Two-Unit
New
For Sale
$159,000
5009 N 46th St, Milwaukee, WI 53218
Main-level and upper-level residences provide a practical two-unit configuration in Milwaukee.
Property Size1,536 SF
Price / SF$103.52
Days on Market3
Property Features for 5009 N 46th St
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1953
Listing Agency:
Realty Executives Integrity~Brookfield
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Sep 4
Changed: Sep 5
Last Checked: Sep 5 at 7:36AM
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 Realty Executives Integrity~Brookfield
Investment Insights
Based on property information with market context.
Built in 1953, this duplex contains two separate residences arranged across the main and upper levels. Each unit includes two bedrooms and one bathroom, with living areas configured for residential occupancy.
The property is located in Milwaukee near schools, shopping, dining, parks, and major transportation routes. Its two-unit design supports a range of ownership approaches, including occupying one residence while leasing the other, subject to applicable requirements.
The property is located in Milwaukee near schools, shopping, dining, parks, and major transportation routes. Its two-unit design supports a range of ownership approaches, including occupying one residence while leasing the other, subject to applicable requirements.
Key Highlights
- Two‑unit duplex built in 1953
- Two‑bedroom, one‑bath main‑level unit
- Two‑bedroom, one‑bath upper‑level 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
$14,611
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
9.19%
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%
$292,220
$292.2K
Cap Rate 7%
$208,729
$208.7K
Cap Rate 9%
$162,344
$162.3K
Market Conditions
NOI Build-Up for 1,536 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
$28.2K $18.36/SF
− Vacancy
−$1.6K −$1.06/SF
EGI
$26.6K $17.30/SF
− OpEx
−$12.0K −$7.78/SF
NOI
$14.6K $9.51/SF
Area
ZIP 53218
Vacancy
5.80%
Lease Rate
$18.36 /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%
$292,220
Cap Rate 7%
$208,729
Cap Rate 9%
$162,344
Alternative Uses
Best Use
Multifamily LT 5
$232.7K
$203.6K – $271.4K
NOI $16,286 @ 7.0% cap · market cap 10.24%
Second Best
Apartment 5plus
$208.7K
$182.6K – $243.5K
NOI $14,611 @ 7.0% cap · market cap 9.19%
Theoretical Best
Warehouse
$1.16M
$1.02M – $1.36M
NOI $81,500 @ 7.0% cap · market cap 51.26%
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
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 53218, WI
38,488
Population
15,971
Households
2.4
Avg Household Size
31
Median Age
10%
College-Educated
83%
High-School Grad
5.9 sq mi
ZIP Area
6,523
Density / Sq Mi
$42,207
Median Household Income
$33,622
Median Earnings
$1,034
Median Rent
$122,200
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 - Main-level and upper-level residences provide a practical two-unit configuration in Milwaukee.
Where is this duplex located?
The property is located at 5009 N 46th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1953; Two‑bedroom, one‑bath main‑level unit; Two‑bedroom, one‑bath upper‑level unit
