Side-by-Side Duplex with
New
For Sale
$479,900
461 N Moreland Blvd, Waukesha, WI 53188
Well-maintained duplex with two independent residences, private outdoor areas, and convenient access to parks, dining, shopping, and transit.
Property Size2,005 SF
Price / SF$239.35
Days on Market4
Property Features for 461 N Moreland Blvd
General Information
Standard status
Active
Size
2,005 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,860
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Homestead Realty, Inc
Listed By:
Michelle Hintz · License #94055-94
(414) 364-6090
Source:
Exprealty
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 4 at 2:58PM
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 Homestead Realty, Inc
Investment Insights
Based on property information with market context.
Located at 461 N Moreland Blvd in Waukesha, this 2,005-square-foot duplex contains two side-by-side residences, each offering two bedrooms, one bathroom, an open-concept layout, and mostly hardwood flooring. Both units include a private basement, attached deep one-car garage, additional parking, private patio, and separate lawn area.
The property is positioned within walking distance of parks, restaurants, and shopping, with public transportation nearby. Unit 463 includes central air, a furnace, and a water heater, while residents pay all utilities except water and sewer. The two-unit configuration provides separate living spaces with features commonly associated with single-family residences.
The property is positioned within walking distance of parks, restaurants, and shopping, with public transportation nearby. Unit 463 includes central air, a furnace, and a water heater, while residents pay all utilities except water and sewer. The two-unit configuration provides separate living spaces with features commonly associated with single-family residences.
Key Highlights
- Two side‑by‑side units, each with 2 bedrooms and 1 bathroom
- 2,005‑square‑foot duplex at 461 N Moreland Blvd, Waukesha
- Private basement, attached deep one‑car garage, patio, and lawn for each unit
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
$23,000
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
4.79%
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%
$460,000
$460.0K
Cap Rate 7%
$328,571
$328.6K
Cap Rate 9%
$255,556
$255.6K
Market Conditions
NOI Build-Up for 2,005 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
$34.4K $17.16/SF
− Vacancy
−$1.5K −$0.77/SF
EGI
$32.9K $16.39/SF
− OpEx
−$9.9K −$4.92/SF
NOI
$23.0K $11.47/SF
Area
Waukesha County, WI
Vacancy
4.50%
Lease Rate
$17.16 /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%
$460,000
Cap Rate 7%
$328,571
Cap Rate 9%
$255,556
Alternative Uses
Best Use
Multifamily LT 5
$328.6K
$287.5K – $383.3K
NOI $23,000 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$304.3K
$266.2K – $355.0K
NOI $21,298 @ 7.0% cap · market cap 4.44%
Theoretical Best
Flex RnD
$1.02M
$895.4K – $1.19M
NOI $71,631 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
Explore this area
Business Placement
Demographics for 53188, WI
35,552
Population
14,703
Households
2.4
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
26.8 sq mi
ZIP Area
1,327
Density / Sq Mi
$88,656
Median Household Income
$51,930
Median Earnings
$1,235
Median Rent
$317,300
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 - Well-maintained duplex with two independent residences, private outdoor areas, and convenient access to parks, dining, shopping, and transit.
Where is this duplex located?
The property is located at 461 N Moreland Blvd Waukesha, WI.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Two side‑by‑side units, each with 2 bedrooms and 1 bathroom; 2,005‑square‑foot duplex at 461 N Moreland Blvd, Waukesha; Private basement, attached deep one‑car garage, patio, and lawn for each unit
