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    Multifamily Townhouse-Style Apartment Community Title is generated by Realmo AI

    1324-1368 S Main Street, Lake Mills, WI 53551

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    Claim this Listing
    New
    For Sale
    $7,500,000

    Duplex-side by side,2 story,Townhouse style units - Lake Mills, WI

    Lot size:
    2.56 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 4 at 4:06 am

    Property Features for 1324-1368 S Main Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R3-12
    Bedrooms
    23
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking
    4
    Parking features
    Garage
    Appliances
    Dishwasher, Dryer
    Standard status
    Active
    APN
    246-0713-2422-012
    Lot size
    2.56 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    105812

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    2023
    Number of units
    23
    Building materials
    Stone
    Architectural style
    Other

    We can help!

    Listing Contact
    Kyle Carrier
    Kyle Carrier

    Listing agent Kyle Carrier

    Listing office Best Realty of Edgerton 5 W Rollin St, Edgerton, WI

    Listing date Jun 2, 2026

    MLS# 2024764 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.

    HighLights

    • 23‑unit multifamily property made up of six buildings: five 4‑unit buildings and one 3‑unit building
    • Newer construction built in 2023 with stone construction materials
    • Conjoined duplex‑style residence design across the six buildings
    • Each unit offers an open‑concept floor plan and a spacious primary bedroom suite with walk‑in closet and walk‑in shower
    • Modern finishes include solid‑surface countertops and low‑maintenance luxury vinyl plank flooring
    • Units include appliances such as a dishwasher and dryer, with forced‑air heating and garage parking

    Overview

    This multifamily investment features six conjoined, duplex-style, two-story residential buildings totaling 23 units, consisting of five 4-unit buildings and one 3-unit building. Units are described as having open-concept floor plans and a primary bedroom suite with a walk-in closet and walk-in shower. Interiors include solid surface countertops and low-maintenance luxury vinyl plank flooring, along with quality finishes throughout. The offering notes that some photos have been edited for marketing purposes, and interested parties should review the associated documents for financial information and additional property details.

    The property is located less than 30 miles from Madison and under 60 miles from Milwaukee, supporting appeal to commuters and residents drawn to a small-town atmosphere. The site is adjacent to the Glacial Drumlin State Trail and is described as being near schools, parks, a golf course, and downtown area amenities.

    For investors and operators, the combination of townhouse-style configuration and consistent unit finish details may support a steady rental profile across the 23-unit mix. The setting and accessibility to regional employment centers can be an advantage for tenant demand, while the multi-building structure may offer operational flexibility. For specifics on income, expenses, and unit details, refer to the included offering documents.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Restaurant Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel Auto Parts Store Skin Care Clinic Kitchen & Bath Showroom Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Mills
    County
    Jefferson
    State
    Wisconsin
    Longitude
    -88.911509
    Latitude
    43.063762

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    FAQs

    What type of property is this?
    Apartment building - A 23-unit, two-story multifamily complex near Madison with townhouse-style layouts and strong commuter rental appeal.
    Where is this apartment building located?
    The property is located at 1324-1368 S Main Street Lake Mills, WI.
    What is the asking price?
    The asking price for this property is $7,500,000.
    What are key features of this property?
    This property features: 23‑unit multifamily property made up of six buildings: five 4‑unit buildings and one 3‑unit building; Newer construction built in 2023 with stone construction materials; Conjoined duplex‑style residence design across the six buildings
    (608) 449-3630
    We can help!
    Listing Contact
    Kyle Carrier
    Kyle Carrier
    Real Estate License ID: 58216-90
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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.

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    1324-1368 S Main Street, Lake Mills, WI 53551
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