End-Unit Residential Income
For Sale
$225,000
1020 Prospect Avenue Unit 8, Portage, WI 53901
One-owner condo with vaulted ceilings, fireplace, covered porch, and attached garage.
Property Size1,030 SF
Price / SF$218.45
Days on Market146
Property Features for 1020 Prospect Avenue Unit 8
General Information
Standard status
Active
Size
1,030 SF
Total Parking Spaces
1
Property subtype
Condo / Ranch-1 Story
Zoning
Condo
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,972
Amenities
Refrigerator, stove, dishwasher, microwave, disposal, washer, dryer, garage door opener w/2 remotes, all window treatments, mailbox.
Forced air, Central air
Walk-in closet(s), Vaulted ceiling, Washer, Dryer
Vinyl, Stone
Gas, 1 fireplace
Private Entry, Patio
Building Details
Year Built
2005
Listing Agency:
First Weber Inc
(608) 697-3621
Listed By:
Scotty Smith · License #47722-90
(608) 697-3621
Source:
Compass
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 30 at 3:55AM
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 First Weber Inc
Investment Insights
Based on property information with market context.
This end-unit condominium in Portage Highlands provides a one-bedroom, 1.5-bath layout with an open-feeling interior and a vaulted ceiling. The kitchen includes a refrigerator, stove, dishwasher, microwave, and disposal, while the living area features a gas fireplace. The bedroom connects to a covered porch, and the home also includes a walk-in closet, washer, dryer, forced-air heating, and central air conditioning.
An attached 1-car garage, full basement, private entry, and basement half bath add practical functionality. The basement provides storage and potential for additional living space. Vinyl and stone exterior materials complement the property, which was built in 2005. Included items also comprise window treatments, a mailbox, and a garage door opener with 2 remotes.
An attached 1-car garage, full basement, private entry, and basement half bath add practical functionality. The basement provides storage and potential for additional living space. Vinyl and stone exterior materials complement the property, which was built in 2005. Included items also comprise window treatments, a mailbox, and a garage door opener with 2 remotes.
Key Highlights
- End‑unit condominium at 1020 Prospect Avenue, Unit 8, Portage, WI 53901
- 1‑bedroom, 1.5‑bath layout with 1030 property size
- Attached 1‑car garage and full basement with half bath
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
$8,223
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
3.65%
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%
$164,460
$164.5K
Cap Rate 7%
$117,471
$117.5K
Cap Rate 9%
$91,367
$91.4K
Market Conditions
NOI Build-Up for 1,030 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
$15.8K $15.36/SF
− Vacancy
−$870 −$0.84/SF
EGI
$15.0K $14.52/SF
− OpEx
−$6.7K −$6.53/SF
NOI
$8.2K $7.98/SF
Area
Columbia County, WI
Vacancy
5.50%
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%
$164,460
Cap Rate 7%
$117,471
Cap Rate 9%
$91,367
Alternative Uses
Best Use
Apartment 5plus
$117.5K
$102.8K – $137.1K
NOI $8,223 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$231.4K
$202.5K – $270.0K
NOI $16,198 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
68
Businesses Nearby
Explore this area
Business Placement
Demographics for 53901, WI
14,924
Population
6,550
Households
2.3
Avg Household Size
42
Median Age
20%
College-Educated
91%
High-School Grad
147.3 sq mi
ZIP Area
101
Density / Sq Mi
$72,244
Median Household Income
$40,914
Median Earnings
$969
Median Rent
$214,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-owner condo with vaulted ceilings, fireplace, covered porch, and attached garage.
Where is this residential income property located?
The property is located at 1020 Prospect Avenue Unit 8 Portage, WI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: End‑unit condominium at 1020 Prospect Avenue, Unit 8, Portage, WI 53901; 1‑bedroom, 1.5‑bath layout with 1030 property size; Attached 1‑car garage and full basement with half bath
