Historic Duplex with
New
For Sale
$429,000
524 Madison St, Waukesha, WI 53188
Two-unit residence combines period detailing, updated interiors, and flexible bonus space above the detached garage.
Property Size2,500 SF
Price / SF$171.60
Days on Market2
Property Features for 524 Madison St
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
wood floors
front porch
central air
remodeled bathroom
driveway
rear deck
garage
walk-up attic
Building Details
Year Built
1900
Buildings
1
Construction
Victorian
Listing Agency:
Greystone Asset, LLC
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Sep 11
Last Checked: Sep 12 at 7:12AM
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 Greystone Asset, LLC
Investment Insights
Based on property information with market context.
Built in 1900, this 2,500-square-foot duplex pairs Victorian-era character with practical updates. The property includes wood flooring, a covered front porch, downtown views, and an upper apartment with central air installed in 2019, a 2021 water heater, new paint, and a renovated bathroom.
Exterior work includes a 2020 driveway, rear deck and stairs, and refreshed exterior paint. A large garage provides additional parking, while its walk-up area offers adaptable space for a studio, office, or storage. An unfinished walk-up attic adds further utility. The property is situated in Waukesha’s Historic District near downtown shops, restaurants, and entertainment.
Exterior work includes a 2020 driveway, rear deck and stairs, and refreshed exterior paint. A large garage provides additional parking, while its walk-up area offers adaptable space for a studio, office, or storage. An unfinished walk-up attic adds further utility. The property is situated in Waukesha’s Historic District near downtown shops, restaurants, and entertainment.
Key Highlights
- 2,500‑square‑foot duplex constructed in 1900
- Upper unit central air installed in 2019
- Upper‑unit water heater replaced in 2021
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
$28,679
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
6.69%
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%
$573,580
$573.6K
Cap Rate 7%
$409,700
$409.7K
Cap Rate 9%
$318,656
$318.7K
Market Conditions
NOI Build-Up for 2,500 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
$42.9K $17.16/SF
− Vacancy
−$1.9K −$0.77/SF
EGI
$41.0K $16.39/SF
− OpEx
−$12.3K −$4.92/SF
NOI
$28.7K $11.47/SF
Area
Waukesha County, WI
Vacancy
4.50%
Lease Rate
$17.16 /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%
$573,580
Cap Rate 7%
$409,700
Cap Rate 9%
$318,656
Alternative Uses
Best Use
Multifamily LT 5
$409.7K
$358.5K – $478.0K
NOI $28,679 @ 7.0% cap · market cap 6.69%
Second Best
Apartment 5plus
$379.4K
$332.0K – $442.6K
NOI $26,556 @ 7.0% cap · market cap 6.19%
Theoretical Best
Flex RnD
$1.28M
$1.12M – $1.49M
NOI $89,315 @ 7.0% cap · market cap 20.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,933
Businesses Nearby
Explore this area
Business Placement
Demographics for 53188, WI
35,552
Population
14,703
Households
2.4
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
26.8 sq mi
ZIP Area
1,327
Density / Sq Mi
$88,656
Median Household Income
$51,930
Median Earnings
$1,235
Median Rent
$317,300
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residence combines period detailing, updated interiors, and flexible bonus space above the detached garage.
Where is this duplex located?
The property is located at 524 Madison St Waukesha, WI.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: 2,500‑square‑foot duplex constructed in 1900; Upper unit central air installed in 2019; Upper‑unit water heater replaced in 2021
