Two-Parcel Duplex with Finished Lower
For Sale
$849,900
2206 BLUE STEM Lane, De Pere, WI 54115
Residential Income, DE PERE, WI
Property Size4,056 SF
Lot Size0.40 Acres
Price / SF$209.54
Days on Market40
Property Features for 2206 BLUE STEM Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
2 Family/Duplex,Other-Se
Parking
4
Elementary school
Altmayer
Middle school
Foxview Int.
High school
DePere East
Elementary school district
De Pere
Middle school district
De Pere
High school district
De Pere
Directions
Hwy PP south of De Pere to east on County X to south on Cottonwood to east on Stillwater to Trellis to Blue Stem.
Standard status
Active
APN
D-1991-1, D-1991
Size
4,056 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8764
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
granite countertops
hardwood flooring
maple cabinets
fireplace
sunroom
finished lower
bar area
Building Details
Year built
2017
Number of units
2
Building materials
Stone, Vinyl Siding
Listing Agency:
Shorewest, Realtors
(920) 593-4100
Listed By:
Rick P. Turriff · License #91936003
(920) 621-7041
Added: Jul 30
Changed: Sep 6
Last Checked: Sep 7 at 8:06PM
MLS# 50330225
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.
Built in 2017, this 4,056-square-foot duplex occupies 0.4 acres and is configured as two separately identified residences. The property carries 2 Family/Duplex, Other-Se zoning, with separate parcel numbers and tax IDs for each home. Construction includes stone and vinyl siding, forced-air heat, central air, public water, and public sewer.
The 2208 residence includes a finished lower level with a family room, fireplace, bar area, bedroom, and full bath. Its main living room also has a fireplace, while a south-facing sunroom adds another finished gathering space. The 2206 residence has an unfinished lower level with an egress window. Interior finishes include granite countertops, hardwood flooring, and maple cabinetry and trim throughout. The layout supports owner occupancy, rental use, or separate sale of the residences.
The 2208 residence includes a finished lower level with a family room, fireplace, bar area, bedroom, and full bath. Its main living room also has a fireplace, while a south-facing sunroom adds another finished gathering space. The 2206 residence has an unfinished lower level with an egress window. Interior finishes include granite countertops, hardwood flooring, and maple cabinetry and trim throughout. The layout supports owner occupancy, rental use, or separate sale of the residences.
Key Highlights
- 4,056 SF duplex built in 2017 on a 0.4‑acre site
- Separate parcel numbers and tax IDs for each residence
- Zoned 2 Family/Duplex, Other‑Se
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
$38,427
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
4.52%
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%
$768,540
$768.5K
Cap Rate 7%
$548,957
$549.0K
Cap Rate 9%
$426,967
$427.0K
Market Conditions
NOI Build-Up for 4,056 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
$56.9K $14.04/SF
− Vacancy
−$2.1K −$0.51/SF
EGI
$54.9K $13.53/SF
− OpEx
−$16.5K −$4.06/SF
NOI
$38.4K $9.47/SF
Area
Brown County, WI
Vacancy
3.60%
Lease Rate
$14.04 /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%
$768,540
Cap Rate 7%
$548,957
Cap Rate 9%
$426,967
Alternative Uses
Best Use
Multifamily LT 5
$549.0K
$480.3K – $640.5K
NOI $38,427 @ 7.0% cap · market cap 4.52%
Second Best
Apartment 5plus
$507.2K
$443.8K – $591.7K
NOI $35,501 @ 7.0% cap · market cap 4.18%
Theoretical Best
Warehouse
$3.39M
$2.97M – $3.96M
NOI $237,413 @ 7.0% cap · market cap 27.93%
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
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 54115, WI
48,710
Population
20,415
Households
2.4
Avg Household Size
37
Median Age
40%
College-Educated
96%
High-School Grad
124.0 sq mi
ZIP Area
393
Density / Sq Mi
$92,023
Median Household Income
$46,843
Median Earnings
$1,071
Median Rent
$307,800
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 - Each residence has its own parcel number and tax ID, supporting separate ownership or rental arrangements.
Where is this duplex located?
The property is located at 2206 BLUE STEM Lane De Pere, WI.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 4,056 SF duplex built in 2017 on a 0.4‑acre site; Separate parcel numbers and tax IDs for each residence; Zoned 2 Family/Duplex, Other‑Se
