Bayview Triplex Investment
2962 S Delaware Ave Milwaukee, WI 53207
For Sale
Contact for pricing
Pending
Furnished triplex in Bayview operating as Airbnb, bookings through October.
Property Size3,455 SF
Days on Market717
Property Features for 2962 S Delaware Ave
General Information
- Standard status
- Pending
- Size
- 3,455 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1915
Listing Agency:
EXP Realty, LLC~Milw
(414) 459-1655
Listed By:
Lor Vang · License #WI 85560-94
Source:
Crexi
Added: Aug 7, 2024
Changed: Jul 6
Last Checked: Jul 22 at 4:05AM
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 EXP Realty, LLC~Milw
Investment Insights
Based on property information with market context.
This triplex in Bayview presents an investment opportunity. The property is currently operating as an Airbnb and will be sold fully furnished. Existing bookings are in place through October. The triplex features a 4-bedroom unit in the front, a 3-bedroom unit in the rear upper section, and a 1-bedroom unit in the rear lower section. Each unit includes one full bathroom and a private washer and dryer. Recent updates have been made to the property. The property includes a fully fenced backyard/patio and a 2.5-car garage for off-street parking. It is located blocks from the lakefront, South Shore Park, and other Bayview amenities. The property could continue operating as a short-term rental or be converted to long-term rentals. The property size is 3455 square feet.
Key Highlights
- Triplex in prime Bayview location, ideal for investors
- Currently operating as a successful Airbnb with bookings through October, ready for immediate takeover
- Sold fully furnished, simplifying the transition for the new owner
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $51.8k | $15.00 |
| − Vacancy | −$2.2k | −$0.63 |
| EGI | $49.6k | $14.37 |
| − OpEx | −$14.9k | −$4.31 |
| NOI | $34.8k | $10.06 |
3,455 SF · lease $15.00/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$496.5K
$434.4K – $579.2K
NOI $34,754 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$459.7K
$402.3K – $536.3K
NOI $32,180 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$830.3K
$726.5K – $968.7K
NOI $58,119 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Furnished triplex in Bayview operating as Airbnb, bookings through October.
Where is this triplex located?
The property is located at 2962 S Delaware Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $609,000.
What are key features of this property?
This property features: Triplex in prime Bayview location, ideal for investors; Currently operating as a successful Airbnb with bookings through October, ready for immediate takeover; Sold fully furnished, simplifying the transition for the new owner
