Mixed-Use Flex
For Sale
$275,000
928 S 12th St, Manitowoc, WI 54220
C-1 zoned duplex plus heated shop with office, bath, 11' ceilings, and overhead door access.
Property Size2,631 SF
Price / SF$104.52
Days on Market66
Property Features for 928 S 12th St
General Information
Standard status
Active
Size
2,631 SF
Zoning
C-1
Additional Details
Clear Height
11 ft
Multifamily Units
2
Building Details
Year Built
1867
Listing Agency:
Keller Williams-Manitowoc
Listed By:
August Richter · License #7641094
(920) 684-9400
Source:
Nikolicgroup
Added: Jul 3
Changed: Sep 3
Last Checked: Sep 5 at 11:10AM
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 Keller Williams-Manitowoc
Investment Insights
Based on property information with market context.
This for-sale mixed-use property includes a duplex generating gross rental income and a versatile heated and air-conditioned shop. The shop offers office space, a bath, 11' ceilings, and overhead door access, along with separate gas/electric and dedicated functionality for the space. A rear parking lot provides off-street parking for day-to-day use.
The property is presented as a real estate only sale and is zoned C-1, which is intended to provide flexibility to start or grow a business. The listing also notes numerous updates completed during the last 12 years of ownership, including electrical, mechanicals, roof, and windows.
Overall, the combination of residential income and an adaptable flex/industrial-style shop supports a variety of occupancy and operating models while remaining in a central downtown Manitowoc setting.
The property is presented as a real estate only sale and is zoned C-1, which is intended to provide flexibility to start or grow a business. The listing also notes numerous updates completed during the last 12 years of ownership, including electrical, mechanicals, roof, and windows.
Overall, the combination of residential income and an adaptable flex/industrial-style shop supports a variety of occupancy and operating models while remaining in a central downtown Manitowoc setting.
Key Highlights
- Mixed‑use setup in downtown Manitowoc: duplex plus a heated & air‑conditioned 25' x 50' shop
- Shop includes office space and bath, with 11' ceilings and overhead door access
- Shop has separate gas and electric service
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
$23,934
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
8.70%
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%
$478,680
$478.7K
Cap Rate 7%
$341,914
$341.9K
Cap Rate 9%
$265,933
$265.9K
Market Conditions
NOI Build-Up for 2,631 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
$39.5K $15.00/SF
− Vacancy
−$2.6K −$1.01/SF
EGI
$36.8K $14.00/SF
− OpEx
−$12.9K −$4.90/SF
NOI
$23.9K $9.10/SF
Area
Manitowoc County, WI
Vacancy
6.70%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$478,680
Cap Rate 7%
$341,914
Cap Rate 9%
$265,933
Alternative Uses
Best Use
Flex RnD
$341.9K
$299.2K – $398.9K
NOI $23,934 @ 7.0% cap · market cap 8.70%
Second Best
Industrial
$139.5K
$122.1K – $162.8K
NOI $9,766 @ 7.0% cap · market cap 3.55%
Theoretical Best
Specialty Retail
$576.6K
$504.5K – $672.7K
NOI $40,361 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11 ft
Clear height
2
Residential units
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
Explore this area
Business Placement
Demographics for 54220, WI
40,737
Population
18,942
Households
2.2
Avg Household Size
44
Median Age
24%
College-Educated
91%
High-School Grad
98.7 sq mi
ZIP Area
413
Density / Sq Mi
$65,188
Median Household Income
$40,791
Median Earnings
$790
Median Rent
$159,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - C-1 zoned duplex plus heated shop with office, bath, 11' ceilings, and overhead door access.
Where is this duplex located?
The property is located at 928 S 12th St Manitowoc, WI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Mixed‑use setup in downtown Manitowoc: duplex plus a heated & air‑conditioned 25' x 50' shop; Shop includes office space and bath, with 11' ceilings and overhead door access; Shop has separate gas and electric service
