Upper-Lower Duplex with
For Sale
Contact for pricing
4603 22ND AVE, Kenosha, WI 53140
Two-bedroom upper and lower residences include a detached garage and recent property updates.
Property Size2,002 SF
Price / SF$104.85
Days on Market18
Property Features for 4603 22ND AVE
General Information
Standard status
Active
Size
2,002 SF
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
RES
Occupancy
100%
Net Operating Income
$12,474
Additional Details
Gross Income
$23,580
Multifamily Units
2
Building Details
Year Built
1927
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
SNSHN Realty LLC
Listed By:
Anna Cihla · License #5965690
(608) 333-2827
Source:
Crexi
Added: Aug 20
Changed: Sep 1
Last Checked: Sep 3 at 8:26AM
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 SNSHN Realty LLC
Investment Insights
Based on property information with market context.
This 2,002-square-foot duplex, built in 1927, is arranged with one two-bedroom residence above another. The property includes a detached two-car garage, a replacement garage door completed in 2023, and one furnace installed in 2026.
Zoned RES, the property has tenants responsible for gas, electric, heat, and water. Its upper-and-lower configuration provides two separate residential living spaces within a single multifamily property.
Zoned RES, the property has tenants responsible for gas, electric, heat, and water. Its upper-and-lower configuration provides two separate residential living spaces within a single multifamily property.
Key Highlights
- Upper‑and‑lower duplex layout with two‑bedroom residences
- 2,002 square feet of building area
- Detached two‑car garage
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
$18,297
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
8.72%
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%
$365,940
$365.9K
Cap Rate 7%
$261,386
$261.4K
Cap Rate 9%
$203,300
$203.3K
Market Conditions
NOI Build-Up for 2,002 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
$35.3K $17.64/SF
− Vacancy
−$2.0K −$1.02/SF
EGI
$33.3K $16.62/SF
− OpEx
−$15.0K −$7.48/SF
NOI
$18.3K $9.14/SF
Area
Kenosha County, WI
Vacancy
5.80%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$365,940
Cap Rate 7%
$261,386
Cap Rate 9%
$203,300
Alternative Uses
Best Use
Multifamily LT 5
$282.3K
$247.0K – $329.3K
NOI $19,760 @ 7.0% cap · market cap 9.41%
Second Best
Apartment 5plus
$261.4K
$228.7K – $305.0K
NOI $18,297 @ 7.0% cap · market cap 8.72%
Theoretical Best
Warehouse
$2.33M
$2.04M – $2.72M
NOI $163,155 @ 7.0% cap · market cap 77.73%
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
447
Businesses Nearby
Explore this area
Business Placement
Demographics for 53140, WI
30,571
Population
14,065
Households
2.2
Avg Household Size
36
Median Age
28%
College-Educated
90%
High-School Grad
7.9 sq mi
ZIP Area
3,870
Density / Sq Mi
$56,803
Median Household Income
$34,154
Median Earnings
$1,018
Median Rent
$191,400
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-bedroom upper and lower residences include a detached garage and recent property updates.
Where is this duplex located?
The property is located at 4603 22ND AVE Kenosha, WI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Upper‑and‑lower duplex layout with two‑bedroom residences; 2,002 square feet of building area; Detached two‑car garage
