Building Details

Year Built 1940

Listing Agency: Westconsin Realty LLC j***@westconsinrealty.com Show Phone

Listed By: Judy Nichols · License #45155-94 Show Phone

Source: Exitrealty

Added: Apr 1, 2025 Changed: Aug 29 Last Checked: Aug 29 at 1:18PM

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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 Westconsin Realty LLC

Investment Insights

Based on property information with market context.

This duplex is located at 128 Lulu E Avenue 1 in Almena, Wisconsin, within a small Northern Wisconsin community. Built in 1940, the property includes two residential units and a shared three-car garage used by the tenants.

Water service is shared between the units, while all other utilities are separate. The two-unit configuration supports an owner-occupant arrangement with one residence available for rental, subject to the property's existing operating details.

Key Highlights

• Duplex located at 128 Lulu E Avenue 1, Almena, WI 54805
• Built in 1940
• Large 3‑car garage shared by tenants

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

$6,469

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

4.31%

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%

$129,380 $129.4K

Cap Rate 7%

$92,414 $92.4K

Cap Rate 9%

$71,878 $71.9K

Market Conditions

NOI Build-Up for 1,463 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

$9.8K $6.72/SF

− Vacancy

−$590 −$0.40/SF

EGI

$9.2K $6.32/SF

− OpEx

−$2.8K −$1.90/SF

NOI

$6.5K $4.42/SF

Area

Barron County, WI

Vacancy

6.00%

Lease Rate

$6.72 /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%

$129,380

Cap Rate 7%

$92,414

Cap Rate 9%

$71,878

Alternative Uses

Best Use

Multifamily LT 5

$92.4K

$80.9K – $107.8K (±1% cap)

NOI $6,469 @ 7.0% cap · market cap 4.31%

Second Best

Apartment 5plus

$86.9K

$76.1K – $101.4K (±1% cap)

NOI $6,086 @ 7.0% cap · market cap 4.06%

Theoretical Best

Warehouse

$1.18M

$1.03M – $1.37M (±1% cap)

NOI $82,284 @ 7.0% cap · market cap 54.86%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Building Supply Bakery (Bike/Boat/Book/etc) Store Storage Facility Butcher HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

81

Businesses Nearby

Explore this area Business Placement

Demographics for 54805, WI

1,444

Population

790

Households

1.8

Avg Household Size

43

Median Age

13%

College-Educated

88%

High-School Grad

31.2 sq mi

ZIP Area

46

Density / Sq Mi

$62,917

Median Household Income

$41,862

Median Earnings

$664

Median Rent

$171,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property with shared water service and separate utilities for the remaining services.

Where is this duplex located?

The property is located at 128 Lulu E Avenue 1 Almena, WI.

What is the asking price?

The asking price for this property is $150,000.

What are key features of this property?

This property features: Duplex located at 128 Lulu E Avenue 1, Almena, WI 54805; Built in 1940; Large 3‑car garage shared by tenants