Two-Unit Duplex
For Sale
$225,000
Pending
6810 23rd Ave, Kenosha, WI 53143
Two-level income property with month-to-month occupancy and an additional garage rental arrangement.
Property Size1,350 SF
Days on Market200
Property Features for 6810 23rd Ave
General Information
Standard status
Pending
Size
1,350 SF
Property subtype
Residential Income
Additional Details
Gross Income
$27,600
Taxes and HOA fees
Annual Taxes
$2,905
Building Details
Tenancy
Multi
Listing Agency:
EXP Realty, LLC~MKE
(262) 945-2855
Listed By:
Julie Perez · License #89972-94
(262) 945-2855
Source:
Exprealty
Added: Feb 13
Changed: Aug 31
Last Checked: Aug 31 at 7:57PM
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 EXP Realty, LLC~MKE
Investment Insights
Based on property information with market context.
This duplex property contains an upper unit and a lower unit, with both residences currently leased on a month-to-month basis. The property also includes a garage, with one-half of the space rented under a long-term arrangement.
Located at 6810 23rd Ave in Kenosha, Wisconsin, the asset offers two residential units within a single property. Its existing occupancy structure includes separate upper and lower rental arrangements, along with supplemental use of part of the garage.
Located at 6810 23rd Ave in Kenosha, Wisconsin, the asset offers two residential units within a single property. Its existing occupancy structure includes separate upper and lower rental arrangements, along with supplemental use of part of the garage.
Key Highlights
- Two‑unit duplex configuration with upper and lower residences
- Upper and lower units are rented month‑to‑month
- One‑half of the garage is rented under a long‑term arrangement
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
$13,325
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
5.92%
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%
$266,500
$266.5K
Cap Rate 7%
$190,357
$190.4K
Cap Rate 9%
$148,056
$148.1K
Market Conditions
NOI Build-Up for 1,350 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
$20.3K $15.00/SF
− Vacancy
−$1.2K −$0.90/SF
EGI
$19.0K $14.10/SF
− OpEx
−$5.7K −$4.23/SF
NOI
$13.3K $9.87/SF
Area
Kenosha County, WI
Vacancy
6.00%
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%
$266,500
Cap Rate 7%
$190,357
Cap Rate 9%
$148,056
Alternative Uses
Best Use
Multifamily LT 5
$190.4K
$166.6K – $222.1K
NOI $13,325 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$176.3K
$154.2K – $205.6K
NOI $12,338 @ 7.0% cap · market cap 5.48%
Theoretical Best
Warehouse
$1.57M
$1.38M – $1.83M
NOI $110,020 @ 7.0% cap · market cap 48.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
Explore this area
Business Placement
Demographics for 53143, WI
22,702
Population
9,118
Households
2.5
Avg Household Size
36
Median Age
23%
College-Educated
87%
High-School Grad
4.1 sq mi
ZIP Area
5,537
Density / Sq Mi
$67,105
Median Household Income
$40,276
Median Earnings
$1,157
Median Rent
$186,600
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 - Two-level income property with month-to-month occupancy and an additional garage rental arrangement.
Where is this duplex located?
The property is located at 6810 23rd Ave Kenosha, WI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex configuration with upper and lower residences; Upper and lower units are rented month‑to‑month; One‑half of the garage is rented under a long‑term arrangement
