Updated Duplex with
For Sale
$239,000
120 E PACIFIC Street, Appleton, WI 54911
Residential Income, APPLETON, WI
Property Size2,240 SF
Lot Size0.17 Acres
Price / SF$106.70
Days on Market46
Property Features for 120 E PACIFIC Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
2 Family/Duplex
Elementary school district
Appleton Area
Middle school district
Appleton Area
High school district
Appleton Area
Directions
From College Ave, N on Morrison St, W on Pacific St. Property on Right.
Standard status
Active
APN
312074600
Size
2,240 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3206
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1900
Number of units
2
Building materials
Shake Siding
Listing Agency:
Keller Williams Green Bay · Keller Williams Realty
(920) 632-7702
Listed By:
Curtis J. Stark · License #91937525
(920) 209-5887
Added: Jul 29
Changed: Sep 11
Last Checked: Sep 12 at 3:06AM
MLS# 50330070
Copyright © 2026 Realtor Association of Northeast Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,240-square-foot duplex, built in 1900, is arranged as upper and lower residences with separate access points connected by a shared vestibule. The main-level unit includes high ceilings, hardwood floors, a four-season room, and basement laundry. The upper residence features an open floor plan and its own laundry area, with a washer and dryer included. Recent improvements include new cabinets and countertops in the upper unit, fresh paint in both residences, and a roof installed in 2021 according to the previous seller.
The property also includes a garage that can provide storage for residents or ownership. Public water and public sewer serve the building, which has forced-air heating and shake siding. Its location places the duplex within walking distance of Downtown Appleton.
The property also includes a garage that can provide storage for residents or ownership. Public water and public sewer serve the building, which has forced-air heating and shake siding. Its location places the duplex within walking distance of Downtown Appleton.
Key Highlights
- 2,240‑square‑foot duplex with upper and lower residences
- Built in 1900 with forced‑air heating
- Separate access points for both units and a shared vestibule
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
$17,071
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
7.14%
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%
$341,420
$341.4K
Cap Rate 7%
$243,871
$243.9K
Cap Rate 9%
$189,678
$189.7K
Market Conditions
NOI Build-Up for 2,240 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
$25.5K $11.40/SF
− Vacancy
−$1.1K −$0.51/SF
EGI
$24.4K $10.89/SF
− OpEx
−$7.3K −$3.27/SF
NOI
$17.1K $7.62/SF
Area
Outagamie County, WI
Vacancy
4.50%
Lease Rate
$11.40 /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%
$341,420
Cap Rate 7%
$243,871
Cap Rate 9%
$189,678
Alternative Uses
Best Use
Multifamily LT 5
$243.9K
$213.4K – $284.5K
NOI $17,071 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$228.3K
$199.7K – $266.3K
NOI $15,979 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$617.6K
$540.4K – $720.5K
NOI $43,232 @ 7.0% cap · market cap 18.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,704
Businesses Nearby
Explore this area
Business Placement
Demographics for 54911, WI
26,964
Population
11,171
Households
2.4
Avg Household Size
37
Median Age
35%
College-Educated
94%
High-School Grad
8.4 sq mi
ZIP Area
3,210
Density / Sq Mi
$66,747
Median Household Income
$38,591
Median Earnings
$1,010
Median Rent
$199,100
Median Home Value
Check the figures for this property
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-level rental property with separate entrances, unit laundry, and a shared vestibule near downtown Appleton.
Where is this duplex located?
The property is located at 120 E PACIFIC Street Appleton, WI.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 2,240‑square‑foot duplex with upper and lower residences; Built in 1900 with forced‑air heating; Separate access points for both units and a shared vestibule
