Income Duplex with Garage
For Sale
$249,013
1117 Wheeler Street, Janesville, WI 53545
Two-unit duplex includes separate garage rentals and two 2-bedroom, 1-bath residential units.
Property Size1,800 SF
Price / SF$138.34
Days on Market175
Property Features for 1117 Wheeler Street
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi Family / 2 story
Zoning
R
Net Operating Income
$22,885
Taxes and HOA fees
Annual Taxes
$2,685
Amenities
Full
Natural Gas
Forced air
Seller and tenant personal property
2 stoves, 2 refrigerators, washer and dryer in lower unit
1
2
Vinyl
Building Details
Year Built
1890
Units
2
Listing Agency:
EXIT Realty HGM
Listed By:
Dillon Burke · License #95221-94
(608) 931-9448
Source:
Compass
Added: Mar 16
Changed: Aug 8
Last Checked: Jul 21 at 8:11AM
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 EXIT Realty HGM
Investment Insights
Based on property information with market context.
This income-producing 2-unit duplex includes two separate garage rentals, creating additional revenue alongside the residential units. Each unit has 2 bedrooms and 1 bath, and the upper unit includes a bonus room off the primary bedroom. The building features private entries for tenant separation and separate utilities, with the owner paying water (H20).
The property is located at 1117 Wheeler Street in Janesville, Wisconsin. The two units are configured as upper and lower residences, with the garage rentals positioned as a separate income component.
As an investor package, it is described as generating over $27,000 in gross annual income and offers the opportunity to manage the property as a combined residential and garage rental operation.
The property is located at 1117 Wheeler Street in Janesville, Wisconsin. The two units are configured as upper and lower residences, with the garage rentals positioned as a separate income component.
As an investor package, it is described as generating over $27,000 in gross annual income and offers the opportunity to manage the property as a combined residential and garage rental operation.
Key Highlights
- Income‑producing 2‑unit duplex with two separate garage rentals
- Both upper and lower units have 2 bedrooms and 1 bath
- Upper unit includes a bonus room off the primary bedroom
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
$16,606
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
6.67%
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%
$332,120
$332.1K
Cap Rate 7%
$237,229
$237.2K
Cap Rate 9%
$184,511
$184.5K
Market Conditions
NOI Build-Up for 1,800 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
$24.8K $13.80/SF
− Vacancy
−$1.1K −$0.62/SF
EGI
$23.7K $13.18/SF
− OpEx
−$7.1K −$3.95/SF
NOI
$16.6K $9.23/SF
Area
Rock County, WI
Vacancy
4.50%
Lease Rate
$13.80 /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%
$332,120
Cap Rate 7%
$237,229
Cap Rate 9%
$184,511
Alternative Uses
Best Use
Multifamily LT 5
$237.2K
$207.6K – $276.8K
NOI $16,606 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$208.5K
$182.5K – $243.3K
NOI $14,598 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$432.6K
$378.5K – $504.7K
NOI $30,279 @ 7.0% cap · market cap 12.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
Explore this area
Business Placement
Demographics for 53545, WI
23,318
Population
11,170
Households
2.1
Avg Household Size
41
Median Age
29%
College-Educated
94%
High-School Grad
22.5 sq mi
ZIP Area
1,036
Density / Sq Mi
$70,730
Median Household Income
$42,567
Median Earnings
$1,006
Median Rent
$204,000
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 - Two-unit duplex includes separate garage rentals and two 2-bedroom, 1-bath residential units.
Where is this duplex located?
The property is located at 1117 Wheeler Street Janesville, WI.
What is the asking price?
The asking price for this property is $249,013.
What are key features of this property?
This property features: Income‑producing 2‑unit duplex with two separate garage rentals; Both upper and lower units have 2 bedrooms and 1 bath; Upper unit includes a bonus room off the primary bedroom
