New Construction
For Sale
$639,800
1423-1425 21st, Monroe, WI 53566
Two-unit property with basement storage, a one-car garage, and natural gas forced-air heating.
Property Size3,400 SF
Price / SF$188.18
Days on Market131
Property Features for 1423-1425 21st
General Information
Standard status
Active
Size
3,400 SF
Total Parking Spaces
1
Property subtype
Multi Family / Duplex-side by side
Zoning
Multi
Net Operating Income
$2,025
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,651
Amenities
Full, Poured concrete foundatn, Unfinished
Natural Gas
Forced air
Seller's personal property. Tenant's personal property.
Oven/Stove x2, Refrigerator x2, Microwave x2, Dishwasher x2, Water Softener x2
2
Vinyl
Building Details
Year Built
2024
Buildings
1
Units
2
Listing Agency:
EXIT Professional Real Estate
(608) 477-3329
Listed By:
Ben Voss · License #111282-94
(608) 477-3329
Source:
Compass
Added: Apr 22
Changed: Aug 30
Last Checked: Aug 30 at 1:47PM
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 EXIT Professional Real Estate
Investment Insights
Based on property information with market context.
Built in 2024, this duplex at 1423-1425 21st in Monroe, Wisconsin, combines a two-unit layout with modern residential features. The property includes main-floor laundry, a primary suite, a walk-in pantry, two full bathrooms, and substantial storage. Each unit is equipped with an oven/stove, refrigerator, microwave, dishwasher, and water softener.
A full unfinished basement with exposed windows provides additional space for storage or future living-area planning. The building also has a one-car garage, vinyl exterior, natural gas service, and forced-air heat. Zoned Multi, the property is positioned within walking distance of schools, parks, and Historic Downtown.
A full unfinished basement with exposed windows provides additional space for storage or future living-area planning. The building also has a one-car garage, vinyl exterior, natural gas service, and forced-air heat. Zoned Multi, the property is positioned within walking distance of schools, parks, and Historic Downtown.
Key Highlights
- 2024‑built duplex with Multi zoning
- Full unfinished poured‑concrete basement with exposed windows
- One‑car garage and vinyl exterior
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
$45,003
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
7.03%
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%
$900,060
$900.1K
Cap Rate 7%
$642,900
$642.9K
Cap Rate 9%
$500,033
$500.0K
Market Conditions
NOI Build-Up for 3,400 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
$67.3K $19.80/SF
− Vacancy
−$3.0K −$0.89/SF
EGI
$64.3K $18.91/SF
− OpEx
−$19.3K −$5.67/SF
NOI
$45.0K $13.24/SF
Area
Green County, WI
Vacancy
4.50%
Lease Rate
$19.80 /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%
$900,060
Cap Rate 7%
$642,900
Cap Rate 9%
$500,033
Alternative Uses
Best Use
Multifamily LT 5
$642.9K
$562.5K – $750.1K
NOI $45,003 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$595.8K
$521.3K – $695.1K
NOI $41,705 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$993.2K
$869.0K – $1.16M
NOI $69,523 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 53566, WI
14,970
Population
6,810
Households
2.2
Avg Household Size
44
Median Age
26%
College-Educated
93%
High-School Grad
152.9 sq mi
ZIP Area
98
Density / Sq Mi
$71,801
Median Household Income
$41,525
Median Earnings
$849
Median Rent
$203,700
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 - Two-unit property with basement storage, a one-car garage, and natural gas forced-air heating.
Where is this duplex located?
The property is located at 1423-1425 21st Monroe, WI.
What is the asking price?
The asking price for this property is $639,800.
What are key features of this property?
This property features: 2024‑built duplex with Multi zoning; Full unfinished poured‑concrete basement with exposed windows; One‑car garage and vinyl exterior
