Updated Triplex with Three-Car
For Sale
$249,999
6221 W Thurston Ct, Milwaukee, WI 53218
Three-unit property with a mixed unit layout, refreshed mechanical systems, and on-site garage space.
Property Size2,396 SF
Price / SF$104.34
Days on Market93
Property Features for 6221 W Thurston Ct
General Information
Standard status
Active
Size
2,396 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Building Details
Year Built
1931
Listing Agency:
Homestead Realty, Inc
Listed By:
Own it Real Estate Solutions Team* · License #6024890
(414) 667-7389
Source:
Nikolicgroup
Added: Jul 16
Changed: Oct 3
Last Checked: Oct 15 at 5:05AM
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 Homestead Realty, Inc
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Investment Insights
Based on property information with market context.
Built in 1931, this 2,396-square-foot triplex contains two 1-bedroom units on the upper level and a 2-bedroom unit below. The lower unit also includes a sunroom currently used as a third bedroom. Property improvements include new water heaters and newer boilers that have been tuned and serviced. A 3-car garage provides dedicated on-site parking and storage capacity.
The property is located at 6221 W Thurston Ct in Milwaukee, Wisconsin. All tenants have maintained one-year occupancies, and two of the three units participate in Section 8. The unit mix and existing mechanical updates provide a clear operating profile for a multifamily buyer.
The property is located at 6221 W Thurston Ct in Milwaukee, Wisconsin. All tenants have maintained one-year occupancies, and two of the three units participate in Section 8. The unit mix and existing mechanical updates provide a clear operating profile for a multifamily buyer.
Key Highlights
- 2,396 SF triplex built in 1931
- Two 1‑bedroom upper units and one 2‑bedroom lower unit
- Lower‑level sunroom currently used as a 3rd bedroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,792
Cap Rate
9.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,840
$455.8K
Cap Rate 7%
$325,600
$325.6K
Cap Rate 9%
$253,244
$253.2K
Market Conditions
NOI Build-Up for 2,396 SF
Gross rent
$44.0K $18.36/SF
− Vacancy
−$2.6K −$1.06/SF
EGI
$41.4K $17.30/SF
− OpEx
−$18.6K −$7.78/SF
NOI
$22.8K $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 Rate 5%
$455,840
Cap Rate 7%
$325,600
Cap Rate 9%
$253,244
Alternative Uses
Best Use
Multifamily LT 5
$362.9K
$317.6K – $423.4K
NOI $25,405 @ 7.0% cap · market cap 10.16%
Second Best
Apartment 5plus
$325.6K
$284.9K – $379.9K
NOI $22,792 @ 7.0% cap · market cap 9.12%
Theoretical Best
Warehouse
$1.82M
$1.59M – $2.12M
NOI $127,132 @ 7.0% cap · market cap 50.85%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
350
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with a mixed unit layout, refreshed mechanical systems, and on-site garage space.
Where is this triplex located?
The property is located at 6221 W Thurston Ct Milwaukee, WI.
What is the asking price?
The asking price for this property is $249,999.
What are key features of this property?
This property features: 2,396 SF triplex built in 1931; Two 1‑bedroom upper units and one 2‑bedroom lower unit; Lower‑level sunroom currently used as a 3rd bedroom
