Updated Brick Duplex with
For Sale
$349,900
3229 S 56th St, Milwaukee, WI 53219
The property combines refreshed interior finishes with a fenced yard, private balcony, and basement workshop.
Property Size1,555 SF
Price / SF$225.02
Days on Market20
Property Features for 3229 S 56th St
General Information
Standard status
Active
Size
1,555 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Amenities
deck
private balcony
workshop
storage
fenced-in backyard
Building Details
Year Built
1956
Buildings
1
Construction
brick
Listing Agency:
RE/MAX Lakeside-Central
(414) 881-0058
Listed By:
Benson Group* · License #3904890
Source:
Nikolicgroup
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 25 at 5:15AM
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 RE/MAX Lakeside-Central
Investment Insights
Based on property information with market context.
This 1956 brick duplex includes a two-bedroom main-level residence with an updated eat-in kitchen featuring soft-close cabinetry, granite counters, stainless steel appliances, and patio access. The living room has LVP flooring, while the upper residence offers hardwood floors in its living room and bedroom, an efficient kitchen, and a private balcony. Both bathrooms include tiled surfaces and tubs.
Outdoor features include a large deck overlooking the fenced backyard and a side driveway. The clean basement adds a workshop and substantial storage space, while the roof was replaced in 2025. The property is at 3229 S 56th Street in Milwaukee, on a quiet dead-end street near Lyons Park. Its layout also supports use as a single-family residence, as noted in the property information.
Outdoor features include a large deck overlooking the fenced backyard and a side driveway. The clean basement adds a workshop and substantial storage space, while the roof was replaced in 2025. The property is at 3229 S 56th Street in Milwaukee, on a quiet dead-end street near Lyons Park. Its layout also supports use as a single-family residence, as noted in the property information.
Key Highlights
- Brick duplex built in 1956 with a roof replaced in 2025
- Main‑level residence includes 2 bedrooms and an updated eat‑in kitchen
- Kitchen features soft‑close cabinetry, granite countertops, and stainless steel appliances
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
$15,593
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
4.46%
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%
$311,860
$311.9K
Cap Rate 7%
$222,757
$222.8K
Cap Rate 9%
$173,256
$173.3K
Market Conditions
NOI Build-Up for 1,555 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
$23.3K $15.00/SF
− Vacancy
−$1.0K −$0.68/SF
EGI
$22.3K $14.33/SF
− OpEx
−$6.7K −$4.30/SF
NOI
$15.6K $10.03/SF
Area
ZIP 53219
Vacancy
4.50%
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%
$311,860
Cap Rate 7%
$222,757
Cap Rate 9%
$173,256
Alternative Uses
Best Use
Multifamily LT 5
$222.8K
$194.9K – $259.9K
NOI $15,593 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$199.4K
$174.5K – $232.7K
NOI $13,961 @ 7.0% cap · market cap 3.99%
Theoretical Best
Office A
$373.7K
$327.0K – $436.0K
NOI $26,158 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
341
Businesses Nearby
Explore this area
Business Placement
Demographics for 53219, WI
34,925
Population
15,661
Households
2.2
Avg Household Size
38
Median Age
26%
College-Educated
90%
High-School Grad
5.0 sq mi
ZIP Area
6,985
Density / Sq Mi
$70,998
Median Household Income
$43,223
Median Earnings
$971
Median Rent
$190,300
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 - The property combines refreshed interior finishes with a fenced yard, private balcony, and basement workshop.
Where is this duplex located?
The property is located at 3229 S 56th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Brick duplex built in 1956 with a roof replaced in 2025; Main‑level residence includes 2 bedrooms and an updated eat‑in kitchen; Kitchen features soft‑close cabinetry, granite countertops, and stainless steel appliances
