Duplex with Commercial
For Sale
$185,000
1903 E APPLE CREEK Road, Appleton, WI 54913
Residential Income, APPLETON, WI
Property Size1,340 SF
Lot Size0.47 Acres
Price / SF$138.06
Days on Market68
Property Features for 1903 E APPLE CREEK Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Elementary school district
Appleton Area
Middle school district
Appleton Area
High school district
Appleton Area
Directions
From N Ballard Rd, go east on E Apple Creek Rd. Continue to 1903 E Apple Creek Rd on the south side.
Standard status
Active
APN
10-1-0040-00 01
Size
1,340 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 2 CSM 6787
Tax Annual Amount
2564
Legal Description
LOT 2 CSM 6787
Utilities
Water source
Private
Building Details
Year built
1940
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Green Bay · Keller Williams Realty
(920) 632-7702
Listed By:
Breanna C. McGuire · License #9492531
(920) 609-3053
Added: Jun 16
Changed: Aug 21
Last Checked: Aug 22 at 9:06AM
MLS# 50327534
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 residential income property combines two dwelling units with a 1,605-square-foot commercial unit. Each residence provides one bedroom, one full bathroom, a kitchen, and a stove and refrigerator. The additional space can support business, storage, or workshop use, subject to applicable requirements. Separate utilities and parking serve the residential and commercial components.
Recent improvements include a new roof, vinyl siding, some replacement windows, and new electric heating. The property also has 200-amp electrical service. Built in 1940, it is located in Appleton, Wisconsin, on a 0.47-acre parcel with residential zoning and a private water source.
Recent improvements include a new roof, vinyl siding, some replacement windows, and new electric heating. The property also has 200-amp electrical service. Built in 1940, it is located in Appleton, Wisconsin, on a 0.47-acre parcel with residential zoning and a private water source.
Key Highlights
- Two residential units, each with 1 bedroom, 1 full bath, kitchen, stove, and refrigerator
- 1,605‑square‑foot commercial unit with business, storage, or workshop use potential
- Separate parking and utilities for the residential and commercial components
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
$13,568
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
7.33%
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%
$271,360
$271.4K
Cap Rate 7%
$193,829
$193.8K
Cap Rate 9%
$150,756
$150.8K
Market Conditions
NOI Build-Up for 1,340 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
$24.1K $18.00/SF
− Vacancy
−$2.4K −$1.80/SF
EGI
$21.7K $16.20/SF
− OpEx
−$8.1K −$6.07/SF
NOI
$13.6K $10.13/SF
Area
Outagamie County, WI
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$271,360
Cap Rate 7%
$193,829
Cap Rate 9%
$150,756
Alternative Uses
Best Use
Mixed Use
$193.8K
$169.6K – $226.1K
NOI $13,568 @ 7.0% cap · market cap 7.33%
Second Best
Multifamily LT 5
$145.9K
$127.7K – $170.2K
NOI $10,212 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$369.5K
$323.3K – $431.0K
NOI $25,862 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
45
Businesses Nearby
Explore this area
Business Placement
Demographics for 54913, WI
23,818
Population
9,930
Households
2.4
Avg Household Size
40
Median Age
47%
College-Educated
98%
High-School Grad
64.2 sq mi
ZIP Area
371
Density / Sq Mi
$103,149
Median Household Income
$57,739
Median Earnings
$1,158
Median Rent
$365,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units accompany a flexible commercial space with separate utilities and parking.
Where is this duplex located?
The property is located at 1903 E APPLE CREEK Road Appleton, WI.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two residential units, each with 1 bedroom, 1 full bath, kitchen, stove, and refrigerator; 1,605‑square‑foot commercial unit with business, storage, or workshop use potential; Separate parking and utilities for the residential and commercial components
