Brick Duplex With Garage
For Sale
$455,000
4203 N 91st St, Milwaukee, WI 53222
Fully rented duplex with brick construction, basement storage, and recently replaced furnaces and water heaters.
Property Size4,110 SF
Days on Market42
Property Features for 4203 N 91st St
General Information
Standard status
Active
Size
4,110 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Occupancy
100%
Amenities
basement storage units
Building Details
Building Size
4,110 SF
Year Built
1957
Construction
brick
Listing Agency:
Frost Realty
(414) 350-6051
Listed By:
Jonathan Frost · License #58721-90
(414) 350-6051
Source:
Sewartgroup
Added: Jul 21
Changed: Aug 14
Last Checked: Aug 30 at 11:14PM
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 Frost Realty
Investment Insights
Based on property information with market context.
This 1957 duplex at 4203 N 91st St in Milwaukee features an all-brick exterior and two-bedroom, two-full-bath residential units. The property is fully rented and includes four garage spaces, two additional outdoor parking spaces, and basement storage. Major updates include furnaces and water heaters replaced in 2025, a roof replacement completed in 2016, and electrical improvements made in 2018.
The combination of garage capacity, supplemental outdoor parking, and dedicated storage adds practical functionality for the occupants. The property offers an established multifamily configuration with documented improvements to several core building systems.
The combination of garage capacity, supplemental outdoor parking, and dedicated storage adds practical functionality for the occupants. The property offers an established multifamily configuration with documented improvements to several core building systems.
Key Highlights
- Fully rented duplex at 4203 N 91st St, Milwaukee, WI 53222
- Two‑bedroom, two‑full‑bath multifamily configuration
- Four garage spaces plus 2 additional outside parking spaces
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
$41,342
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
9.09%
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%
$826,840
$826.8K
Cap Rate 7%
$590,600
$590.6K
Cap Rate 9%
$459,356
$459.4K
Market Conditions
NOI Build-Up for 4,110 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
$61.7K $15.00/SF
− Vacancy
−$2.6K −$0.63/SF
EGI
$59.1K $14.37/SF
− OpEx
−$17.7K −$4.31/SF
NOI
$41.3K $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%
$826,840
Cap Rate 7%
$590,600
Cap Rate 9%
$459,356
Alternative Uses
Best Use
Multifamily LT 5
$590.6K
$516.8K – $689.0K
NOI $41,342 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$546.9K
$478.5K – $638.0K
NOI $38,280 @ 7.0% cap · market cap 8.41%
Theoretical Best
Office A
$987.7K
$864.2K – $1.15M
NOI $69,137 @ 7.0% cap · market cap 15.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Explore this area
Business Placement
Demographics for 53222, WI
25,422
Population
11,765
Households
2.2
Avg Household Size
37
Median Age
44%
College-Educated
96%
High-School Grad
5.4 sq mi
ZIP Area
4,708
Density / Sq Mi
$73,523
Median Household Income
$48,029
Median Earnings
$1,026
Median Rent
$202,100
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 - Fully rented duplex with brick construction, basement storage, and recently replaced furnaces and water heaters.
Where is this duplex located?
The property is located at 4203 N 91st St Milwaukee, WI.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Fully rented duplex at 4203 N 91st St, Milwaukee, WI 53222; Two‑bedroom, two‑full‑bath multifamily configuration; Four garage spaces plus 2 additional outside parking spaces
