Updated Duplex with Two-Car
For Sale
$525,000
146 Union Street, Sun Prairie, WI 53590
Two residential units with hardwood floors, a fenced yard, and access to downtown Sun Prairie.
Property Size3,119 SF
Price / SF$168.32
Days on Market148
Property Features for 146 Union Street
General Information
Standard status
Active
Size
3,119 SF
Property subtype
Multi Family / 2 flat-up and down
Zoning
G-1
Taxes and HOA fees
Annual Taxes
$6,080
Amenities
Full, Other foundation
Natural Gas
Forced air
Tenants Property, Sellers personal property
Unit 146 Stove, Refrigerator, Dishwasher, Microwave Unit 148 Stove, Refrigerator, Microwave, Washer, Dryer
1
2
Aluminum/Steel
Building Details
Year Built
999
Units
2
Listing Agency:
First Weber Inc
(608) 220-7112
Listed By:
Mike Brennan · License #81492-94
(608) 220-7112
Source:
Compass
Added: Apr 4
Changed: Aug 29
Last Checked: Aug 29 at 2:27PM
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 First Weber Inc
Investment Insights
Based on property information with market context.
This 3,119-square-foot duplex contains two residential units and includes hardwood flooring, a fenced yard, and a two-car garage. The property also has an unfinished attic, along with natural gas and forced-air systems. Unit 146 includes a stove, refrigerator, dishwasher, and microwave; Unit 148 includes a stove, refrigerator, microwave, washer, and dryer.
Improvements include a living room remodel and carpet replacement in 2015, new furnaces in 2016, a water heater installed in 2014, roof and garage siding work completed in 2010, a garage roof completed in 2008, and an upper-unit update in 2020. The property is located at 146 Union Street in Sun Prairie and is within walking distance of downtown. Zoning is G-1.
Improvements include a living room remodel and carpet replacement in 2015, new furnaces in 2016, a water heater installed in 2014, roof and garage siding work completed in 2010, a garage roof completed in 2008, and an upper-unit update in 2020. The property is located at 146 Union Street in Sun Prairie and is within walking distance of downtown. Zoning is G-1.
Key Highlights
- 3,119‑square‑foot duplex with two residential units
- Two‑car garage and fenced yard
- Hardwood floors and unfinished attic
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
$28,623
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
5.45%
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%
$572,460
$572.5K
Cap Rate 7%
$408,900
$408.9K
Cap Rate 9%
$318,033
$318.0K
Market Conditions
NOI Build-Up for 3,119 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
$43.0K $13.80/SF
− Vacancy
−$2.2K −$0.69/SF
EGI
$40.9K $13.11/SF
− OpEx
−$12.3K −$3.93/SF
NOI
$28.6K $9.18/SF
Area
Dane County, WI
Vacancy
5.00%
Lease Rate
$13.80 /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%
$572,460
Cap Rate 7%
$408,900
Cap Rate 9%
$318,033
Alternative Uses
Best Use
Multifamily LT 5
$408.9K
$357.8K – $477.1K
NOI $28,623 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$359.5K
$314.6K – $419.4K
NOI $25,164 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$724.8K
$634.2K – $845.6K
NOI $50,735 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
Explore this area
Business Placement
Demographics for 53590, WI
43,684
Population
18,292
Households
2.4
Avg Household Size
37
Median Age
52%
College-Educated
97%
High-School Grad
65.9 sq mi
ZIP Area
663
Density / Sq Mi
$96,497
Median Household Income
$57,711
Median Earnings
$1,375
Median Rent
$354,700
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?
Duplex - Two residential units with hardwood floors, a fenced yard, and access to downtown Sun Prairie.
Where is this duplex located?
The property is located at 146 Union Street Sun Prairie, WI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 3,119‑square‑foot duplex with two residential units; Two‑car garage and fenced yard; Hardwood floors and unfinished attic
