Two-Unit Duplex
For Sale
$230,000
Pending
603 W FULTON Street, Waupaca, WI 54981
Residential Income, WAUPACA, WI
Property Size2,730 SF
Lot Size0.36 Acres
Days on Market19
Property Features for 603 W FULTON Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
2 Family/Duplex
Parking
2
Elementary school district
Waupaca
Middle school district
Waupaca
High school district
Waupaca
Directions
From Hwy 10, head East on Fulton St. Property will be on the right, on the corner of Fulton and Morton Streets.
Standard status
Pending
APN
34 19 78125
Size
2,730 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2638
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1900
Number of units
2
Building materials
Shake Siding
Listing Agency:
RE/MAX Lyons Real Estate · RE/MAX International
(715) 258-9565
Listed By:
Benjamin J. Lyons · License #91937923
(715) 258-9565
Added: Aug 6
Changed: Aug 21
Last Checked: Aug 24 at 5:06PM
MLS# 50330653
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 2,730-square-foot duplex was built in 1900 and contains two separate residences. The main-level unit offers three bedrooms and one bathroom, while the upper-level unit includes two bedrooms and one bathroom. Shake siding, forced-air heating, public water, and public sewer serve the property. The building is designated for 2 Family/Duplex use and occupies a 0.36-acre lot.
The property is located at 603 W Fulton Street in Waupaca, Wisconsin, near restaurants, shopping, and everyday amenities. Its two-unit configuration supports use as an owner-occupied residence with a second unit or as a two-unit rental property, consistent with the stated property classification and zoning.
The property is located at 603 W Fulton Street in Waupaca, Wisconsin, near restaurants, shopping, and everyday amenities. Its two-unit configuration supports use as an owner-occupied residence with a second unit or as a two-unit rental property, consistent with the stated property classification and zoning.
Key Highlights
- Two‑unit duplex with 2,730 square feet of building area
- Main‑level unit includes 3 bedrooms and 1 bathroom
- Upper‑level unit includes 2 bedrooms and 1 bathroom
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
$18,225
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
7.92%
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%
$364,500
$364.5K
Cap Rate 7%
$260,357
$260.4K
Cap Rate 9%
$202,500
$202.5K
Market Conditions
NOI Build-Up for 2,730 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
$27.8K $10.20/SF
− Vacancy
−$1.8K −$0.66/SF
EGI
$26.0K $9.54/SF
− OpEx
−$7.8K −$2.86/SF
NOI
$18.2K $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%
$364,500
Cap Rate 7%
$260,357
Cap Rate 9%
$202,500
Alternative Uses
Best Use
Multifamily LT 5
$260.4K
$227.8K – $303.8K
NOI $18,225 @ 7.0% cap · market cap 7.92%
Second Best
Apartment 5plus
$243.2K
$212.8K – $283.8K
NOI $17,027 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$511.4K
$447.4K – $596.6K
NOI $35,795 @ 7.0% cap · market cap 15.56%
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
445
Businesses Nearby
Explore this area
Business Placement
Demographics for 54981, WI
14,998
Population
8,253
Households
1.8
Avg Household Size
47
Median Age
28%
College-Educated
94%
High-School Grad
131.6 sq mi
ZIP Area
114
Density / Sq Mi
$76,821
Median Household Income
$45,326
Median Earnings
$800
Median Rent
$204,100
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 - 1900-era duplex with separate main-level and upper-level residences, public utilities, and forced-air heating.
Where is this duplex located?
The property is located at 603 W FULTON Street Waupaca, WI.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,730 square feet of building area; Main‑level unit includes 3 bedrooms and 1 bathroom; Upper‑level unit includes 2 bedrooms and 1 bathroom
