Triplex with Office
New
For Sale
Contact for pricing
102 E Main, Evansville, WI 53536
Two apartments and an office share parking, private access, and individual utility responsibility.
Property Size3,333 SF
Price / SF$95.98
Days on Market7
Property Features for 102 E Main
General Information
Standard status
Active
Size
3,333 SF
Property subtype
Office, Multifamily
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
1
Building Details
Year Built
1880
Units
3
Tenancy
Multi
Listing Agency:
EXIT Realty HGM
(608) 295-5663
Listed By:
Robin St. Clair · License #58946-90 1944-9
Source:
Crexi
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 10 at 4:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXIT Realty HGM
Investment Insights
Based on property information with market context.
This 3,333-square-foot triplex, built in 1880, combines two two-bedroom apartments with an office unit. The apartments include enclosed porches, private entrances, and in-unit laundry. The upper apartment has been updated, while the lower apartment is scheduled to be vacant September 1 for freshening up. A new HVAC system serves all three units, and the building also has a new roof with partial new siding.
The property includes a parking lot with alley access, along with an older garage and shed that provide additional storage or flexible utility space. Each unit pays its own utilities. Located at 102 E Main in Evansville, the property is positioned on Main Street near events hosted regularly by the Chamber.
The property includes a parking lot with alley access, along with an older garage and shed that provide additional storage or flexible utility space. Each unit pays its own utilities. Located at 102 E Main in Evansville, the property is positioned on Main Street near events hosted regularly by the Chamber.
Key Highlights
- 3,333 SF triplex with 2 apartments and an office unit
- Two‑bedroom apartments with enclosed porches, private access, and in‑unit laundry
- New HVAC in all 3 units
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
$27,031
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
8.45%
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%
$540,620
$540.6K
Cap Rate 7%
$386,157
$386.2K
Cap Rate 9%
$300,344
$300.3K
Market Conditions
NOI Build-Up for 3,333 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
$51.2K $15.36/SF
− Vacancy
−$2.0K −$0.61/SF
EGI
$49.1K $14.75/SF
− OpEx
−$22.1K −$6.64/SF
NOI
$27.0K $8.11/SF
Area
Rock County, WI
Vacancy
4.00%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
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%
$540,620
Cap Rate 7%
$386,157
Cap Rate 9%
$300,344
Alternative Uses
Best Use
Office B
$626.3K
$548.0K – $730.7K
NOI $43,841 @ 7.0% cap · market cap 13.70%
Second Best
Multifamily LT 5
$439.3K
$384.4K – $512.5K
NOI $30,748 @ 7.0% cap · market cap 9.61%
Theoretical Best
Office A
$800.9K
$700.8K – $934.4K
NOI $56,066 @ 7.0% cap · market cap 17.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Explore this area
Business Placement
Demographics for 53536, WI
9,051
Population
4,092
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
96%
High-School Grad
88.9 sq mi
ZIP Area
102
Density / Sq Mi
$83,944
Median Household Income
$54,046
Median Earnings
$927
Median Rent
$274,600
Median Home Value
Market
Vacancy Rate% for Office 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?
Triplex - Two apartments and an office share parking, private access, and individual utility responsibility.
Where is this triplex located?
The property is located at 102 E Main Evansville, WI.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: 3,333 SF triplex with 2 apartments and an office unit; Two‑bedroom apartments with enclosed porches, private access, and in‑unit laundry; New HVAC in all 3 units
