Premier 55+ Apartment
For Sale
$14,900,000
2001 Marathon Ave, Neenah, WI 54957
Newly redeveloped 55+ multi-family community with commercial spaces.
Property Size148,000 SF
Lot Size17.25 Acres
Price / SF$100.68
Days on Market244
Property Features for 2001 Marathon Ave
General Information
Standard status
Active
Size
148,000 SF
Lot size
17.25 Acres
Building Details
Year Built
1954
Listing Agency:
Keller Williams Green Bay
Listed By:
Caleb W. Hayes · License #56667
(920) 309-1037
Source:
Moving2greenbay
Added: Jan 26
Changed: Sep 15
Last Checked: Sep 26 at 10:31AM
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 Keller Williams Green Bay
Investment Insights
Based on property information with market context.
Marathon Flats is a premier 55+ apartment community located in Neenah, Wisconsin. This property presents an opportunity to acquire a newly redeveloped multi-family community featuring 61 fully renovated apartment units. In addition to the residential units, the property includes 42 storage units, 56 garages, and two commercial spaces, one of which is under a long-term lease with Kimberly-Clark. Situated on a 17.25-acre lot, the property was subject to an adaptive reuse conversion completed between 2023 and 2024. The redevelopment caters to the demand for senior housing. Furthermore, the property includes excess land that allows for the future development of additional units.
Key Highlights
- Premier 55+ apartment community with 61 fully renovated units.
- Long‑term lease with Kimberly‑Clark provides stable income.
- Newly redeveloped in 2023‑2024, offering modern amenities and appeal.
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
$900,121
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
6.04%
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%
$18,002,420
$18.0M
Cap Rate 7%
$12,858,871
$12.9M
Cap Rate 9%
$10,001,344
$10.0M
Market Conditions
NOI Build-Up for 148,000 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
$1.72M $11.64/SF
− Vacancy
−$86.1K −$0.58/SF
EGI
$1.64M $11.06/SF
− OpEx
−$736.5K −$4.98/SF
NOI
$900.1K $6.08/SF
Area
Winnebago County, WI
Vacancy
5.00%
Lease Rate
$11.64 /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%
$18,002,420
Cap Rate 7%
$12,858,871
Cap Rate 9%
$10,001,344
Alternative Uses
Best Use
Apartment 5plus
$12.86M
$11.25M – $15.00M
NOI $900,121 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$31.94M
$27.95M – $37.27M
NOI $2,236,055 @ 7.0% cap · market cap 15.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
434
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Business Placement
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly redeveloped 55+ multi-family community with commercial spaces.
Where is this apartment building located?
The property is located at 2001 Marathon Ave Neenah, WI.
What is the asking price?
The asking price for this property is $14,900,000.
What are key features of this property?
This property features: Premier 55+ apartment community with 61 fully renovated units.; Long‑term lease with Kimberly‑Clark provides stable income.; Newly redeveloped in 2023‑2024, offering modern amenities and appeal.
