Duplex with Oversized
For Sale
$395,000
410-412 Jones Avenue, Fort Atkinson, WI 53538
Multi Family, Fort Atkinson, WI
Property Size3,192 SF
Lot Size0.72 Acres
Price / SF$123.75
Days on Market21
Property Features for 410-412 Jones Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 4
Parking features
Garage
Appliances
2
Elementary school
Luther
Middle school
Fort Atkinson
High school
Fort Atkinson
Elementary school district
Fort Atkinson
Middle school district
Fort Atkinson
High school district
Fort Atkinson
Directions
Main St to West on Milwaukee Ave to Left on Walton St to Right on Jones Ave to sign.
Subdivision
FORT ATKINSON - C
Standard status
Active
APN
22605140442018
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6074
Utilities
Heating system
Radiant
Amenities
fireplace
in-unit laundry
dishwashers
ductless A/C
Building Details
Year built
1868
Floors in Building
2
Number of units
2
Listing Agency:
EXP Realty, LLC
(608) 838-1377
Listed By:
Ferraro Real Estate Team
(608) 838-1377
Added: Aug 4
Changed: Aug 20
Last Checked: Aug 24 at 2:06PM
MLS# 2029651
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.
Investment Insights
Based on property information with market context.
Built in 1868, this two-story duplex contains approximately 3,192 square feet across two residences on a 0.72-acre city lot. The lower unit is vacant and includes two bedrooms, 1.5 bathrooms, approximately 1,708 square feet, a fireplace, in-unit laundry, and access to the full basement. The upper residence provides two bedrooms, one bathroom, approximately 1,484 square feet, and is currently rented.
Property improvements include a newer roof, ductless A/C, dishwashers, separate gas and electric meters, and separate laundry facilities. The building has a wood exterior and is served by municipal water and sewer. An oversized 3-car garage provides substantial on-site vehicle and storage capacity. Zoning is RES.
Property improvements include a newer roof, ductless A/C, dishwashers, separate gas and electric meters, and separate laundry facilities. The building has a wood exterior and is served by municipal water and sewer. An oversized 3-car garage provides substantial on-site vehicle and storage capacity. Zoning is RES.
Key Highlights
- Two‑story duplex with approximately 3,192 square feet across two units
- 0.72‑acre city lot with an oversized 3‑car garage
- Lower unit: 2 bedrooms, 1.5 bathrooms, approximately 1,708 square feet
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
$33,844
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
8.57%
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%
$676,880
$676.9K
Cap Rate 7%
$483,486
$483.5K
Cap Rate 9%
$376,044
$376.0K
Market Conditions
NOI Build-Up for 3,192 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
$51.7K $16.20/SF
− Vacancy
−$3.4K −$1.05/SF
EGI
$48.3K $15.15/SF
− OpEx
−$14.5K −$4.54/SF
NOI
$33.8K $10.60/SF
Area
Jefferson County, WI
Vacancy
6.50%
Lease Rate
$16.20 /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%
$676,880
Cap Rate 7%
$483,486
Cap Rate 9%
$376,044
Alternative Uses
Best Use
Multifamily LT 5
$483.5K
$423.1K – $564.1K
NOI $33,844 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$428.0K
$374.5K – $499.3K
NOI $29,958 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$749.2K
$655.6K – $874.1K
NOI $52,446 @ 7.0% cap · market cap 13.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Explore this area
Business Placement
Demographics for 53538, WI
18,643
Population
8,444
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
92%
High-School Grad
97.1 sq mi
ZIP Area
192
Density / Sq Mi
$80,784
Median Household Income
$44,995
Median Earnings
$967
Median Rent
$228,200
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 - Two-unit residential property with separate utilities, individual laundry, and a vacant lower residence.
Where is this duplex located?
The property is located at 410-412 Jones Avenue Fort Atkinson, WI.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Two‑story duplex with approximately 3,192 square feet across two units; 0.72‑acre city lot with an oversized 3‑car garage; Lower unit: 2 bedrooms, 1.5 bathrooms, approximately 1,708 square feet
