Two-Family Duplex with Fenced
For Sale
$331,900
3623 E Morris Ave, Cudahy, WI 53110
Vacant two-unit property with a partially finished basement, garage, and off-street parking.
Property Size1,150 SF
Price / SF$288.61
Days on Market29
Property Features for 3623 E Morris Ave
General Information
Standard status
Active
Size
1,150 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Amenities
rec room
half bath
storage space
fenced yard
patio
Building Details
Year Built
1917
Buildings
1
Listing Agency:
Berkshire Hathaway Homeservices Metro Realty
(920) 893-3001
Listed By:
Avenue Real Estate
(920) 893-3001
Source:
Avenueret
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 29 at 8:51AM
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 Berkshire Hathaway Homeservices Metro Realty
Investment Insights
Based on property information with market context.
This two-family duplex at 3623 E Morris Ave features a three-bedroom lower residence and a two-bedroom upper residence. Both units are currently vacant, allowing for immediate occupancy or new leasing arrangements. The property also includes a partially finished basement with a recreation room, half bath, and storage area.
Exterior features include a fenced yard with patio space, a 2.5-car garage, and two additional parking spaces along the alley. Built in 1917, the property is situated near schools, Lake Michigan, parks, and trails in Cudahy, Wisconsin. The separate unit layout provides flexibility for an owner occupant or rental operation.
Exterior features include a fenced yard with patio space, a 2.5-car garage, and two additional parking spaces along the alley. Built in 1917, the property is situated near schools, Lake Michigan, parks, and trails in Cudahy, Wisconsin. The separate unit layout provides flexibility for an owner occupant or rental operation.
Key Highlights
- Two‑family layout with a 3‑bed lower unit and 2‑bed upper unit
- Both residences are currently vacant for immediate occupancy or leasing
- Partially finished basement includes rec room, half bath, and storage
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
$12,324
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
3.71%
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%
$246,480
$246.5K
Cap Rate 7%
$176,057
$176.1K
Cap Rate 9%
$136,933
$136.9K
Market Conditions
NOI Build-Up for 1,150 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
$18.6K $16.20/SF
− Vacancy
−$1.0K −$0.89/SF
EGI
$17.6K $15.31/SF
− OpEx
−$5.3K −$4.59/SF
NOI
$12.3K $10.72/SF
Area
Milwaukee County, WI
Vacancy
5.50%
Lease Rate
$16.20 /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%
$246,480
Cap Rate 7%
$176,057
Cap Rate 9%
$136,933
Alternative Uses
Best Use
Multifamily LT 5
$176.1K
$154.1K – $205.4K
NOI $12,324 @ 7.0% cap · market cap 3.71%
Second Best
Apartment 5plus
$157.3K
$137.6K – $183.5K
NOI $11,009 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$272.7K
$238.6K – $318.2K
NOI $19,089 @ 7.0% cap · market cap 5.75%
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
328
Businesses Nearby
Explore this area
Business Placement
Demographics for 53110, WI
18,204
Population
8,866
Households
2.1
Avg Household Size
41
Median Age
27%
College-Educated
93%
High-School Grad
4.8 sq mi
ZIP Area
3,793
Density / Sq Mi
$66,717
Median Household Income
$46,920
Median Earnings
$977
Median Rent
$201,000
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 - Vacant two-unit property with a partially finished basement, garage, and off-street parking.
Where is this duplex located?
The property is located at 3623 E Morris Ave Cudahy, WI.
What is the asking price?
The asking price for this property is $331,900.
What are key features of this property?
This property features: Two‑family layout with a 3‑bed lower unit and 2‑bed upper unit; Both residences are currently vacant for immediate occupancy or leasing; Partially finished basement includes rec room, half bath, and storage
