Historic Duplex with
For Sale
$428,900
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$171.56
Days on Market49
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:
Coldwell Banker Homesale Realty - Wauwatosa
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Sep 11
Changed: Oct 28
Last Checked: Oct 28 at 7:44AM
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 Coldwell Banker Homesale Realty - Wauwatosa
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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 / Yr
$28,679
Cap Rate
6.69%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,933
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
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 $428,900.
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
