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 Market68
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
Listed By:
Benson Group* · License #3904890
(414) 881-0058
Source:
Nikolicgroup
Added: Aug 10
Changed: Sep 30
Last Checked: Oct 14 at 11:51PM
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
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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 / Yr
$15,593
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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
