4-Unit
New
For Sale
$269,900
124 S LAKE Street, Gillett, WI 54124
The apartments have separate heat and electric, and water costs are billed back through RUBS.
Property Size2,576 SF
Price / SF$104.77
Days on Market4
Property Features for 124 S LAKE Street
General Information
Standard status
Active
Size
2,576 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,923
Building Details
Building Size
2,576 SF
Year Built
1920
Listing Agency:
Ruesch Realty
Listed By:
Kevin J. Gracyalny · License #91-939018
(920) 360-1252
Source:
C21ace
Added: Oct 14
Changed: Oct 16
Last Checked: Oct 16 at 10:23AM
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 Ruesch Realty
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Investment Insights
Based on property information with market context.
Built in 1920, this 2,576-square-foot quadplex contains four apartments. The two front units each have two bedrooms and one bathroom; the two rear units each have one bedroom and one bathroom. Three apartments have undergone substantial renovation. Heat and electric are separated by unit, and each has a separate disposal. Water is billed back through RUBS.
Key Highlights
- Four apartments totaling 2,576 square feet
- Two front units with 2 bedrooms and 1 bathroom each; two rear units with 1 bedroom and 1 bathroom each
- Three units have been renovated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,493
Cap Rate
8.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$449,860
$449.9K
Cap Rate 7%
$321,329
$321.3K
Cap Rate 9%
$249,922
$249.9K
Market Conditions
NOI Build-Up for 2,576 SF
Gross rent
$34.0K $13.20/SF
− Vacancy
−$1.9K −$0.73/SF
EGI
$32.1K $12.47/SF
− OpEx
−$9.6K −$3.74/SF
NOI
$22.5K $8.73/SF
Area
Oconto County, 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 Rate 5%
$449,860
Cap Rate 7%
$321,329
Cap Rate 9%
$249,922
Alternative Uses
Best Use
Multifamily LT 5
$321.3K
$281.2K – $374.9K
NOI $22,493 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$299.3K
$261.9K – $349.2K
NOI $20,953 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$600.6K
$525.5K – $700.7K
NOI $42,040 @ 7.0% cap · market cap 15.58%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
146
Businesses Nearby
Explore this area
Business Placement
Demographics for 54124, WI
3,619
Population
1,765
Households
2.1
Avg Household Size
47
Median Age
12%
College-Educated
91%
High-School Grad
93.1 sq mi
ZIP Area
39
Density / Sq Mi
$64,688
Median Household Income
$40,510
Median Earnings
$765
Median Rent
$131,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - The apartments have separate heat and electric, and water costs are billed back through RUBS.
Where is this quadplex located?
The property is located at 124 S LAKE Street Gillett, WI.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Four apartments totaling 2,576 square feet; Two front units with 2 bedrooms and 1 bathroom each; two rear units with 1 bedroom and 1 bathroom each; Three units have been renovated
