Historic Duplex with
For Sale
$1,149,000
4143 N Downer Ave Unit 4145, Shorewood, WI 53211
Two residences combine preserved architectural details with renovated kitchens, updated baths, and flexible upper-level space.
Property Size4,483 SF
Price / SF$256.30
Days on Market9
Property Features for 4143 N Downer Ave Unit 4145
General Information
Standard status
Active
Size
4,483 SF
Elevators
Yes
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
deck
Building Details
Year Built
1921
Listing Agency:
Keller Williams Milwaukee North Shore
(414) 962-3605
Listed By:
Nancy Meeks · License #41526-94
Source:
Jwregwi
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 12:13PM
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.
Built in 1921, this 4,483-square-foot duplex at 4143 N Downer Ave in Shorewood features two residences arranged across the lower, first, second, and third floors. Original interior elements include coved ceilings, arched openings, hardwood flooring, hand-painted plaster, and leaded-glass windows. An elevator serves the lower level and the first and second floors, alongside a circular staircase.
The first-floor residence includes three bedrooms and two full bathrooms, with a renovated kitchen. The upper residence offers three bedrooms, two bathrooms, an updated kitchen, an updated primary bathroom, and a deck, plus an additional third-floor area with three bedrooms and two bathrooms. The property is associated with Milwaukee architect Thomas Van Alyea.
The first-floor residence includes three bedrooms and two full bathrooms, with a renovated kitchen. The upper residence offers three bedrooms, two bathrooms, an updated kitchen, an updated primary bathroom, and a deck, plus an additional third-floor area with three bedrooms and two bathrooms. The property is associated with Milwaukee architect Thomas Van Alyea.
Key Highlights
- 4,483‑square‑foot duplex built in 1921
- Original coved ceilings, arched doorways, hardwood floors, plasterwork, and leaded‑glass windows
- First‑floor residence with 3 bedrooms, 2 full bathrooms, and a renovated kitchen
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
$48,041
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
4.18%
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%
$960,820
$960.8K
Cap Rate 7%
$686,300
$686.3K
Cap Rate 9%
$533,789
$533.8K
Market Conditions
NOI Build-Up for 4,483 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
$72.6K $16.20/SF
− Vacancy
−$4.0K −$0.89/SF
EGI
$68.6K $15.31/SF
− OpEx
−$20.6K −$4.59/SF
NOI
$48.0K $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%
$960,820
Cap Rate 7%
$686,300
Cap Rate 9%
$533,789
Alternative Uses
Best Use
Multifamily LT 5
$686.3K
$600.5K – $800.7K
NOI $48,041 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$613.1K
$536.4K – $715.3K
NOI $42,915 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$1.06M
$930.2K – $1.24M
NOI $74,416 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
749
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences combine preserved architectural details with renovated kitchens, updated baths, and flexible upper-level space.
Where is this duplex located?
The property is located at 4143 N Downer Ave Unit 4145 Shorewood, WI.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: 4,483‑square‑foot duplex built in 1921; Original coved ceilings, arched doorways, hardwood floors, plasterwork, and leaded‑glass windows; First‑floor residence with 3 bedrooms, 2 full bathrooms, and a renovated kitchen
