Two-Unit
For Sale
$174,000
6181 N 38th St, Milwaukee, WI 53221
Each residence includes two bedrooms, supporting owner-occupancy or separate rental use.
Property Size1,510 SF
Price / SF$115.23
Days on Market71
Property Features for 6181 N 38th St
General Information
Standard status
Active
Size
1,510 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,311
Listing Agency:
RE/MAX Lakeside-South
(414) 339-8809
Listed By:
Alejandro Soto Melgoza · License #9577994
(414) 339-8809
Source:
Exprealty
Added: Jun 8
Changed: Aug 17
Last Checked: Aug 17 at 5:20AM
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 RE/MAX Lakeside-South
Investment Insights
Based on property information with market context.
This duplex contains two residential units, with each unit offering two bedrooms. The configuration supports an owner-occupant who wants to live in one residence while renting the other, as well as buyers seeking a small multifamily property for rental use.
The upper unit is currently vacant, and a rent-assistance tenant placement is in progress. The seller is willing to either continue that process or cancel it based on the buyer’s decision. The property is located at 6181 N 38th St in Milwaukee, Wisconsin.
The upper unit is currently vacant, and a rent-assistance tenant placement is in progress. The seller is willing to either continue that process or cancel it based on the buyer’s decision. The property is located at 6181 N 38th St in Milwaukee, Wisconsin.
Key Highlights
- Two‑unit duplex configuration
- Each unit includes 2 bedrooms
- Upper unit is currently vacant
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
$14,364
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
8.26%
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%
$287,280
$287.3K
Cap Rate 7%
$205,200
$205.2K
Cap Rate 9%
$159,600
$159.6K
Market Conditions
NOI Build-Up for 1,510 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
$27.7K $18.36/SF
− Vacancy
−$1.6K −$1.06/SF
EGI
$26.1K $17.30/SF
− OpEx
−$11.8K −$7.78/SF
NOI
$14.4K $9.51/SF
Area
ZIP 53221
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%
$287,280
Cap Rate 7%
$205,200
Cap Rate 9%
$159,600
Alternative Uses
Best Use
Multifamily LT 5
$231.2K
$202.3K – $269.7K
NOI $16,182 @ 7.0% cap · market cap 9.30%
Second Best
Apartment 5plus
$205.2K
$179.6K – $239.4K
NOI $14,364 @ 7.0% cap · market cap 8.26%
Theoretical Best
Warehouse
$1.14M
$1.00M – $1.34M
NOI $80,121 @ 7.0% cap · market cap 46.05%
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
383
Businesses Nearby
Explore this area
Business Placement
Demographics for 53221, WI
39,560
Population
17,126
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
9.0 sq mi
ZIP Area
4,396
Density / Sq Mi
$61,640
Median Household Income
$41,430
Median Earnings
$1,071
Median Rent
$205,500
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 - Each residence includes two bedrooms, supporting owner-occupancy or separate rental use.
Where is this duplex located?
The property is located at 6181 N 38th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $174,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; Each unit includes 2 bedrooms; Upper unit is currently vacant
