Character Duplex with 3-Car
For Sale
$525,000
3932 N Maryland Ave, Shorewood, WI 53211
Built in 1918, the property retains hardwood floors, detailed millwork, and leaded-glass built-ins.
Property Size2,775 SF
Price / SF$189.19
Days on Market35
Property Features for 3932 N Maryland Ave
General Information
Standard status
Active
Size
2,775 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1918
Listing Agency:
Keller Williams Milwaukee North Shore
Listed By:
William Lauer Group* · License #86953-94
(414) 962-3605
Source:
Nikolicgroup
Added: Aug 1
Changed: Sep 4
Last Checked: Sep 4 at 8:24AM
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 Keller Williams Milwaukee North Shore
Investment Insights
Based on property information with market context.
This Shorewood duplex, built in 1918, combines a two-unit layout with original architectural details. Interior features include hardwood flooring, substantial millwork, leaded-glass built-ins, hardwood-paneled walls, and many replacement windows. A walk-up attic provides additional storage and potential for future finished space, including two additional bedrooms. The property also includes a three-car garage reached by alley access.
The duplex is located at 3932 N Maryland Ave Unit 3934 near restaurants, Lake Michigan, Oakland Ave shopping, Atwater Elementary, UWM, churches, the Shorewood library, Atwater Park, and the beach.
The duplex is located at 3932 N Maryland Ave Unit 3934 near restaurants, Lake Michigan, Oakland Ave shopping, Atwater Elementary, UWM, churches, the Shorewood library, Atwater Park, and the beach.
Key Highlights
- Two‑unit duplex constructed in 1918
- Original hardwood floors, millwork, paneled walls, and leaded‑glass built‑ins
- Many replacement windows throughout the property
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
$29,738
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
5.66%
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%
$594,760
$594.8K
Cap Rate 7%
$424,829
$424.8K
Cap Rate 9%
$330,422
$330.4K
Market Conditions
NOI Build-Up for 2,775 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
$45.0K $16.20/SF
− Vacancy
−$2.5K −$0.89/SF
EGI
$42.5K $15.31/SF
− OpEx
−$12.7K −$4.59/SF
NOI
$29.7K $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%
$594,760
Cap Rate 7%
$424,829
Cap Rate 9%
$330,422
Alternative Uses
Best Use
Multifamily LT 5
$424.8K
$371.7K – $495.6K
NOI $29,738 @ 7.0% cap · market cap 5.66%
Second Best
Apartment 5plus
$379.5K
$332.1K – $442.8K
NOI $26,565 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$658.1K
$575.8K – $767.7K
NOI $46,064 @ 7.0% cap · market cap 8.77%
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
854
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Built in 1918, the property retains hardwood floors, detailed millwork, and leaded-glass built-ins.
Where is this duplex located?
The property is located at 3932 N Maryland Ave Shorewood, WI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two‑unit duplex constructed in 1918; Original hardwood floors, millwork, paneled walls, and leaded‑glass built‑ins; Many replacement windows throughout the property
