Two-Unit
1608 23rd St, Two Rivers, WI 54241
For Sale
$65,000
Pending
Both levels are framed for two-bedroom, one-bathroom layouts.
Property Size944 SF
Days on Market12
Property Features for 1608 23rd St
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Listing Agency:
Faust Realty LLC
Listed By:
Morgan Hendrickson
(262) 308-0841
Source:
Exprealty
Added: Oct 29
Changed: Nov 1
Last Checked: Nov 8 at 9:33AM
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 Faust Realty LLC
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Investment Insights
Based on property information with market context.
This duplex is arranged as upper and lower units, each framed for two bedrooms and one bathroom. The interior has been taken back to the studs, leaving the existing layout framing in place. The property is offered in its current as-is condition.
Key Highlights
- Upper and lower duplex configuration
- Each unit framed for 2 bedrooms and 1 bathroom
- Interior opened to the studs; sale is as‑is
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,932
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$38,640
$38.6K
Cap Rate 7%
$27,600
$27.6K
Cap Rate 9%
$21,467
$21.5K
Market Conditions
NOI Build-Up for 944 SF
Gross rent
$9.6K $10.20/SF
− Vacancy
−$6.9K −$7.28/SF
EGI
$2.8K $2.92/SF
− OpEx
−$828 −$0.88/SF
NOI
$1.9K $2.05/SF
Area
Manitowoc County, WI
Vacancy
71.34%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$38,640
Cap Rate 7%
$27,600
Cap Rate 9%
$21,467
Alternative Uses
Best Use
Multifamily LT 5
$27.6K
$24.2K – $32.2K
NOI $1,932 @ 7.0% cap · market cap 2.97%
Second Best
Apartment 5plus
$22.2K
$19.4K – $25.9K
NOI $1,551 @ 7.0% cap · market cap 2.39%
Theoretical Best
Specialty Retail
$206.9K
$181.0K – $241.4K
NOI $14,481 @ 7.0% cap · market cap 22.28%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
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Business Placement
Demographics for 54241, WI
14,258
Population
7,013
Households
2
Avg Household Size
48
Median Age
22%
College-Educated
94%
High-School Grad
67.4 sq mi
ZIP Area
212
Density / Sq Mi
$63,415
Median Household Income
$40,659
Median Earnings
$757
Median Rent
$146,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both levels are framed for two-bedroom, one-bathroom layouts.
Where is this duplex located?
The property is located at 1608 23rd St Two Rivers, WI.
What is the asking price?
The asking price for this property is $65,000.
What are key features of this property?
This property features: Upper and lower duplex configuration; Each unit framed for 2 bedrooms and 1 bathroom; Interior opened to the studs; sale is as‑is
