Updated Two-Unit
For Sale
$199,999
915 W National Ave, Milwaukee, WI 53204
An upper-level balcony complements updated interiors, storage, and off-street parking.
Property Size1,640 SF
Price / SF$121.95
Days on Market10
Property Features for 915 W National Ave
General Information
Standard status
Active
Size
1,640 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
off-street parking
private balcony
Building Details
Year Built
1880
Listing Agency:
First Weber Inc -NPW
(262) 307-1440
Listed By:
Rachel Greer · License #43546
Source:
Housesthatshine
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 31 at 1:13PM
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 First Weber Inc -NPW
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,640 square feet and was built in 1880. Each residence offers two bedrooms and one bathroom, with updated interiors, modern fixtures, and storage. The lower unit includes a generous living area connected to the kitchen, while the upper unit adds a private balcony. Off-street parking is also provided.
The property is in Walker's Point in Milwaukee, with downtown Milwaukee, dining, shopping, and major highways located minutes away. Its unit configuration and established residential setting provide a straightforward multifamily layout for ownership or occupancy considerations.
The property is in Walker's Point in Milwaukee, with downtown Milwaukee, dining, shopping, and major highways located minutes away. Its unit configuration and established residential setting provide a straightforward multifamily layout for ownership or occupancy considerations.
Key Highlights
- Two‑unit duplex with 1,640 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Upper unit features a private balcony
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
$16,497
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
8.25%
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%
$329,940
$329.9K
Cap Rate 7%
$235,671
$235.7K
Cap Rate 9%
$183,300
$183.3K
Market Conditions
NOI Build-Up for 1,640 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
$24.6K $15.00/SF
− Vacancy
−$1.0K −$0.63/SF
EGI
$23.6K $14.37/SF
− OpEx
−$7.1K −$4.31/SF
NOI
$16.5K $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%
$329,940
Cap Rate 7%
$235,671
Cap Rate 9%
$183,300
Alternative Uses
Best Use
Multifamily LT 5
$235.7K
$206.2K – $275.0K
NOI $16,497 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$218.2K
$190.9K – $254.6K
NOI $15,275 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$394.1K
$344.8K – $459.8K
NOI $27,587 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,878
Businesses Nearby
Explore this area
Business Placement
Demographics for 53204, WI
39,728
Population
14,979
Households
2.7
Avg Household Size
29
Median Age
15%
College-Educated
65%
High-School Grad
3.2 sq mi
ZIP Area
12,415
Density / Sq Mi
$43,645
Median Household Income
$30,906
Median Earnings
$964
Median Rent
$106,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - An upper-level balcony complements updated interiors, storage, and off-street parking.
Where is this duplex located?
The property is located at 915 W National Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $199,999.
What are key features of this property?
This property features: Two‑unit duplex with 1,640 square feet; Each unit includes 2 bedrooms and 1 bathroom; Upper unit features a private balcony
