Triplex Property with
New
For Sale
$749,000
1516 Philhower Road, Beloit, WI 53511
Multi Family, Beloit, WI
Property Size3,160 SF
Lot Size3.37 Acres
Price / SF$237.03
Days on Market2
Property Features for 1516 Philhower Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A3
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 7, Bathroom 3, Bathroom 1, Bedroom 6, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 5
Parking features
Garage, Paved or Surfaced
Appliances
3
Elementary school
Powers/Garden Prairie
Middle school
Turner
High school
Turner
Elementary school district
Beloit Turner
Middle school district
Beloit Turner
High school district
Beloit Turner
Directions
From Prairie Ave, Go East on Philhower
Subdivision
TURTLE - T
Standard status
Active
APN
038 001088011
Lot size
3.37 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4547
Utilities
Heating system
Forced Air
Building Details
Year built
1914
Floors in Building
2
Number of units
3
Listing Agency:
Keller Williams Realty Signature
(608) 480-8580
Listed By:
Kimberley Govert-Meris · License #8251294
(608) 751-1024
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 8:06AM
MLS# 2030979
Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex-class property includes approximately 3,160 square feet of combined living area across a main house and additional apartment space. The layout can support two two-bedroom units and one three-bedroom unit, or a five-bedroom main residence paired with a separate two-bedroom unit. Two distinct basements add storage and utility space. Built in 1914, the property has forced-air heating, a garage, and paved parking.
Set on 3.37 acres in the Town of Turtle, the property includes multiple outbuildings and workshops, along with pasture, chicken coops, garden areas, and greenhouse-style growing spaces. Zoning is A3, and the location is within the Turner School District. The property is addressed in Beloit, Wisconsin, in Rock County.
Set on 3.37 acres in the Town of Turtle, the property includes multiple outbuildings and workshops, along with pasture, chicken coops, garden areas, and greenhouse-style growing spaces. Zoning is A3, and the location is within the Turner School District. The property is addressed in Beloit, Wisconsin, in Rock County.
Key Highlights
- Approximately 3,160 square feet of combined living space
- Potential configuration for two 2‑bedroom units and one 3‑bedroom unit
- Alternative layout with a 5‑bedroom main unit and separate 2‑bedroom unit
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
$29,152
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
3.89%
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%
$583,040
$583.0K
Cap Rate 7%
$416,457
$416.5K
Cap Rate 9%
$323,911
$323.9K
Market Conditions
NOI Build-Up for 3,160 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
$43.6K $13.80/SF
− Vacancy
−$2.0K −$0.62/SF
EGI
$41.6K $13.18/SF
− OpEx
−$12.5K −$3.95/SF
NOI
$29.2K $9.23/SF
Area
Rock County, WI
Vacancy
4.50%
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%
$583,040
Cap Rate 7%
$416,457
Cap Rate 9%
$323,911
Alternative Uses
Best Use
Multifamily LT 5
$416.5K
$364.4K – $485.9K
NOI $29,152 @ 7.0% cap · market cap 3.89%
Second Best
Apartment 5plus
$366.1K
$320.4K – $427.1K
NOI $25,628 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$759.4K
$664.5K – $885.9K
NOI $53,156 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 53511, WI
48,659
Population
19,372
Households
2.5
Avg Household Size
38
Median Age
19%
College-Educated
89%
High-School Grad
114.9 sq mi
ZIP Area
423
Density / Sq Mi
$65,305
Median Household Income
$39,344
Median Earnings
$995
Median Rent
$160,000
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?
Triplex - Flexible residential layout with separate basements, workshops, and acreage for varied uses.
Where is this triplex located?
The property is located at 1516 Philhower Road Beloit, WI.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Approximately 3,160 square feet of combined living space; Potential configuration for two 2‑bedroom units and one 3‑bedroom unit; Alternative layout with a 5‑bedroom main unit and separate 2‑bedroom unit
