Two-Unit Duplex With Three-Car
For Sale
$275,900
Pending
1104 Pleasant St, Lake Geneva, WI 53147
Classic income property with two residential units, porches, a rear deck, and tenant-paid utilities.
Property Size1,724 SF
Days on Market790
Property Features for 1104 Pleasant St
General Information
Standard status
Pending
Size
1,724 SF
Total Parking Spaces
3
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
nominal repairs
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,266
Amenities
front porch
back porch
deck
Building Details
Year Built
1917
Listing Agency:
Homestead Realty of Lake Geneva
(262) 949-2989
Listed By:
Tom Ross · License #52349-94
(262) 949-2989
Source:
Exitrealty
Added: Jul 2, 2024
Changed: Aug 30
Last Checked: Aug 30 at 6:11AM
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 Homestead Realty of Lake Geneva
Investment Insights
Based on property information with market context.
This two-unit duplex contains a main-level apartment with two bedrooms, one bathroom, and basement access, along with an upper apartment offering one bedroom and one bathroom. The 1,724-square-foot property was built in 1917 and retains hardwood floors and original woodwork. Both units are complemented by front and rear porches, while the rear deck was added within the past couple of years. A full unfinished basement provides additional storage or utility space, and the property includes three garage spaces.
Tenant-paid utilities support a straightforward operating arrangement. The property is located at 1104 Pleasant St in Lake Geneva, Wisconsin, with the residential configuration and separate upper-level unit providing flexibility for an income-property owner.
Tenant-paid utilities support a straightforward operating arrangement. The property is located at 1104 Pleasant St in Lake Geneva, Wisconsin, with the residential configuration and separate upper-level unit providing flexibility for an income-property owner.
Key Highlights
- Two residential units: 2‑bedroom/1‑bath main‑level unit and 1‑bedroom/1‑bath upper unit
- 1,724 SF duplex built in 1917
- Three garage spaces included
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
$18,573
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
6.73%
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%
$371,460
$371.5K
Cap Rate 7%
$265,329
$265.3K
Cap Rate 9%
$206,367
$206.4K
Market Conditions
NOI Build-Up for 1,724 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
$27.9K $16.20/SF
− Vacancy
−$1.4K −$0.81/SF
EGI
$26.5K $15.39/SF
− OpEx
−$8.0K −$4.62/SF
NOI
$18.6K $10.77/SF
Area
Walworth County, WI
Vacancy
5.00%
Lease Rate
$16.20 /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%
$371,460
Cap Rate 7%
$265,329
Cap Rate 9%
$206,367
Alternative Uses
Best Use
Multifamily LT 5
$265.3K
$232.2K – $309.6K
NOI $18,573 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$246.8K
$216.0K – $288.0K
NOI $17,278 @ 7.0% cap · market cap 6.26%
Theoretical Best
Specialty Retail
$332.7K
$291.1K – $388.2K
NOI $23,290 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
914
Businesses Nearby
Explore this area
Business Placement
Demographics for 53147, WI
17,859
Population
11,455
Households
1.6
Avg Household Size
47
Median Age
40%
College-Educated
93%
High-School Grad
69.8 sq mi
ZIP Area
256
Density / Sq Mi
$83,018
Median Household Income
$45,399
Median Earnings
$1,277
Median Rent
$337,000
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 - Classic income property with two residential units, porches, a rear deck, and tenant-paid utilities.
Where is this duplex located?
The property is located at 1104 Pleasant St Lake Geneva, WI.
What is the asking price?
The asking price for this property is $275,900.
What are key features of this property?
This property features: Two residential units: 2‑bedroom/1‑bath main‑level unit and 1‑bedroom/1‑bath upper unit; 1,724 SF duplex built in 1917; Three garage spaces included
