Fully Rented Duplex
For Sale
$407,000
804 John Street, Waukesha, WI 53188
Duplex offers two spacious units with 3 bedrooms and 1 full bathroom each, fully rented.
Property Size2,250 SF
Price / SF$180.89
Days on Market181
Property Features for 804 John Street
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Multi-Family / Multi-Family
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
2
Amenities
Full, Yes
Aluminum Siding
Building Details
Year Built
1964
Tenancy
Multi
Listing Agency:
Keller Williams Realty-Milwaukee Southwest
Listed By:
Connected Real Estate Team* · License #98652-94
(262) 297-8843
Source:
Compass
Added: Mar 9
Changed: Aug 8
Last Checked: Jul 21 at 6:52AM
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 Keller Williams Realty-Milwaukee Southwest
Investment Insights
Based on property information with market context.
This fully rented duplex includes two units with functional layouts and generous living space. Each unit features 3 bedrooms and 1 full bathroom, creating a consistent configuration across the property.
The property is located in an established Waukesha neighborhood with convenient access to shopping, restaurants, parks, and major commuting routes.
For investors, the existing tenancy supports immediate income while providing a straightforward duplex ownership structure.
The property is located in an established Waukesha neighborhood with convenient access to shopping, restaurants, parks, and major commuting routes.
For investors, the existing tenancy supports immediate income while providing a straightforward duplex ownership structure.
Key Highlights
- Fully rented duplex with two units
- Each unit features 3 bedrooms and 1 full bathroom
- Each unit offers upper and lower living space with functional layouts
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
$25,811
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
6.34%
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%
$516,220
$516.2K
Cap Rate 7%
$368,729
$368.7K
Cap Rate 9%
$286,789
$286.8K
Market Conditions
NOI Build-Up for 2,250 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
$38.6K $17.16/SF
− Vacancy
−$1.7K −$0.77/SF
EGI
$36.9K $16.39/SF
− OpEx
−$11.1K −$4.92/SF
NOI
$25.8K $11.47/SF
Area
Waukesha County, WI
Vacancy
4.50%
Lease Rate
$17.16 /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%
$516,220
Cap Rate 7%
$368,729
Cap Rate 9%
$286,789
Alternative Uses
Best Use
Multifamily LT 5
$368.7K
$322.6K – $430.2K
NOI $25,811 @ 7.0% cap · market cap 6.34%
Second Best
Apartment 5plus
$341.4K
$298.8K – $398.3K
NOI $23,900 @ 7.0% cap · market cap 5.87%
Theoretical Best
Flex RnD
$1.15M
$1.00M – $1.34M
NOI $80,383 @ 7.0% cap · market cap 19.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,438
Businesses Nearby
Explore this area
Business Placement
Demographics for 53188, WI
35,552
Population
14,703
Households
2.4
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
26.8 sq mi
ZIP Area
1,327
Density / Sq Mi
$88,656
Median Household Income
$51,930
Median Earnings
$1,235
Median Rent
$317,300
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 - Duplex offers two spacious units with 3 bedrooms and 1 full bathroom each, fully rented.
Where is this duplex located?
The property is located at 804 John Street Waukesha, WI.
What is the asking price?
The asking price for this property is $407,000.
What are key features of this property?
This property features: Fully rented duplex with two units; Each unit features 3 bedrooms and 1 full bathroom; Each unit offers upper and lower living space with functional layouts
