Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1010 Mills St Black Earth, WI 53515

    Sponsored
    For Sale
    $585,000

    Apartment building,2 story - Black Earth, WI

    Lot size:
    0.13 Acres
    Days on Market:
    6
    Last Refresh:
    Feb 3 at 4:06 am

    Property Features for 1010 Mills St

    General Information

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

    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

    Premier Realty Team, LLC (608) 212-3126

    Listing agent Shawn Stampfli (608) 831-0800

    Listing date Jan 29, 2026

    MLS# 1997592 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.

    Learn more

    Property Insight Report

    Overview

    Black Earth Apartment Building Investment

    This two-story apartment building presents an opportunity for investment. The property features six units, some of which are occupied by long-standing tenants. Unit 1, located at 1303 Webb St on the second floor, includes 2 bedrooms and 1 bathroom, and has a furnace that was replaced in 2019. Unit 2, situated at 1305 Webb St on the second floor, also offers 2 bedrooms and 1 bathroom. Unit 3, located at 1010 Mills St on the first floor, contains 1 bedroom and 1 bathroom, and is scheduled to receive a new furnace in 2025. Unit 4, at 1301 Webb St on the first floor, features 1 bedroom and 1 bathroom. Unit 5, located at 1307 Webb St on the first floor, also includes 1 bedroom and 1 bathroom. Unit 6, at 1311 Webb St on the first floor, is an efficiency unit. Updates to the building include two newer furnaces, some newer windows, and updated flooring and doors in some units. Each unit is equipped with its own thermostat for individual heating and cooling control. 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.
    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

    • $585,000

      Black Earth Apartment Building For Sale

      Six-unit apartment building with long-term tenants in Black Earth, WI.
      1010 Mills St, 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
      View Details
    • $1,800,000
      6,010 SF

      37-Acre Farm with Income Potential

      Stunning 37-acre farm in Berry, WI, with entrepreneurial potential.
      9321 Turkey Rd, Black Earth, WI 53515
      View Details

    FAQs

    What type of property is this?
    Apartment building - Six-unit apartment building with updates and long-term tenants.
    Where is this apartment building located?
    The property is located at 1010 Mills St Black Earth, WI.
    What is the asking price?
    The asking price for this property is $585,000.
    What are key features of this property?
    This property features: - Opportunity to start or expand an investment portfolio with a 6-unit apartment building.; - Multiple units (Units 1 & 2) offer **2 bedrooms and 1 bathroom**.; - Two newer furnaces (one new in 2019 and one new in 2025).
    (608) 235-0928
    Request Owner's contact information
    1010 Mills St Black Earth, WI 53515
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1010 Mills St
    Black Earth, WI 53515
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1010 Mills St Black Earth, WI 53515
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Shawn Stampfli
    Shawn Stampfli
    Real Estate License ID: 96381-94
    (608) 235-0928
    Learn more
    Google sign-in failed. Please try again or use another login method.