Duplex with Covered
For Sale
$220,000
1517 Division St, New London, WI 54961
Two-unit property with separate living areas, updated flooring, and additional lower-level space.
Property Size2,038 SF
Price / SF$107.95
Days on Market39
Property Features for 1517 Division St
General Information
Standard status
Active
Size
2,038 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Renard Realty
(920) 606-4436
Listed By:
Shane Renard - Principal Broker Owner · License #9057962
(920) 606-4436
Source:
Renardrealtygroup
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 7:14PM
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 Renard Realty
Investment Insights
Based on property information with market context.
This 2,038-square-foot duplex, built in 1948, includes distinct upper and lower residences. The lower unit provides two bedrooms, a living room, an eat-in kitchen, and a partially finished lower level with a pellet stove. Its bathroom has a partially finished ceiling, and the unit includes a 1-car garage. The upper residence offers three bedrooms, a galley kitchen, updated vinyl flooring, and a carport for covered parking.
Located at 1517 Division St in New London, the property combines two separate living areas with different parking arrangements and additional finished space below the lower unit.
Located at 1517 Division St in New London, the property combines two separate living areas with different parking arrangements and additional finished space below the lower unit.
Key Highlights
- 2,038‑square‑foot duplex built in 1948
- Lower unit includes 2 bedrooms, eat‑in kitchen, pellet stove, and partially finished lower level
- Upper unit offers 3 bedrooms and a galley kitchen with updated vinyl flooring
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
$13,605
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
6.18%
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%
$272,100
$272.1K
Cap Rate 7%
$194,357
$194.4K
Cap Rate 9%
$151,167
$151.2K
Market Conditions
NOI Build-Up for 2,038 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
$20.8K $10.20/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$19.4K $9.54/SF
− OpEx
−$5.8K −$2.86/SF
NOI
$13.6K $6.68/SF
Area
Waupaca County, WI
Vacancy
6.50%
Lease Rate
$10.20 /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%
$272,100
Cap Rate 7%
$194,357
Cap Rate 9%
$151,167
Alternative Uses
Best Use
Multifamily LT 5
$194.4K
$170.1K – $226.8K
NOI $13,605 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$181.6K
$158.9K – $211.9K
NOI $12,711 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$381.7K
$334.0K – $445.4K
NOI $26,722 @ 7.0% cap · market cap 12.15%
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
264
Businesses Nearby
Explore this area
Business Placement
Demographics for 54961, WI
14,122
Population
6,249
Households
2.3
Avg Household Size
43
Median Age
18%
College-Educated
91%
High-School Grad
124.1 sq mi
ZIP Area
114
Density / Sq Mi
$71,337
Median Household Income
$43,960
Median Earnings
$841
Median Rent
$196,600
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-unit property with separate living areas, updated flooring, and additional lower-level space.
Where is this duplex located?
The property is located at 1517 Division St New London, 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: 2,038‑square‑foot duplex built in 1948; Lower unit includes 2 bedrooms, eat‑in kitchen, pellet stove, and partially finished lower level; Upper unit offers 3 bedrooms and a galley kitchen with updated vinyl flooring
