Turnkey Remodeled
For Sale
$384,900
205 Ann Street, Fox Lake, WI 53933
Fully renovated duplex with separate HVAC and water heating for the upper 1BR/1BA and lower 2BR/1BA units.
Property Size1,820 SF
Price / SF$211.48
Days on Market379
Property Features for 205 Ann Street
General Information
Standard status
Active
Size
1,820 SF
Property subtype
Multi Family / 2 story
Zoning
RES
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,657
Amenities
Full, Full size windows/Exposed, Walkout to yard, Finished
Natural Gas
Forced air
Balance of Seller's Personal Property
Washer, Dryer, Dishwasher, Stove/Oven, Refrigerator, 3 Cameras
1
2
Vinyl
Building Details
Year Built
1978
Units
2
Tenancy
Multi
Listing Agency:
RE/MAX Preferred
Listed By:
Mallary Schoenoff · License #85796-94
(608) 469-5452
Source:
Compass
Added: Aug 22, 2025
Changed: Aug 8
Last Checked: Jul 21 at 7:22AM
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 RE/MAX Preferred
Investment Insights
Based on property information with market context.
This beautifully remodeled duplex offers two separate living units with modern updates throughout. The upper unit features a 1 bedroom, 1 bathroom layout with an updated kitchen that includes butcher block countertops and stainless steel appliances, along with a private deck overlooking the backyard. The lower unit provides a 2 bedroom, 1 bathroom floor plan with updated finishes and a bright, comfortable interior.
Each unit is equipped with its own A/C, water heater, and furnace, providing convenient, independent utility control. The property is described as turnkey with recent renovations intended to support low-maintenance living.
Each unit is equipped with its own A/C, water heater, and furnace, providing convenient, independent utility control. The property is described as turnkey with recent renovations intended to support low-maintenance living.
Key Highlights
- Fully renovated duplex with 2 units: upper 1BR/1BA and lower 2BR/1BA
- Each unit has its own A/C, water heater, and furnace for separate comfort and utility control
- Upper unit includes updated kitchen with butcher block countertops and stainless steel appliances
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
$16,258
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
4.22%
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%
$325,160
$325.2K
Cap Rate 7%
$232,257
$232.3K
Cap Rate 9%
$180,644
$180.6K
Market Conditions
NOI Build-Up for 1,820 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
$24.0K $13.20/SF
− Vacancy
−$798 −$0.44/SF
EGI
$23.2K $12.76/SF
− OpEx
−$7.0K −$3.83/SF
NOI
$16.3K $8.93/SF
Area
Dodge County, WI
Vacancy
3.32%
Lease Rate
$13.20 /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%
$325,160
Cap Rate 7%
$232,257
Cap Rate 9%
$180,644
Alternative Uses
Best Use
Multifamily LT 5
$232.3K
$203.2K – $271.0K
NOI $16,258 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$215.3K
$188.4K – $251.2K
NOI $15,069 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$395.4K
$346.0K – $461.3K
NOI $27,676 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Explore this area
Business Placement
Demographics for 53933, WI
4,278
Population
1,793
Households
2.4
Avg Household Size
42
Median Age
17%
College-Educated
91%
High-School Grad
37.7 sq mi
ZIP Area
113
Density / Sq Mi
$80,536
Median Household Income
$39,652
Median Earnings
$1,121
Median Rent
$228,200
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 - Fully renovated duplex with separate HVAC and water heating for the upper 1BR/1BA and lower 2BR/1BA units.
Where is this duplex located?
The property is located at 205 Ann Street Fox Lake, WI.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: Fully renovated duplex with 2 units: upper 1BR/1BA and lower 2BR/1BA; Each unit has its own A/C, water heater, and furnace for separate comfort and utility control; Upper unit includes updated kitchen with butcher block countertops and stainless steel appliances
