Apartment Building with Barn
For Sale
$564,900
9651 Clayton Ave, Neenah, WI 54956
The property includes six living quarters, office, shop, and storage areas.
Property Size4,532 SF
Lot Size3.73 Acres
Price / SF$124.65
Days on Market35
Property Features for 9651 Clayton Ave
General Information
Standard status
Active
Size
4,532 SF
Lot size
3.73 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Building Details
Year Built
1920
Listing Agency:
Acre Realty, Ltd.
Listed By:
Stacey L. Hennessey · License #9055690
(920) 470-9692
Source:
Smartteamhomes
Added: Aug 2
Changed: Aug 31
Last Checked: Sep 5 at 11:43AM
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 Acre Realty, Ltd.
Investment Insights
Based on property information with market context.
This 4,532-square-foot apartment property, built in 1920, contains six living quarters along with a range of accessory improvements. The barn includes a loft, a finished 15-by-35-foot office, a 37-by-34-foot shop, a 44-by-34-foot barn area, and a 20-by-41-foot lean-to shed. Newer furnaces serve all units, and the property includes a new water heater in Unit 5 installed 06/2026.
Set on 3.73 acres at 9651 Clayton Ave in Neenah, Wisconsin, the property combines residential units with substantial on-site workspace and storage. The living quarters include a one-bedroom unit and a two-bedroom upper unit in addition to four other units shown in the property information.
Set on 3.73 acres at 9651 Clayton Ave in Neenah, Wisconsin, the property combines residential units with substantial on-site workspace and storage. The living quarters include a one-bedroom unit and a two-bedroom upper unit in addition to four other units shown in the property information.
Key Highlights
- Six living quarters across the property
- 3.73‑acre property at 9651 Clayton Ave, Neenah, WI 54956
- 4,532 SF property built in 1920
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
$27,563
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
4.88%
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%
$551,260
$551.3K
Cap Rate 7%
$393,757
$393.8K
Cap Rate 9%
$306,256
$306.3K
Market Conditions
NOI Build-Up for 4,532 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
$52.8K $11.64/SF
− Vacancy
−$2.6K −$0.58/SF
EGI
$50.1K $11.06/SF
− OpEx
−$22.6K −$4.98/SF
NOI
$27.6K $6.08/SF
Area
Winnebago County, WI
Vacancy
5.00%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
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%
$551,260
Cap Rate 7%
$393,757
Cap Rate 9%
$306,256
Alternative Uses
Best Use
Apartment 5plus
$393.8K
$344.5K – $459.4K
NOI $27,563 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$978.2K
$855.9K – $1.14M
NOI $68,472 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
7
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
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Frequently Asked Questions
What type of property is this?
Apartment building - The property includes six living quarters, office, shop, and storage areas.
Where is this apartment building located?
The property is located at 9651 Clayton Ave Neenah, WI.
What is the asking price?
The asking price for this property is $564,900.
What are key features of this property?
This property features: Six living quarters across the property; 3.73‑acre property at 9651 Clayton Ave, Neenah, WI 54956; 4,532 SF property built in 1920
