Historic Mixed-Use
For Sale
$149,900
109 E Fulton St, Waupaca, WI 54981
Historic mixed-use building with street-level commercial leased through 12/31/2027 and a second-story apartment ready to finish.
Property Size1,240 SF
Price / SF$120.89
Days on Market68
Property Features for 109 E Fulton St
General Information
Standard status
Active
Size
1,240 SF
Building Details
Year Built
1900
Listing Agency:
RE/MAX Lyons Real Estate
Listed By:
Benjamin J. Lyons · License #91937923
(715) 572-6473
Source:
Moving2greenbay
Added: Jul 21
Changed: Sep 12
Last Checked: Sep 24 at 11:31AM
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 RE/MAX Lyons Real Estate
Investment Insights
Based on property information with market context.
This historic mixed-use building combines street-level commercial space with residential space above. The street-level unit is currently leased to a real estate office through 12/31/2027, generating rental income in place. A full walkout basement overlooks the park and river, offering room for practical uses such as storage or additional workspace. Upstairs, the second-story apartment is ready to be finished, allowing flexibility for added income or owner occupancy.
Located in the heart of downtown Waupaca, the building sits among shops, restaurants, and local attractions. The configuration supports both ongoing leased income and continued development of the upper residential area.
The property’s layout includes street-level commercial and an unfinished second-story apartment, along with a walkout basement with views of the park and river.
Located in the heart of downtown Waupaca, the building sits among shops, restaurants, and local attractions. The configuration supports both ongoing leased income and continued development of the upper residential area.
The property’s layout includes street-level commercial and an unfinished second-story apartment, along with a walkout basement with views of the park and river.
Key Highlights
- Historic mixed‑use building in downtown Waupaca
- Street‑level commercial space is leased to a real estate office through 12/31/2027
- Full walkout basement overlooks the park and river
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
$13,605
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
9.08%
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%
$272,100
$272.1K
Cap Rate 7%
$194,357
$194.4K
Cap Rate 9%
$151,167
$151.2K
Market Conditions
NOI Build-Up for 1,240 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
$21.7K $17.52/SF
− Vacancy
−$3.6K −$2.89/SF
EGI
$18.1K $14.63/SF
− OpEx
−$4.5K −$3.66/SF
NOI
$13.6K $10.97/SF
Area
Waupaca County, WI
Vacancy
16.50%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
25.00%
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%
$272,100
Cap Rate 7%
$194,357
Cap Rate 9%
$151,167
Alternative Uses
Best Use
Office B
$194.4K
$170.1K – $226.8K
NOI $13,605 @ 7.0% cap · market cap 9.08%
Second Best
Mixed Use
$143.0K
$125.1K – $166.9K
NOI $10,011 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$232.3K
$203.2K – $271.0K
NOI $16,259 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
Explore this area
Business Placement
Demographics for 54981, WI
14,998
Population
8,253
Households
1.8
Avg Household Size
47
Median Age
28%
College-Educated
94%
High-School Grad
131.6 sq mi
ZIP Area
114
Density / Sq Mi
$76,821
Median Household Income
$45,326
Median Earnings
$800
Median Rent
$204,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic mixed-use building with street-level commercial leased through 12/31/2027 and a second-story apartment ready to finish.
Where is this mixed-use property located?
The property is located at 109 E Fulton St Waupaca, WI.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Historic mixed‑use building in downtown Waupaca; Street‑level commercial space is leased to a real estate office through 12/31/2027; Full walkout basement overlooks the park and river
