Duplex with Private
For Sale
$229,900
1021 Bluff Ave, Sheboygan, WI 53081
Two leased residences combine generous kitchens, separate dining areas, private storage, and flexible month-to-month occupancy.
Property Size2,323 SF
Price / SF$98.97
Days on Market32
Property Features for 1021 Bluff Ave
General Information
Standard status
Active
Size
2,323 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,862
Building Details
Tenancy
Multi
Listing Agency:
Greystone Asset, LLC
(920) 893-1350
Listed By:
Jana Gruttner
(920) 893-1350
Source:
Exprealty
Added: Jul 22
Changed: Aug 20
Last Checked: Aug 22 at 9:10AM
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 Greystone Asset, LLC
Investment Insights
Based on property information with market context.
This 2,323-square-foot duplex contains two separate residences, each with a comfortable layout that includes a dining room, large kitchen, and walk-in pantry. Both units have private basements with interior access, while the lower residence adds a sunroom that expands the usable living area. Off-street parking accommodates two vehicles.
The property is occupied under month-to-month leases, providing flexibility in managing future occupancy. A roof replacement completed in 2024 adds a recent major improvement to the building. Located on Bluff Ave in Sheboygan’s Northside area, the property combines two-unit residential income functionality with distinct interior features and private storage for each residence.
The property is occupied under month-to-month leases, providing flexibility in managing future occupancy. A roof replacement completed in 2024 adds a recent major improvement to the building. Located on Bluff Ave in Sheboygan’s Northside area, the property combines two-unit residential income functionality with distinct interior features and private storage for each residence.
Key Highlights
- Two‑unit duplex totaling 2,323 square feet
- Private basement with interior access for each unit
- Lower unit includes a sunroom
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
$19,567
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
8.51%
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%
$391,340
$391.3K
Cap Rate 7%
$279,529
$279.5K
Cap Rate 9%
$217,411
$217.4K
Market Conditions
NOI Build-Up for 2,323 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
$29.3K $12.60/SF
− Vacancy
−$1.3K −$0.57/SF
EGI
$28.0K $12.03/SF
− OpEx
−$8.4K −$3.61/SF
NOI
$19.6K $8.42/SF
Area
Sheboygan County, WI
Vacancy
4.50%
Lease Rate
$12.60 /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%
$391,340
Cap Rate 7%
$279,529
Cap Rate 9%
$217,411
Alternative Uses
Best Use
Multifamily LT 5
$279.5K
$244.6K – $326.1K
NOI $19,567 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$260.0K
$227.5K – $303.3K
NOI $18,198 @ 7.0% cap · market cap 7.92%
Theoretical Best
Office A
$506.3K
$443.0K – $590.7K
NOI $35,439 @ 7.0% cap · market cap 15.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
782
Businesses Nearby
Explore this area
Business Placement
Demographics for 53081, WI
43,465
Population
20,121
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
23.3 sq mi
ZIP Area
1,865
Density / Sq Mi
$62,401
Median Household Income
$42,329
Median Earnings
$866
Median Rent
$169,700
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 leased residences combine generous kitchens, separate dining areas, private storage, and flexible month-to-month occupancy.
Where is this duplex located?
The property is located at 1021 Bluff Ave Sheboygan, WI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,323 square feet; Private basement with interior access for each unit; Lower unit includes a sunroom
