Mixed-Use Building with
For Sale
$120,000
1022 S 10th STREET, Manitowoc, WI 54220
C-1-zoned property combines storefront space with an upper-level apartment and requires repairs and updates.
Property Size2,870 SF
Lot Size0.21 Acres
Price / SF$41.81
Days on Market96
Property Features for 1022 S 10th STREET
General Information
Standard status
Active
Size
2,870 SF
Total Parking Spaces
7
Lot size
0.21 Acres
Property subtype
General Commercial
Zoning
C-1
Property Condition
Severity
Repairs Needed
Evidence
will require repairs, updates
Site & Location
Frontage
70 ft
Road Access
Yes
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,091
Amenities
3
Carpet
C-1
7 Parking Spaces.
0.0 to .499
Building Details
Year Built
1890
Buildings
1
Stories
2
Listing Agency:
Coldwell Banker Real Estate Group Manitowoc
(920) 769-1600
Listed By:
Christopher Schultz
(920) 860-2510
Source:
Xome
Added: May 31
Changed: Aug 31
Last Checked: Aug 30 at 3:53PM
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 Coldwell Banker Real Estate Group Manitowoc
Investment Insights
Based on property information with market context.
This mixed-use building in Manitowoc contains approximately 2,870 square feet on a 0.2066-acre parcel. The first floor provides about 1,700 square feet, including a roughly 750-square-foot retail area, approximately 625 square feet of storage, a bathroom, and a rear entrance. The upper level includes an approximately 1,170-square-foot, two-bedroom apartment with a kitchen, living room, shower-style bathroom, laundry area, and storage room.
The property offers approximately 70 feet of frontage, a 3,200-square-foot asphalt parking area with seven vehicle spaces, and a fenced grass area along the rear portion of the parcel. Built in 1890, the building is being sold in as-is condition and will require repairs, updates, and buyer due diligence.
The property offers approximately 70 feet of frontage, a 3,200-square-foot asphalt parking area with seven vehicle spaces, and a fenced grass area along the rear portion of the parcel. Built in 1890, the building is being sold in as-is condition and will require repairs, updates, and buyer due diligence.
Key Highlights
- Approximately 2,870 SF mixed‑use building on 0.2066 acres
- First floor includes about 750 SF of retail area and approximately 625 SF of storage
- Upper level contains an approximately 1,170 SF two‑bedroom apartment
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
$4,717
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
3.93%
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%
$94,340
$94.3K
Cap Rate 7%
$67,386
$67.4K
Cap Rate 9%
$52,411
$52.4K
Market Conditions
NOI Build-Up for 2,870 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
$34.4K $12.00/SF
− Vacancy
−$25.9K −$9.01/SF
EGI
$8.6K $2.99/SF
− OpEx
−$3.9K −$1.34/SF
NOI
$4.7K $1.64/SF
Area
Manitowoc County, WI
Vacancy
75.10%
Lease Rate
$12.00 /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%
$94,340
Cap Rate 7%
$67,386
Cap Rate 9%
$52,411
Alternative Uses
Best Use
Retail
$530.0K
$463.8K – $618.3K
NOI $37,100 @ 7.0% cap · market cap 30.92%
Second Best
Mixed Use
$191.7K
$167.7K – $223.6K
NOI $13,417 @ 7.0% cap · market cap 11.18%
Theoretical Best
Specialty Retail
$629.0K
$550.3K – $733.8K
NOI $44,027 @ 7.0% cap · market cap 36.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
33k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 95%
Dining 4%
Hotels & Casinos 1%
Kwik Trip
Shops & Services
13,176 visits/mo
0.2 miles
Marathon Petroleum
Shops & Services
3,690 visits/mo
0.5 miles
BMO Harris Bank
Shops & Services
2,768 visits/mo
0.2 miles
Citgo
Shops & Services
2,539 visits/mo
0.4 miles
Maritime Ford
Shops & Services
2,413 visits/mo
0.2 miles
Demographics for 54220, WI
40,737
Population
18,942
Households
2.2
Avg Household Size
44
Median Age
24%
College-Educated
91%
High-School Grad
98.7 sq mi
ZIP Area
413
Density / Sq Mi
$65,188
Median Household Income
$40,791
Median Earnings
$790
Median Rent
$159,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C-1-zoned property combines storefront space with an upper-level apartment and requires repairs and updates.
Where is this mixed-use property located?
The property is located at 1022 S 10th STREET Manitowoc, WI.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Approximately 2,870 SF mixed‑use building on 0.2066 acres; First floor includes about 750 SF of retail area and approximately 625 SF of storage; Upper level contains an approximately 1,170 SF two‑bedroom apartment
