Waterfront Ranch
For Sale
$264,900
604 Knight Ave, Neenah, WI 54956
Fully rented 2-unit ranch duplex with 60 feet on the Neenah Slough and two-bedroom, one-bath units.
Property Size1,684 SF
Price / SF$157.30
Days on Market49
Property Features for 604 Knight Ave
General Information
Standard status
Active
Size
1,684 SF
Property subtype
Multi-Family
Building Details
Year Built
1962
Listing Agency:
Ruesch Realty
Listed By:
Kevin J. Gracyalny · License #91939018
(920) 360-1252
Source:
Smartteamhomes
Added: Jul 21
Changed: Sep 2
Last Checked: Sep 7 at 10:48AM
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
Investment Insights
Based on property information with market context.
This fully rented waterfront ranch duplex offers two separate units, each with 2 bedrooms and 1 bathroom. The property includes 60 feet of frontage on the Neenah Slough and is currently producing rental income, with both units rented at $995 per month. Leases are in place through August 31, 2026.
The waterfront setting supports outdoor recreation such as fishing and kayaking on the waterway. For showings, 24-hour notice is required.
For purchasers interested in an owner-occupy option, the layout provides the flexibility to live in one unit while maintaining rental income from the other. The seller also has three other duplexes available for sale individually or as a package.
The waterfront setting supports outdoor recreation such as fishing and kayaking on the waterway. For showings, 24-hour notice is required.
For purchasers interested in an owner-occupy option, the layout provides the flexibility to live in one unit while maintaining rental income from the other. The seller also has three other duplexes available for sale individually or as a package.
Key Highlights
- Fully rented 2‑unit ranch duplex with 60 feet on the Neenah Slough
- Both units have 2 bedrooms and 1 bathroom
- Current rent is $995 per month per unit
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
$11,362
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
4.29%
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%
$227,240
$227.2K
Cap Rate 7%
$162,314
$162.3K
Cap Rate 9%
$126,244
$126.2K
Market Conditions
NOI Build-Up for 1,684 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
$17.2K $10.20/SF
− Vacancy
−$945 −$0.56/SF
EGI
$16.2K $9.64/SF
− OpEx
−$4.9K −$2.89/SF
NOI
$11.4K $6.75/SF
Area
Winnebago County, WI
Vacancy
5.50%
Lease Rate
$10.20 /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%
$227,240
Cap Rate 7%
$162,314
Cap Rate 9%
$126,244
Alternative Uses
Best Use
Multifamily LT 5
$162.3K
$142.0K – $189.4K
NOI $11,362 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$146.3K
$128.0K – $170.7K
NOI $10,242 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$363.5K
$318.0K – $424.1K
NOI $25,443 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Explore this area
Business Placement
Demographics for 54956, WI
46,316
Population
20,104
Households
2.3
Avg Household Size
40
Median Age
38%
College-Educated
96%
High-School Grad
61.7 sq mi
ZIP Area
751
Density / Sq Mi
$81,386
Median Household Income
$49,445
Median Earnings
$1,005
Median Rent
$238,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully rented 2-unit ranch duplex with 60 feet on the Neenah Slough and two-bedroom, one-bath units.
Where is this duplex located?
The property is located at 604 Knight Ave Neenah, WI.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: Fully rented 2‑unit ranch duplex with 60 feet on the Neenah Slough; Both units have 2 bedrooms and 1 bathroom; Current rent is $995 per month per unit
