Updated Two-Unit
For Sale
$220,000
1515 North 7th Street, Sheboygan, WI 53081
Two-story residential income property with refreshed finishes, natural-gas heating, and a recently installed boiler.
Property Size2,330 SF
Price / SF$94.42
Days on Market376
Property Features for 1515 North 7th Street
General Information
Standard status
Active
Size
2,330 SF
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
Residential
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,530
Amenities
Forced Air
2
Natural Gas
Full
1
Poured Concrete
2 Story,2 Up and Down
Aluminum Siding
Not Applicable
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Legacy First LLC
(267) 597-8838
Listed By:
Naomie K Mikulu · License #94-95785
(267) 597-8838
Source:
Compass
Added: Aug 22, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:36PM
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 Legacy First LLC
Investment Insights
Based on property information with market context.
This two-story duplex contains 2,330 square feet and is configured as a residential income property. Improvements include updated flooring and cabinetry, along with a newer roof and a recently installed boiler. The building uses natural gas and forced-air heating, and the property is offered in its existing as-is condition.
Located at 1515 North 7th Street in Sheboygan, the property is minutes from downtown and its amenities. Residential zoning supports its established multifamily configuration. Built in 1900, the building provides a compact two-unit layout with refreshed interior and building systems.
Located at 1515 North 7th Street in Sheboygan, the property is minutes from downtown and its amenities. Residential zoning supports its established multifamily configuration. Built in 1900, the building provides a compact two-unit layout with refreshed interior and building systems.
Key Highlights
- 2,330‑square‑foot duplex in a two‑story building
- Two‑unit residential income property
- Newer roof, updated flooring, and updated cabinetry
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
$19,626
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
8.92%
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%
$392,520
$392.5K
Cap Rate 7%
$280,371
$280.4K
Cap Rate 9%
$218,067
$218.1K
Market Conditions
NOI Build-Up for 2,330 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
$29.4K $12.60/SF
− Vacancy
−$1.3K −$0.57/SF
EGI
$28.0K $12.03/SF
− OpEx
−$8.4K −$3.61/SF
NOI
$19.6K $8.42/SF
Area
Sheboygan County, WI
Vacancy
4.50%
Lease Rate
$12.60 /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%
$392,520
Cap Rate 7%
$280,371
Cap Rate 9%
$218,067
Alternative Uses
Best Use
Multifamily LT 5
$280.4K
$245.3K – $327.1K
NOI $19,626 @ 7.0% cap · market cap 8.92%
Second Best
Apartment 5plus
$260.8K
$228.2K – $304.2K
NOI $18,253 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$507.8K
$444.3K – $592.4K
NOI $35,546 @ 7.0% cap · market cap 16.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
Explore this area
Business Placement
Demographics for 53081, WI
43,465
Population
20,121
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
23.3 sq mi
ZIP Area
1,865
Density / Sq Mi
$62,401
Median Household Income
$42,329
Median Earnings
$866
Median Rent
$169,700
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-story residential income property with refreshed finishes, natural-gas heating, and a recently installed boiler.
Where is this duplex located?
The property is located at 1515 North 7th Street Sheboygan, WI.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 2,330‑square‑foot duplex in a two‑story building; Two‑unit residential income property; Newer roof, updated flooring, and updated cabinetry
