Upper-Lower Duplex with Separate
For Sale
$189,900
406 N BRIDGE Street, Manawa, WI 54949
MULTI_FAMILY - MANAWA, WI
Property Size1,864 SF
Lot Size0.50 Acres
Price / SF$101.88
Days on Market50
Property Features for 406 N BRIDGE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Parking
4
Elementary school district
Manawa
Middle school district
Manawa
High school district
Manawa
Directions
Hwy 22/110 to North Bridge street. Property on the corner of Bridge and Riverview
Standard status
Active
APN
31 15 22 12
Size
1,864 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2919
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1920
Number of units
2
Building materials
Brick, Vinyl Siding
Listing Agency:
EXP Realty LLC
(866) 848-6990
Listed By:
Ben Westein · License #94115082
(920) 393-0697
Added: Jun 24
Changed: Aug 11
Last Checked: Aug 12 at 12:06AM
MLS# 50328052
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 fully rehabbed upper/lower duplex offers two separate 2BR/1BA units on a double lot. Each unit has been updated and is tenant-occupied, with fully separate utilities. Construction materials include brick and vinyl siding, and the property is served by public water and public sewer. Heating is forced air. The duplex was built in 1920 and includes a half basement/half crawlspace configuration; the fieldstone basement portion takes on water during heavy storms.
The duplex has two detached garages on-site. The electrical panels were updated in 2018, the roof was updated in 2019, furnaces were updated in 2019 and 2021, and water heaters were replaced. The upper unit includes all-new vinyl windows and a W/D hookup. The property currently has no gutters, though adding them could reduce water intrusion.
Unit leasing provides near-term visibility: the lower unit is leased through 8/2027 and the upper unit is leased through 5/2027. Hwy 22 is expected to be refinished within 2 years.
The duplex has two detached garages on-site. The electrical panels were updated in 2018, the roof was updated in 2019, furnaces were updated in 2019 and 2021, and water heaters were replaced. The upper unit includes all-new vinyl windows and a W/D hookup. The property currently has no gutters, though adding them could reduce water intrusion.
Unit leasing provides near-term visibility: the lower unit is leased through 8/2027 and the upper unit is leased through 5/2027. Hwy 22 is expected to be refinished within 2 years.
Key Highlights
- Two tenant‑occupied 2BR/1BA units with fully separate utilities
- Double lot with two detached garages
- Roof updated in 2019; furnaces updated in 2019 and 2021; water heaters replaced
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
$12,444
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
6.55%
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%
$248,880
$248.9K
Cap Rate 7%
$177,771
$177.8K
Cap Rate 9%
$138,267
$138.3K
Market Conditions
NOI Build-Up for 1,864 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
$19.0K $10.20/SF
− Vacancy
−$1.2K −$0.66/SF
EGI
$17.8K $9.54/SF
− OpEx
−$5.3K −$2.86/SF
NOI
$12.4K $6.68/SF
Area
Waupaca County, WI
Vacancy
6.50%
Lease Rate
$10.20 /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%
$248,880
Cap Rate 7%
$177,771
Cap Rate 9%
$138,267
Alternative Uses
Best Use
Multifamily LT 5
$177.8K
$155.6K – $207.4K
NOI $12,444 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$166.1K
$145.3K – $193.8K
NOI $11,626 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$349.1K
$305.5K – $407.3K
NOI $24,440 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Explore this area
Business Placement
Demographics for 54949, WI
3,554
Population
1,764
Households
2
Avg Household Size
43
Median Age
13%
College-Educated
94%
High-School Grad
65.6 sq mi
ZIP Area
54
Density / Sq Mi
$84,286
Median Household Income
$43,391
Median Earnings
$835
Median Rent
$192,200
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 - Fully rehabbed duplex on a double lot in Manawa with separate utilities, two detached garages, and two tenant-occupied units.
Where is this duplex located?
The property is located at 406 N BRIDGE Street Manawa, WI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two tenant‑occupied 2BR/1BA units with fully separate utilities; Double lot with two detached garages; Roof updated in 2019; furnaces updated in 2019 and 2021; water heaters replaced
