Duplex with Former Attic
For Sale
$259,900
611 E Chambers St, Milwaukee, WI 53212
Three-bedroom and two-bedroom units include walk-in pantries, abundant cabinetry, and natural light.
Property Size2,319 SF
Price / SF$112.07
Days on Market29
Property Features for 611 E Chambers St
General Information
Standard status
Active
Size
2,319 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Building Details
Year Built
1912
Listing Agency:
Realty Experts
(414) 899-8146
Listed By:
Richard Barnes
Source:
Levelupwi
Added: Aug 3
Changed: Aug 30
Last Checked: Aug 30 at 4:09PM
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 Experts
Investment Insights
Based on property information with market context.
Built in 1912, this 2,319-square-foot duplex contains a three-bedroom upper residence and a two-bedroom lower residence. Both units feature walk-in pantries, substantial kitchen cabinetry, and natural light. The property also includes an attic that was formerly configured as an apartment, along with a clean, dry block basement.
Exterior updates include a 3 yr old roof, some new windows, and newer gutters. Three electric meters serve the property. A rear parking slab that could accommodate 2-3 cars is acceptable to the city. Located at 611 E Chambers St in Milwaukee, the property is in the River West area and may support owner occupancy or future repositioning, subject to applicable approvals and property conditions.
Exterior updates include a 3 yr old roof, some new windows, and newer gutters. Three electric meters serve the property. A rear parking slab that could accommodate 2-3 cars is acceptable to the city. Located at 611 E Chambers St in Milwaukee, the property is in the River West area and may support owner occupancy or future repositioning, subject to applicable approvals and property conditions.
Key Highlights
- Three‑bedroom upper unit and two‑bedroom lower unit
- Attic was formerly configured as an apartment
- 2,319 square feet on a 0.08‑acre lot
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
$23,327
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
8.98%
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%
$466,540
$466.5K
Cap Rate 7%
$333,243
$333.2K
Cap Rate 9%
$259,189
$259.2K
Market Conditions
NOI Build-Up for 2,319 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
$34.8K $15.00/SF
− Vacancy
−$1.5K −$0.63/SF
EGI
$33.3K $14.37/SF
− OpEx
−$10.0K −$4.31/SF
NOI
$23.3K $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%
$466,540
Cap Rate 7%
$333,243
Cap Rate 9%
$259,189
Alternative Uses
Best Use
Multifamily LT 5
$333.2K
$291.6K – $388.8K
NOI $23,327 @ 7.0% cap · market cap 8.98%
Second Best
Apartment 5plus
$308.6K
$270.0K – $360.0K
NOI $21,599 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$557.3K
$487.6K – $650.2K
NOI $39,009 @ 7.0% cap · market cap 15.01%
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
739
Businesses Nearby
Explore this area
Business Placement
Demographics for 53212, WI
28,702
Population
15,749
Households
1.8
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
7,000
Density / Sq Mi
$42,679
Median Household Income
$36,578
Median Earnings
$1,038
Median Rent
$204,300
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 - Three-bedroom and two-bedroom units include walk-in pantries, abundant cabinetry, and natural light.
Where is this duplex located?
The property is located at 611 E Chambers St Milwaukee, WI.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Three‑bedroom upper unit and two‑bedroom lower unit; Attic was formerly configured as an apartment; 2,319 square feet on a 0.08‑acre lot
