Duplex with Separate
For Sale
$229,900
2516 N 56th St, Milwaukee, WI 53210
Two flats offer distinct utilities, laundry areas, and side-driveway parking for 4 + vehicles.
Property Size2,230 SF
Price / SF$103.09
Days on Market25
Property Features for 2516 N 56th St
General Information
Standard status
Active
Size
2,230 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Amenities
separate gas forced air furnaces
separate circuit breakers
separate newer water heaters
separate laundries
stove
refrigerator
wash machine and dryer
Building Details
Year Built
1956
Buildings
1
Listing Agency:
Jarvis Realty, Inc
(414) 453-5000
Listed By:
Elwyn Jarvis
Source:
Nikolicgroup
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 30 at 8:08PM
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 Jarvis Realty, Inc
Investment Insights
Based on property information with market context.
This 2,230-square-foot duplex, built in 1956, includes a three-bedroom lower flat and a two-bedroom upper flat. Each unit has its own gas forced-air furnace, circuit breakers, water heater, and laundry area. The lower unit includes a stove, refrigerator, washing machine, and dryer.
A side driveway provides parking for 4 + vehicles. The property is located at 2516 N 56th St in Milwaukee, Wisconsin, with the lower unit available for easier viewing and 24 hours’ notice requested for the upper unit.
A side driveway provides parking for 4 + vehicles. The property is located at 2516 N 56th St in Milwaukee, Wisconsin, with the lower unit available for easier viewing and 24 hours’ notice requested for the upper unit.
Key Highlights
- 2,230 SF duplex built in 1956
- Three‑bedroom lower flat and two‑bedroom upper flat
- Separate gas forced‑air furnaces and circuit breakers
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
$20,770
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
9.03%
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%
$415,400
$415.4K
Cap Rate 7%
$296,714
$296.7K
Cap Rate 9%
$230,778
$230.8K
Market Conditions
NOI Build-Up for 2,230 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
$39.3K $17.64/SF
− Vacancy
−$1.6K −$0.71/SF
EGI
$37.8K $16.93/SF
− OpEx
−$17.0K −$7.62/SF
NOI
$20.8K $9.31/SF
Area
Milwaukee, WI
Vacancy
4.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$415,400
Cap Rate 7%
$296,714
Cap Rate 9%
$230,778
Alternative Uses
Best Use
Multifamily LT 5
$320.5K
$280.4K – $373.9K
NOI $22,432 @ 7.0% cap · market cap 9.76%
Second Best
Apartment 5plus
$296.7K
$259.6K – $346.2K
NOI $20,770 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$535.9K
$468.9K – $625.2K
NOI $37,512 @ 7.0% cap · market cap 16.32%
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
942
Businesses Nearby
Explore this area
Business Placement
Demographics for 53210, WI
25,588
Population
11,005
Households
2.3
Avg Household Size
32
Median Age
23%
College-Educated
87%
High-School Grad
2.6 sq mi
ZIP Area
9,842
Density / Sq Mi
$45,268
Median Household Income
$35,797
Median Earnings
$1,044
Median Rent
$153,400
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 flats offer distinct utilities, laundry areas, and side-driveway parking for 4 + vehicles.
Where is this duplex located?
The property is located at 2516 N 56th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: 2,230 SF duplex built in 1956; Three‑bedroom lower flat and two‑bedroom upper flat; Separate gas forced‑air furnaces and circuit breakers
