Updated Triplex With New
For Sale
$339,900
620 W BURLEIGH Street, Milwaukee, WI 53212
Residential Income, MILWAUKEE, WI
Property Size2,842 SF
Lot Size0.83 Acres
Price / SF$119.60
Days on Market17
Property Features for 620 W BURLEIGH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family(3Units)
Elementary school district
Milwaukee
Middle school district
Milwaukee
High school district
Milwaukee
Directions
I-43 N to Exit 74B (North Ave), east on North Ave, south on N 7th St, then east on W Burleigh St to property.
Standard status
Active
APN
2831089000
Size
2,842 SF
Lot size
0.83 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9124
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1904
Number of units
3
Listing Agency:
Expert Real Estate Partners, LLC
(920) 903-1600
Listed By:
Diana Gamez
(920) 378-1916
Added: Sep 11
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 50332570
Copyright © 2026 Realtor Association of Northeast Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential property contains 2,842 square feet and was built in 1904. Recent improvements include new flooring, interior paint, wall updates, cabinetry, quartz countertops, interior doors, and refreshed bathrooms with walk-in showers. The property also has new water heaters and a new roof. Forced-air heating supports the building, while asphalt/other siding completes the exterior finish.
The 0.83-acre property is served by public water and public sewer and carries Multi-Family(3Units) zoning. Located in Milwaukee, the building offers a substantially updated configuration for continued residential income use.
The 0.83-acre property is served by public water and public sewer and carries Multi-Family(3Units) zoning. Located in Milwaukee, the building offers a substantially updated configuration for continued residential income use.
Key Highlights
- 2,842‑square‑foot triplex on a 0.83‑acre parcel
- Multi‑Family(3Units) zoning
- New roof and water heaters
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
$28,588
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
8.41%
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%
$571,760
$571.8K
Cap Rate 7%
$408,400
$408.4K
Cap Rate 9%
$317,644
$317.6K
Market Conditions
NOI Build-Up for 2,842 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
$42.6K $15.00/SF
− Vacancy
−$1.8K −$0.63/SF
EGI
$40.8K $14.37/SF
− OpEx
−$12.3K −$4.31/SF
NOI
$28.6K $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%
$571,760
Cap Rate 7%
$408,400
Cap Rate 9%
$317,644
Alternative Uses
Best Use
Multifamily LT 5
$408.4K
$357.4K – $476.5K
NOI $28,588 @ 7.0% cap · market cap 8.41%
Second Best
Apartment 5plus
$378.1K
$330.9K – $441.2K
NOI $26,470 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$683.0K
$597.6K – $796.8K
NOI $47,807 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
650
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with refreshed interiors, modernized bathrooms, and public water and sewer service.
Where is this triplex located?
The property is located at 620 W BURLEIGH Street Milwaukee, WI.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 2,842‑square‑foot triplex on a 0.83‑acre parcel; Multi‑Family(3Units) zoning; New roof and water heaters
