Duplex with
For Sale
$169,900
4223 N 51st Blvd #4225, Milwaukee, WI 53216
Income property featuring a two-car garage and established long-term tenancy.
Property Size1,447 SF
Days on Market66
Property Features for 4223 N 51st Blvd #4225
General Information
Standard status
Active
Size
1,447 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
Forced Air
Natural Gas
Building Details
Building Size
1,447 SF
Year Built
1950
Listing Agency:
Jason Scott Realty & Management
(414) 467-8665
Listed By:
(414) 467-8665 ext. 103
(414) 467-8665
Source:
Kw
Added: Jun 26
Changed: Aug 29
Last Checked: Aug 29 at 9:31PM
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 Jason Scott Realty & Management
Investment Insights
Based on property information with market context.
This 2/1 duplex was built in 1950 and includes a two-car garage. The property is in good rental condition and is occupied by long-term tenants. Interior systems include forced-air heating and natural gas service.
Located at 4223 N 51st Blvd in Milwaukee, the property offers a residential income configuration with an established tenancy profile.
Located at 4223 N 51st Blvd in Milwaukee, the property offers a residential income configuration with an established tenancy profile.
Key Highlights
- 2/1 duplex configuration
- Two‑car garage included
- Built in 1950
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
$14,555
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
8.57%
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%
$291,100
$291.1K
Cap Rate 7%
$207,929
$207.9K
Cap Rate 9%
$161,722
$161.7K
Market Conditions
NOI Build-Up for 1,447 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
$21.7K $15.00/SF
− Vacancy
−$912 −$0.63/SF
EGI
$20.8K $14.37/SF
− OpEx
−$6.2K −$4.31/SF
NOI
$14.6K $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%
$291,100
Cap Rate 7%
$207,929
Cap Rate 9%
$161,722
Alternative Uses
Best Use
Multifamily LT 5
$207.9K
$181.9K – $242.6K
NOI $14,555 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$192.5K
$168.5K – $224.6K
NOI $13,477 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$347.7K
$304.3K – $405.7K
NOI $24,341 @ 7.0% cap · market cap 14.33%
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
750
Businesses Nearby
Explore this area
Business Placement
Demographics for 53216, WI
30,109
Population
13,556
Households
2.2
Avg Household Size
36
Median Age
18%
College-Educated
85%
High-School Grad
4.6 sq mi
ZIP Area
6,545
Density / Sq Mi
$43,466
Median Household Income
$34,823
Median Earnings
$970
Median Rent
$122,800
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 - Income property featuring a two-car garage and established long-term tenancy.
Where is this duplex located?
The property is located at 4223 N 51st Blvd #4225 Milwaukee, WI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 2/1 duplex configuration; Two‑car garage included; Built in 1950
