Two-Unit Duplex with Separate
For Sale
$399,900
114 North 2nd Street, Mount Horeb, WI 53572
Wood-sided duplex with two residential units, shared heated laundry, and natural gas forced-air heating.
Property Size1,800 SF
Lot Size0.69 Acres
Price / SF$222.17
Days on Market348
Property Features for 114 North 2nd Street
General Information
Standard status
Active
Size
1,800 SF
Lot size
0.69 Acres
Property subtype
Multi Family / 2 story
Zoning
Res
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,350
Amenities
common laundry room
Natural Gas
Forced air
2 refrigerators, 2 stove/oven, 2 washers, 2 dryers, 1 water softener, 1 microwaves, and 2 AC window units
2
1
Wood
Building Details
Year Built
1900
Units
2
Listing Agency:
Restaino & Associates
(608) 347-9828
Listed By:
Heidi Kopras · License #71284-94
(608) 347-9828
Source:
Compass
Added: Sep 18, 2025
Changed: Aug 31
Last Checked: Aug 31 at 3:38AM
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 Restaino & Associates
Investment Insights
Based on property information with market context.
This two-unit duplex at 114 North 2nd Street includes approximately 1,800 square feet across two apartments. Each unit is approximately 900 square feet with two bedrooms, a full bathroom, living room, and kitchen dining area. Interior updates include flooring, electrical work, select lighting, and kitchen improvements. The property also includes a heated common laundry room, natural gas forced-air heat, window AC units, and separate gas and water meters.
The duplex occupies two lots totaling .69 acres. One lot is currently nonbuildable and would require village approval for a change. A permit allows construction of a new driveway and off-street parking on the southwest side of the property, accessed from 2nd Street. The property is near Mount Horeb’s main street, restaurants, the Old Schoolhouse, and the Military Ridge Trail. Existing equipment includes refrigerators, stove/ovens, washers, dryers, a microwave, and a water softener.
The duplex occupies two lots totaling .69 acres. One lot is currently nonbuildable and would require village approval for a change. A permit allows construction of a new driveway and off-street parking on the southwest side of the property, accessed from 2nd Street. The property is near Mount Horeb’s main street, restaurants, the Old Schoolhouse, and the Military Ridge Trail. Existing equipment includes refrigerators, stove/ovens, washers, dryers, a microwave, and a water softener.
Key Highlights
- Two units, each approximately 900sqft with 2 bedrooms and 1 full bath
- Two lots totaling .69 acres; one lot is currently not buildable and requires village approval
- Separate meters for gas and water
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
$16,519
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
4.13%
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%
$330,380
$330.4K
Cap Rate 7%
$235,986
$236.0K
Cap Rate 9%
$183,544
$183.5K
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
−$1.2K −$0.69/SF
EGI
$23.6K $13.11/SF
− OpEx
−$7.1K −$3.93/SF
NOI
$16.5K $9.18/SF
Area
Dane County, WI
Vacancy
5.00%
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%
$330,380
Cap Rate 7%
$235,986
Cap Rate 9%
$183,544
Alternative Uses
Best Use
Multifamily LT 5
$236.0K
$206.5K – $275.3K
NOI $16,519 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$207.5K
$181.5K – $242.0K
NOI $14,522 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$418.3K
$366.0K – $488.0K
NOI $29,280 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
Explore this area
Business Placement
Demographics for 53572, WI
10,549
Population
4,032
Households
2.6
Avg Household Size
41
Median Age
47%
College-Educated
97%
High-School Grad
99.1 sq mi
ZIP Area
106
Density / Sq Mi
$104,604
Median Household Income
$55,945
Median Earnings
$1,243
Median Rent
$381,900
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 - Wood-sided duplex with two residential units, shared heated laundry, and natural gas forced-air heating.
Where is this duplex located?
The property is located at 114 North 2nd Street Mount Horeb, WI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two units, each approximately 900sqft with 2 bedrooms and 1 full bath; Two lots totaling .69 acres; one lot is currently not buildable and requires village approval; Separate meters for gas and water
