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    1010 Mills Street Black Earth, WI 53515

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    For Sale
    $569,900

    Apartment building,2 story - Black Earth, WI

    Lot size:
    0.13 Acres
    Added:
    Apr 18, 2026
    Days on Market:
    1
    Last Refresh:
    Apr 18 at 6:06 pm

    Property Features for 1010 Mills Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    B1-Comm
    Bedrooms
    5
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking
    4
    Appliances
    Dishwasher
    Standard status
    Active
    APN
    0806-264-2702-1
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6080

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1912
    Floors in Building
    2
    Number of units
    6
    Architectural style
    Other

    We can help!

    Listing Contact
    Shawn Stampfli
    Shawn Stampfli

    Listing agent Shawn Stampfli

    Listing office Keller Williams Realty 555 Zor Shrine Pl Ste 100, Madison, WI

    Listing date Apr 18, 2026

    MLS# 2020834 Listing URL

    Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Black Earth Investment Opportunity

    This six-unit apartment building presents an opportunity for investment. The building includes the following units: Unit 1 (1303 Webb St 2nd floor) features 2 bedrooms and 1 bathroom, with a new furnace installed in 2019. Unit 2 (1305 Webb St 2nd floor) has 2 bedrooms and 1 bathroom. Unit 3 (1010 Mills St. 1st floor) offers 1 bedroom and 1 bathroom, with a new furnace planned for 2025. Unit 4 (1301 Webb St. 1st floor) includes 1 bedroom and 1 bathroom. Unit 5 (1307 Webb St 1st floor) provides 1 bedroom and 1 bathroom. Unit 6 (1311 Webb St. Efficiency, 1st floor) is an efficiency unit. The building has undergone some updates, including two newer furnaces, some newer windows, and updated flooring and doors in some units. Each unit has its own thermostat for heating and cooling. The landlord is responsible for the heat in Units 4 and 6, as well as the water bill for all units. The property is zoned B1-Comm and is situated on a 0.13-acre lot in Black Earth, WI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Hair Salon Building Supply Pharmacy Auto Repair Shop Accounting Firm Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Black Earth
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.748142
    Latitude
    43.139538

    Nearby Similar for Sale

    • $569,900

      Black Earth Apartment Building Investment

      Six-unit apartment building in Black Earth, Wisconsin.
      1010 Mills Street, Black Earth, WI 53515
      View Details
    • $585,000
      3,600 SF

      Six-Unit Apartment Building For Sale

      Investment opportunity: six-unit apartment building with long-term tenants.
      1010 Mills Street, Black Earth, WI 53515
      View Details
    • $585,000

      Six-Unit Apartment Building Investment

      Six-unit apartment building with long-term tenants, investment opportunity.
      1010 Mills St, BLACK EARTH, WI, 53515-9418
      View Details

    FAQs

    What type of property is this?
    Apartment building - Six-unit apartment building in Black Earth, Wisconsin.
    Where is this apartment building located?
    The property is located at 1010 Mills Street Black Earth, WI.
    What is the asking price?
    The asking price for this property is $569,900.
    What are key features of this property?
    This property features: 6‑unit apartment building: Ideal for investment portfolio or expansion.; Multiple units with 1‑2 bedrooms and 1 bathroom.; Two newer furnaces (2019 and 2025).
    (608) 235-0928
    We can help!
    Listing Contact
    Shawn Stampfli
    Shawn Stampfli
    Real Estate License ID: 6067690
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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