Updated Upper/Lower
New
For Sale
$289,900
685 FRANKLIN Street, Oshkosh, WI 54901
MULTI_FAMILY - OSHKOSH, WI
Property Size3,490 SF
Lot Size0.17 Acres
Price / SF$83.07
Days on Market4
Property Features for 685 FRANKLIN Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Elementary school district
Oshkosh Area
Middle school district
Oshkosh Area
High school district
Oshkosh Area
Directions
Hwy 41 to WI-76. Left on W Irving Ave. Right on Franklin St.
Standard status
Active
APN
0703250000
Size
3,490 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5272
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1920
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Real Broker LLC
(608) 471-6880
Listed By:
Kyle D. Meyer
(920) 475-5558
Added: Aug 7
Changed: Aug 9
Last Checked: Aug 10 at 1:06AM
MLS# 50330625
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 3,490-square-foot duplex in Oshkosh is arranged as upper and lower residences. Recent work includes new flooring, interior paint, and an updated bathroom, while both units retain spacious layouts. The lower residence is vacant, allowing an owner to occupy it or place a tenant of their choosing.
Built in 1920, the property has vinyl siding, forced-air heating, public water, and public sewer. Residential zoning supports the existing duplex use. The 0.17-acre parcel is located in Oshkosh, Wisconsin, within Winnebago County.
Built in 1920, the property has vinyl siding, forced-air heating, public water, and public sewer. Residential zoning supports the existing duplex use. The 0.17-acre parcel is located in Oshkosh, Wisconsin, within Winnebago County.
Key Highlights
- 3,490‑square‑foot upper/lower duplex
- Lower unit is currently vacant
- Recent flooring, paint, and bathroom updates
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
$23,548
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
8.12%
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%
$470,960
$471.0K
Cap Rate 7%
$336,400
$336.4K
Cap Rate 9%
$261,644
$261.6K
Market Conditions
NOI Build-Up for 3,490 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
$35.6K $10.20/SF
− Vacancy
−$2.0K −$0.56/SF
EGI
$33.6K $9.64/SF
− OpEx
−$10.1K −$2.89/SF
NOI
$23.5K $6.75/SF
Area
Winnebago County, WI
Vacancy
5.50%
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%
$470,960
Cap Rate 7%
$336,400
Cap Rate 9%
$261,644
Alternative Uses
Best Use
Multifamily LT 5
$336.4K
$294.4K – $392.5K
NOI $23,548 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$303.2K
$265.3K – $353.8K
NOI $21,226 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$753.3K
$659.1K – $878.8K
NOI $52,729 @ 7.0% cap · market cap 18.19%
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
1,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 54901, WI
37,594
Population
15,381
Households
2.4
Avg Household Size
33
Median Age
24%
College-Educated
92%
High-School Grad
16.6 sq mi
ZIP Area
2,265
Density / Sq Mi
$61,734
Median Household Income
$31,289
Median Earnings
$932
Median Rent
$164,000
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?
Duplex - Two-unit residential property with a vacant lower unit and refreshed interior finishes.
Where is this duplex located?
The property is located at 685 FRANKLIN Street Oshkosh, WI.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: 3,490‑square‑foot upper/lower duplex; Lower unit is currently vacant; Recent flooring, paint, and bathroom updates
