Brick Duplex With Detached
For Sale
$174,900
4645 W Fond Du Lac Ave, Milwaukee, WI 53216
Two residential units include separate gas and electric service, shared basement space, and individual mechanical systems.
Property Size1,624 SF
Price / SF$107.70
Days on Market14
Property Features for 4645 W Fond Du Lac Ave
General Information
Standard status
Active
Size
1,624 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1951
Buildings
1
Construction
brick
Listing Agency:
Midwest Executive Realty
(414) 395-8771
Listed By:
Sonya Mays · License #56555
Source:
Nikolicgroup
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 30 at 7:01PM
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 Midwest Executive Realty
Investment Insights
Based on property information with market context.
Built in 1951, this duplex contains two residential units, each with 2 bedrooms and 1 bathroom. Both apartments include a kitchen, living room, and hardwood floors. The solid brick exterior is complemented by a full shared basement with separate mechanical systems, a 2.5-car detached garage, and a 1-car paved parking slab. The property is being offered in its current condition and is fully rented.
The building sits along the Fond du Lac Avenue/Hwy 145 corridor in Milwaukee’s Grasslyn Manor neighborhood. Tenants handle their own gas and electric utilities, while water and sewer remain the owner’s responsibility. Snow removal and lawn maintenance are shared tenant responsibilities.
The building sits along the Fond du Lac Avenue/Hwy 145 corridor in Milwaukee’s Grasslyn Manor neighborhood. Tenants handle their own gas and electric utilities, while water and sewer remain the owner’s responsibility. Snow removal and lawn maintenance are shared tenant responsibilities.
Key Highlights
- Two‑unit building with 2 bedrooms and 1 bathroom in each unit
- Solid brick exterior with full shared basement and separate mechanical systems
- 2.5‑car detached garage plus 1‑car paved parking slab
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
$15,126
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
8.65%
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%
$302,520
$302.5K
Cap Rate 7%
$216,086
$216.1K
Cap Rate 9%
$168,067
$168.1K
Market Conditions
NOI Build-Up for 1,624 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
$28.6K $17.64/SF
− Vacancy
−$1.1K −$0.71/SF
EGI
$27.5K $16.93/SF
− OpEx
−$12.4K −$7.62/SF
NOI
$15.1K $9.31/SF
Area
Milwaukee, WI
Vacancy
4.00%
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%
$302,520
Cap Rate 7%
$216,086
Cap Rate 9%
$168,067
Alternative Uses
Best Use
Multifamily LT 5
$233.4K
$204.2K – $272.3K
NOI $16,336 @ 7.0% cap · market cap 9.34%
Second Best
Apartment 5plus
$216.1K
$189.1K – $252.1K
NOI $15,126 @ 7.0% cap · market cap 8.65%
Theoretical Best
Office A
$390.3K
$341.5K – $455.3K
NOI $27,318 @ 7.0% cap · market cap 15.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
679
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 - Two residential units include separate gas and electric service, shared basement space, and individual mechanical systems.
Where is this duplex located?
The property is located at 4645 W Fond Du Lac Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Two‑unit building with 2 bedrooms and 1 bathroom in each unit; Solid brick exterior with full shared basement and separate mechanical systems; 2.5‑car detached garage plus 1‑car paved parking slab
