2-Unit Bi-Level
For Sale
$387,000
115 Valerie Drive, Appleton, WI 54915
Side-by-side income property with updated heating and cooling systems, attached garages, and separate outdoor decks.
Property Size2,912 SF
Price / SF$132.90
Days on Market218
Property Features for 115 Valerie Drive
General Information
Standard status
Active
Size
2,912 SF
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
2 Family/Duplex
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,871
Amenities
deck
Forced Air
2
Natural Gas
Finished Contiguous,Partial Basement,Sump Pump
Poured Concrete
2 side by side,2 Story,Multi-Level
Vinyl Siding
Open Floor Plan
Building Details
Year Built
1988
Buildings
1
Listing Agency:
Coldwell Banker Real Estate Group
(920) 213-1374
Listed By:
Penny R Miller · License #94-65304
(920) 213-1374
Source:
Compass
Added: Jan 26
Changed: Aug 31
Last Checked: Aug 30 at 4:49AM
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 Coldwell Banker Real Estate Group
Investment Insights
Based on property information with market context.
This 2-unit duplex was built in 1988 and contains 2,912 square feet. The side-by-side layout places the living spaces on the upper level and bedrooms below, with open-plan interiors in both residences. Each unit includes an attached 2-car garage and a deck adjoining the kitchen. Poured-concrete construction, vinyl siding, forced-air systems, natural gas service, and partial finished basement areas are also provided.
Recent mechanical updates include ductless mini-split systems installed in both units approximately two years ago. The furnaces and water heaters are approximately five years old, while the roof is approximately ten years old. One tenancy runs through the end of May, and the other is month to month. The property is located at 115 Valerie Drive in Appleton, near shopping, highway access, and schools.
Recent mechanical updates include ductless mini-split systems installed in both units approximately two years ago. The furnaces and water heaters are approximately five years old, while the roof is approximately ten years old. One tenancy runs through the end of May, and the other is month to month. The property is located at 115 Valerie Drive in Appleton, near shopping, highway access, and schools.
Key Highlights
- 2,912‑square‑foot side‑by‑side duplex built in 1988
- Each unit includes an attached 2‑car garage and kitchen‑adjacent deck
- Bi‑level design with upper‑level living areas and lower‑level 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
$22,192
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
5.73%
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%
$443,840
$443.8K
Cap Rate 7%
$317,029
$317.0K
Cap Rate 9%
$246,578
$246.6K
Market Conditions
NOI Build-Up for 2,912 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
$33.2K $11.40/SF
− Vacancy
−$1.5K −$0.51/SF
EGI
$31.7K $10.89/SF
− OpEx
−$9.5K −$3.27/SF
NOI
$22.2K $7.62/SF
Area
Outagamie County, WI
Vacancy
4.50%
Lease Rate
$11.40 /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%
$443,840
Cap Rate 7%
$317,029
Cap Rate 9%
$246,578
Alternative Uses
Best Use
Multifamily LT 5
$317.0K
$277.4K – $369.9K
NOI $22,192 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$296.7K
$259.7K – $346.2K
NOI $20,772 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$802.9K
$702.5K – $936.7K
NOI $56,202 @ 7.0% cap · market cap 14.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Explore this area
Business Placement
Demographics for 54915, WI
43,190
Population
18,373
Households
2.4
Avg Household Size
38
Median Age
38%
College-Educated
95%
High-School Grad
15.0 sq mi
ZIP Area
2,879
Density / Sq Mi
$83,814
Median Household Income
$49,554
Median Earnings
$974
Median Rent
$247,900
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 - Side-by-side income property with updated heating and cooling systems, attached garages, and separate outdoor decks.
Where is this duplex located?
The property is located at 115 Valerie Drive Appleton, WI.
What is the asking price?
The asking price for this property is $387,000.
What are key features of this property?
This property features: 2,912‑square‑foot side‑by‑side duplex built in 1988; Each unit includes an attached 2‑car garage and kitchen‑adjacent deck; Bi‑level design with upper‑level living areas and lower‑level bedrooms
