Student Housing Complex in
For Sale
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1636 N 3rd Ave, Wausau, WI 54401
Premier student housing complex near Northcentral Technical College.
Property Size75,000 SF
Price / SF$87.33
Days on Market158
Property Features for 1636 N 3rd Ave
General Information
Standard status
Active
Size
75,000 SF
Class
A
Property subtype
Multifamily
Occupancy
88%
Investment Type
Value Add
Net Operating Income
$468,876
Building Details
Year Built
2018
Buildings
1
Stories
4
Units
66
Listing Agency:
Marcus & Millichap - Chicago Downtown
Listed By:
Patrick Suffield · License #IL: 475.179485
Source:
Crexi
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 9 at 7:45AM
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 Marcus & Millichap - Chicago Downtown
Investment Insights
Based on property information with market context.
The Timberwolf Suites is a student housing complex located in Wausau, Wisconsin, situated directly behind Northcentral Technical College. Constructed in 2018, the property comprises 66 units with a total of 200 beds. The unit mix includes 30 two-bed units, 4 three-bed units, and 32 four-bed units. Northcentral Technical College has a total enrollment of 5,939 students and offers over 190 programs. The college has a student-to-faculty ratio of 11:1. Top programs include Registered Nursing, Dental Hygiene, and Psychiatric/Mental Health Services Technician. The college offers in-state tuition of $3,723 for the 2023 school year, and 28% of students receive grants or scholarship aid, with the average award being $4,014. The property size is 75,000 square feet.
Key Highlights
- Only student housing complex directly serving Northcentral Technical College (NTC).
- Built in 2018, offering modern construction and amenities.
- 66 units with 200 beds, featuring a mix of 2, 3, and 4‑bed configurations.
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
$565,488
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
8.63%
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%
$11,309,760
$11.3M
Cap Rate 7%
$8,078,400
$8.1M
Cap Rate 9%
$6,283,200
$6.3M
Market Conditions
NOI Build-Up for 75,000 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
$1.08M $14.40/SF
− Vacancy
−$51.8K −$0.69/SF
EGI
$1.03M $13.71/SF
− OpEx
−$462.7K −$6.17/SF
NOI
$565.5K $7.54/SF
Area
Marathon County, WI
Vacancy
4.80%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$11,309,760
Cap Rate 7%
$8,078,400
Cap Rate 9%
$6,283,200
Alternative Uses
Best Use
Apartment 5plus
$8.08M
$7.07M – $9.42M
NOI $565,488 @ 7.0% cap · market cap 8.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.86M
$12.12M – $16.17M
NOI $969,975 @ 7.0% cap · market cap 14.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Explore this area
Business Placement
Demographics for 54401, WI
31,727
Population
14,230
Households
2.2
Avg Household Size
40
Median Age
31%
College-Educated
91%
High-School Grad
84.2 sq mi
ZIP Area
377
Density / Sq Mi
$69,542
Median Household Income
$40,796
Median Earnings
$969
Median Rent
$186,100
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?
Apartment building - Premier student housing complex near Northcentral Technical College.
Where is this apartment building located?
The property is located at 1636 N 3rd Ave Wausau, WI.
What is the asking price?
The asking price for this property is $6,550,000.
What are key features of this property?
This property features: Only student housing complex directly serving Northcentral Technical College (NTC).; Built in 2018, offering modern construction and amenities.; 66 units with 200 beds, featuring a mix of 2, 3, and 4‑bed configurations.
