Building Details

Year Built 2024

Construction ranch

Listing Agency: Jon Miles Real Estate

Listed By: Gerald Adametz · License #74350-94 Show Phone

Source: Compass

Added: Jun 12, 2024 Changed: Aug 30 Last Checked: Aug 30 at 10:22AM

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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 Jon Miles Real Estate

Investment Insights

Based on property information with market context.

Completed in 2024, this ranch-style condominium offers 1,923 square feet of living area, including more than 1,800 square feet on the main level. The open layout includes a great room, vaulted ceiling, roomy kitchen with extensive cabinet and countertop space, master bedroom with a walk-in closet and private bathroom, and wood or simulated wood flooring. The unfinished basement is equipped with bathroom plumbing and has studded areas for two additional bedrooms and a family recreation room. A spacious two-car garage provides dedicated parking and storage. Included equipment consists of a refrigerator/freezer, range/oven, microwave, dishwasher, clothes washer/dryer, and water softener. Forced-air heating and central air serve the home, with fiber internet available. The property is zoned Multi fam and located at 103 North Prospect Street in Montfort, Wisconsin.

Key Highlights

• 2024 construction with 1,923 square feet of living area
• More than 1,800 square feet arranged on the main level
• Unfinished basement stubbed for a bathroom and studded for 2 bedrooms

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

$15,530

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

5.65%

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%

$310,600 $310.6K

Cap Rate 7%

$221,857 $221.9K

Cap Rate 9%

$172,556 $172.6K

Market Conditions

NOI Build-Up for 1,923 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

$30.7K $15.96/SF

− Vacancy

−$2.5K −$1.28/SF

EGI

$28.2K $14.68/SF

− OpEx

−$12.7K −$6.61/SF

NOI

$15.5K $8.08/SF

Area

Grant County, WI

Vacancy

8.00%

Lease Rate

$15.96 /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%

$310,600

Cap Rate 7%

$221,857

Cap Rate 9%

$172,556

Alternative Uses

Best Use

Apartment 5plus

$221.9K

$194.1K – $258.8K (±1% cap)

NOI $15,530 @ 7.0% cap · market cap 5.65%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$532.4K

$465.8K – $621.1K (±1% cap)

NOI $37,266 @ 7.0% cap · market cap 13.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Residential income properties

Suggested Use

Top Pick Building Supply Plumbing Service Grocery & Convenience Store Veterinary Clinic Auto Repair Shop Real Estate Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

67

Businesses Nearby

Explore this area Business Placement

Demographics for 53569, WI

1,147

Population

434

Households

2.6

Avg Household Size

42

Median Age

22%

College-Educated

97%

High-School Grad

43.5 sq mi

ZIP Area

26

Density / Sq Mi

$86,458

Median Household Income

$43,365

Median Earnings

$907

Median Rent

$198,400

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this residential income properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Residential income property - Newer condo with an unfinished basement, open living areas, and a spacious two-car garage.

Where is this residential income property located?

The property is located at 103 North Prospect Street Montfort, WI.

What is the asking price?

The asking price for this property is $274,900.

What are key features of this property?

This property features: 2024 construction with 1,923 square feet of living area; More than 1,800 square feet arranged on the main level; Unfinished basement stubbed for a bathroom and studded for 2 bedrooms