Updated Quadplex with Newer
For Sale
$299,900
409 3rd St, Algoma, WI 54201
Inland-Multi-Family, Two, Algoma, WI
Property Size2,800 SF
Lot Size0.21 Acres
Price / SF$107.11
Days on Market135
Property Features for 409 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C-1
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3
Elementary school district
Algoma
Middle school district
Algoma
High school district
Algoma
Subdivision
23-Algoma
Standard status
Active
Size
2,800 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
3739
Utilities
Heating system
Heat Pump (Heating), Space Heater, Forced Air
Building Details
Year built
1900
Number of units
4
Architectural style
Other
Listing Agency:
ERA Starr Realty · ERA Real Estate
(920) 743-4321
Listed By:
Heidi Neubauer · License #91834125
(920) 493-6289
Added: Apr 22
Changed: Aug 19
Last Checked: Sep 3 at 2:06AM
MLS# 147102
Copyright © 2026 Door County MLS. 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 four-unit property contains 2,800 square feet on a 0.21-acre parcel and was built in 1900. Three of the four units were updated within the last 5 years, and the property received fresh paint last year. The roof is 2 years old. Heating systems include heat pumps, space heaters, and forced-air equipment.
Located at 409 3rd St in Algoma, Wisconsin, the property carries C-1 zoning. The four-unit configuration, recent improvements, and newer roof provide a clear physical profile for multifamily ownership. The recorded rooms include seven bedrooms and four bathrooms.
Located at 409 3rd St in Algoma, Wisconsin, the property carries C-1 zoning. The four-unit configuration, recent improvements, and newer roof provide a clear physical profile for multifamily ownership. The recorded rooms include seven bedrooms and four bathrooms.
Key Highlights
- Four‑unit property with 2,800 square feet on 0.21 acres
- Three of 4 units updated in the last 5 years
- Roof is 2 years old
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
$24,449
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
8.15%
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%
$488,980
$489.0K
Cap Rate 7%
$349,271
$349.3K
Cap Rate 9%
$271,656
$271.7K
Market Conditions
NOI Build-Up for 2,800 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
$37.0K $13.20/SF
− Vacancy
−$2.0K −$0.73/SF
EGI
$34.9K $12.47/SF
− OpEx
−$10.5K −$3.74/SF
NOI
$24.4K $8.73/SF
Area
Kewaunee County, WI
Vacancy
5.50%
Lease Rate
$13.20 /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%
$488,980
Cap Rate 7%
$349,271
Cap Rate 9%
$271,656
Alternative Uses
Best Use
Multifamily LT 5
$349.3K
$305.6K – $407.5K
NOI $24,449 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$325.4K
$284.7K – $379.6K
NOI $22,775 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$652.8K
$571.2K – $761.6K
NOI $45,696 @ 7.0% cap · market cap 15.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Explore this area
Business Placement
Demographics for 54201, WI
5,281
Population
2,603
Households
2
Avg Household Size
48
Median Age
19%
College-Educated
92%
High-School Grad
75.5 sq mi
ZIP Area
70
Density / Sq Mi
$65,772
Median Household Income
$39,787
Median Earnings
$823
Median Rent
$174,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with C-1 zoning, recent unit improvements, and a combination of heating systems.
Where is this quadplex located?
The property is located at 409 3rd St Algoma, WI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Four‑unit property with 2,800 square feet on 0.21 acres; Three of 4 units updated in the last 5 years; Roof is 2 years old
