Corner 5-Plex Income
For Sale
$295,000
1028 Banks Ave, Superior, WI 54880
Fully leased 5-plex with three 1-bedroom units and two studios in a corner location.
Property Size2,260 SF
Days on Market61
Property Features for 1028 Banks Ave
General Information
Standard status
Active
Size
2,260 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$3,510
Building Details
Building Size
2,260 SF
Year Built
1914
Tenancy
Multi
Listing Agency:
RE/MAX Results
(218) 428-7528
Listed By:
Megan Wilson · License #75787-94
(218) 428-7528
Source:
Visionsfirstrealty
Added: Jun 13
Changed: Aug 7
Last Checked: Aug 11 at 4:39AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This fully leased 5-plex at 1028 Banks Ave includes three 1-bedroom units and two studio apartments. The property is described as solid and well-maintained, with a full poured-concrete basement. Several units have been updated, and the configuration supports ongoing improvements as units turn over. The seller also reports upgrades to the Weil-McLain boiler and heating components, along with a recently replaced roof.
The building is situated on the corner of Banks Avenue and N 11th Street in Superior, Wisconsin. The property’s corner positioning supports straightforward access and a street-facing presence from both directions.
For investors seeking residential income with current tenancy in place, this property offers an established multi-unit setup with on-site mechanical and roof improvements noted by the seller. The current rental structure provides an opportunity to maintain and selectively enhance unit interiors over time, while the reported basement construction and recent capital items can help support longer-term operating stability.
The building is situated on the corner of Banks Avenue and N 11th Street in Superior, Wisconsin. The property’s corner positioning supports straightforward access and a street-facing presence from both directions.
For investors seeking residential income with current tenancy in place, this property offers an established multi-unit setup with on-site mechanical and roof improvements noted by the seller. The current rental structure provides an opportunity to maintain and selectively enhance unit interiors over time, while the reported basement construction and recent capital items can help support longer-term operating stability.
Key Highlights
- Fully leased 5‑plex with 3 one‑bedroom units and 2 studio apartments.
- Corner location on Banks Avenue and N 11th Street in Superior.
- Year built 1914; includes a full poured‑concrete basement.
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
$16,579
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
5.62%
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%
$331,580
$331.6K
Cap Rate 7%
$236,843
$236.8K
Cap Rate 9%
$184,211
$184.2K
Market Conditions
NOI Build-Up for 2,260 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
$31.7K $14.04/SF
− Vacancy
−$1.6K −$0.70/SF
EGI
$30.1K $13.34/SF
− OpEx
−$13.6K −$6.00/SF
NOI
$16.6K $7.34/SF
Area
Douglas County, WI
Vacancy
5.00%
Lease Rate
$14.04 /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%
$331,580
Cap Rate 7%
$236,843
Cap Rate 9%
$184,211
Alternative Uses
Best Use
Apartment 5plus
$236.8K
$207.2K – $276.3K
NOI $16,579 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$712.6K
$623.5K – $831.3K
NOI $49,879 @ 7.0% cap · market cap 16.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
117
Businesses Nearby
Explore this area
Business Placement
Demographics for 54880, WI
30,400
Population
14,325
Households
2.1
Avg Household Size
39
Median Age
28%
College-Educated
94%
High-School Grad
166.1 sq mi
ZIP Area
183
Density / Sq Mi
$66,942
Median Household Income
$40,813
Median Earnings
$901
Median Rent
$176,700
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?
Apartment building - Fully leased 5-plex with three 1-bedroom units and two studios in a corner location.
Where is this apartment building located?
The property is located at 1028 Banks Ave Superior, WI.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Fully leased 5‑plex with 3 one‑bedroom units and 2 studio apartments.; Corner location on Banks Avenue and N 11th Street in Superior.; Year built 1914; includes a full poured‑concrete basement.
