Updated Duplex with Spacious
For Sale
$239,500
Pending
1123 CASS Street, Green Bay, WI 54301
Residential Income, GREEN BAY, WI
Property Size1,686 SF
Lot Size0.30 Acres
Days on Market52
Property Features for 1123 CASS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Parking
2
Elementary school district
Green Bay Area
Middle school district
Green Bay Area
High school district
Green Bay Area
Directions
East Mason to Cass St, South to property
Standard status
Pending
APN
14-1127
Size
1,686 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2711
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1903
Number of units
2
Building materials
Shake Siding
Listing Agency:
Ben Bartolazzi Real Estate, Inc
(920) 770-4015
Listed By:
Elizabeth A. Weiss · License #91938431
(920) 636-6239
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 29 at 11:06PM
MLS# 50328884
Copyright © 2026 Realtor Association of Northeast Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex offers 1,686 square feet across two separate residences. The larger unit includes three bedrooms, one bathroom, a formal dining room, kitchen with pantry, and living room. The second unit provides one bedroom, one bathroom, a living area, and its own kitchen space. Both units have separate living and kitchen areas, supporting distinct household layouts within the building.
Interior improvements include new flooring in the larger unit’s bedroom, living room, and bathroom, along with new carpet in the second unit’s living room and stairs. The property also has an updated front-door pathway, forced-air heat, public water, public sewer, and shake siding. A spacious backyard adds outdoor area to the 0.3-acre residential parcel.
Built in 1903 and zoned Residential, the property is located two blocks from the hospital in Green Bay’s Astor Park area.
Interior improvements include new flooring in the larger unit’s bedroom, living room, and bathroom, along with new carpet in the second unit’s living room and stairs. The property also has an updated front-door pathway, forced-air heat, public water, public sewer, and shake siding. A spacious backyard adds outdoor area to the 0.3-acre residential parcel.
Built in 1903 and zoned Residential, the property is located two blocks from the hospital in Green Bay’s Astor Park area.
Key Highlights
- Two‑unit building totaling 1,686 square feet
- Unit mix includes a 3‑bedroom, 1‑bath residence and a 1‑bedroom, 1‑bath residence
- Larger unit features formal dining room and kitchen pantry
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
$14,722
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
6.15%
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%
$294,440
$294.4K
Cap Rate 7%
$210,314
$210.3K
Cap Rate 9%
$163,578
$163.6K
Market Conditions
NOI Build-Up for 1,686 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
$22.3K $13.20/SF
− Vacancy
−$1.2K −$0.73/SF
EGI
$21.0K $12.47/SF
− OpEx
−$6.3K −$3.74/SF
NOI
$14.7K $8.73/SF
Area
Green Bay, WI
Vacancy
5.50%
Lease Rate
$13.20 /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%
$294,440
Cap Rate 7%
$210,314
Cap Rate 9%
$163,578
Alternative Uses
Best Use
Multifamily LT 5
$210.3K
$184.0K – $245.4K
NOI $14,722 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$195.9K
$171.4K – $228.6K
NOI $13,714 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$393.1K
$344.0K – $458.6K
NOI $27,516 @ 7.0% cap · market cap 11.49%
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
1,733
Businesses Nearby
Explore this area
Business Placement
Demographics for 54301, WI
22,875
Population
10,532
Households
2.2
Avg Household Size
39
Median Age
38%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
3,519
Density / Sq Mi
$76,768
Median Household Income
$45,717
Median Earnings
$929
Median Rent
$205,900
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 residential property with distinct layouts, recent interior improvements, and a large shared backyard.
Where is this duplex located?
The property is located at 1123 CASS Street Green Bay, WI.
What is the asking price?
The asking price for this property is $239,500.
What are key features of this property?
This property features: Two‑unit building totaling 1,686 square feet; Unit mix includes a 3‑bedroom, 1‑bath residence and a 1‑bedroom, 1‑bath residence; Larger unit features formal dining room and kitchen pantry
