3-Unit Triplex with Basement
For Sale
$149,900
173 North Monroe Street, Waterloo, WI 53594
Each apartment includes one bedroom and one bathroom, with shared laundry facilities located in the basement.
Property Size1,355 SF
Price / SF$110.63
Days on Market159
Property Features for 173 North Monroe Street
General Information
Standard status
Active
Size
1,355 SF
Property subtype
Multi Family / Apartment building
Zoning
RES
Property Condition
Severity
Major Repairs Needed
Evidence
requires significant repairs, including structural, roof, and interior work
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$23,580
Taxes and HOA fees
Annual Taxes
$1,435
Amenities
shared basement laundry
Full, Other foundation
Electric
Radiant
Seller and Tenant's Personal Property
3 Stoves/Ovens, 3 Refrigerators, Washer, Dryer
1
3
Other
Building Details
Year Built
1870
Units
3
Listing Agency:
Elevate Estates Realty Co.
(608) 515-7829
Listed By:
Megan Holzmann · License #98735-94
(608) 515-7829
Source:
Compass
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 30 at 3:55AM
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 Elevate Estates Realty Co.
Investment Insights
Based on property information with market context.
Built in 1870, this multifamily property contains three one-bedroom, one-bath apartments within a shared building. Basement laundry serves the units, and the property includes 3 stoves/ovens, 3 refrigerators, a washer, and a dryer. The building is being sold as-is and requires substantial structural, roof, and interior repairs.
Located in downtown Waterloo, the property is zoned RES. Its existing three-unit layout provides a clearly defined residential configuration, while the current condition should be considered when evaluating renovation scope and financing options. Conventional financing may not be available.
Located in downtown Waterloo, the property is zoned RES. Its existing three-unit layout provides a clearly defined residential configuration, while the current condition should be considered when evaluating renovation scope and financing options. Conventional financing may not be available.
Key Highlights
- Three‑unit multifamily property with three 1 bed/1 bath apartments
- Shared basement laundry with washer and dryer
- Includes 3 stoves/ovens and 3 refrigerators
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
$12,717
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
8.48%
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%
$254,340
$254.3K
Cap Rate 7%
$181,671
$181.7K
Cap Rate 9%
$141,300
$141.3K
Market Conditions
NOI Build-Up for 1,355 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
$24.4K $18.00/SF
− Vacancy
−$1.3K −$0.94/SF
EGI
$23.1K $17.06/SF
− OpEx
−$10.4K −$7.68/SF
NOI
$12.7K $9.39/SF
Area
Jefferson County, WI
Vacancy
5.20%
Lease Rate
$18.00 /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%
$254,340
Cap Rate 7%
$181,671
Cap Rate 9%
$141,300
Alternative Uses
Best Use
Multifamily LT 5
$205.2K
$179.6K – $239.5K
NOI $14,367 @ 7.0% cap · market cap 9.58%
Second Best
Apartment 5plus
$181.7K
$159.0K – $212.0K
NOI $12,717 @ 7.0% cap · market cap 8.48%
Theoretical Best
Office A
$318.0K
$278.3K – $371.1K
NOI $22,263 @ 7.0% cap · market cap 14.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
190
Businesses Nearby
Explore this area
Business Placement
Demographics for 53594, WI
5,324
Population
2,308
Households
2.3
Avg Household Size
42
Median Age
24%
College-Educated
92%
High-School Grad
72.7 sq mi
ZIP Area
73
Density / Sq Mi
$80,000
Median Household Income
$46,206
Median Earnings
$990
Median Rent
$236,900
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 - Each apartment includes one bedroom and one bathroom, with shared laundry facilities located in the basement.
Where is this triplex located?
The property is located at 173 North Monroe Street Waterloo, WI.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Three‑unit multifamily property with three 1 bed/1 bath apartments; Shared basement laundry with washer and dryer; Includes 3 stoves/ovens and 3 refrigerators
