 9%
$261,289
$261.3K
Market Conditions
NOI Build-Up for 2,050 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
$35.2K $17.16/SF
− Vacancy
−$1.6K −$0.77/SF
EGI
$33.6K $16.39/SF
− OpEx
−$10.1K −$4.92/SF
NOI
$23.5K $11.47/SF
Area
Waukesha County, WI
Vacancy
4.50%
Lease Rate
$17.16 /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%
$470,320
Cap Rate 7%
$335,943
Cap Rate 9%
$261,289
Alternative Uses
Best Use
Multifamily LT 5
$335.9K
$294.0K – $391.9K
NOI $23,516 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$311.1K
$272.2K – $362.9K
NOI $21,776 @ 7.0% cap · market cap 6.70%
Theoretical Best
Flex RnD
$1.05M
$915.5K – $1.22M
NOI $73,238 @ 7.0% cap · market cap 22.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Explore this area
Business Placement
Demographics for 53072, WI
26,687
Population
12,594
Households
2.1
Avg Household Size
45
Median Age
53%
College-Educated
98%
High-School Grad
29.8 sq mi
ZIP Area
896
Density / Sq Mi
$97,434
Median Household Income
$61,762
Median Earnings
$1,352
Median Rent
$424,300
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-bedroom units provide a vacant lower residence and an occupied upper unit with a long-term tenant.
Where is this duplex located?
The property is located at 347 Prospect Ave Pewaukee, WI.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 2,050 SF duplex at 347 Prospect Ave, Pewaukee, WI; Each unit includes 2 bedrooms and 1 full bath; Vacant lower unit; upper unit occupied by a long‑term tenant
