Updated Duplex with Large
New
For Sale
$365,000
446 N 28th St, Milwaukee, WI 53208
Recent cosmetic improvements and an expansive yard support rental or owner-occupant use.
Property Size1,786 SF
Price / SF$204.37
Days on Market2
Property Features for 446 N 28th St
General Information
Standard status
Active
Size
1,786 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
freshly updated
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1877
Listing Agency:
Rethought Real Estate
Listed By:
Avenue Real Estate
(920) 893-3001
Source:
Avenueret
Added: Sep 1
Last Checked: Sep 1 at 10:04PM
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 Rethought Real Estate
Investment Insights
Based on property information with market context.
This duplex at 446 N 28th St in Milwaukee contains 1,786 square feet and was built in 1877. Recent cosmetic improvements provide refreshed interior presentation, while the generously sized lot includes an expansive yard with room for outdoor activities, gardening, or other future uses.
The property is located minutes from downtown and a nearby university, with shopping, dining, and public transportation accessible from the area. Its two-unit configuration supports either rental income or an owner-occupant arrangement.
The property is located minutes from downtown and a nearby university, with shopping, dining, and public transportation accessible from the area. Its two-unit configuration supports either rental income or an owner-occupant arrangement.
Key Highlights
- Duplex with 1,786 square feet of building area
- Recent cosmetic improvements throughout the property
- Generously sized lot with an expansive yard
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
$17,965
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
4.92%
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%
$359,300
$359.3K
Cap Rate 7%
$256,643
$256.6K
Cap Rate 9%
$199,611
$199.6K
Market Conditions
NOI Build-Up for 1,786 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
$26.8K $15.00/SF
− Vacancy
−$1.1K −$0.63/SF
EGI
$25.7K $14.37/SF
− OpEx
−$7.7K −$4.31/SF
NOI
$18.0K $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%
$359,300
Cap Rate 7%
$256,643
Cap Rate 9%
$199,611
Alternative Uses
Best Use
Multifamily LT 5
$256.6K
$224.6K – $299.4K
NOI $17,965 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$237.6K
$207.9K – $277.3K
NOI $16,635 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$429.2K
$375.5K – $500.7K
NOI $30,043 @ 7.0% cap · market cap 8.23%
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
836
Businesses Nearby
Explore this area
Business Placement
Demographics for 53208, WI
29,644
Population
13,778
Households
2.2
Avg Household Size
33
Median Age
31%
College-Educated
89%
High-School Grad
4.2 sq mi
ZIP Area
7,058
Density / Sq Mi
$50,585
Median Household Income
$40,729
Median Earnings
$924
Median Rent
$196,300
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 - Recent cosmetic improvements and an expansive yard support rental or owner-occupant use.
Where is this duplex located?
The property is located at 446 N 28th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Duplex with 1,786 square feet of building area; Recent cosmetic improvements throughout the property; Generously sized lot with an expansive yard
