Updated Two-Story
For Sale
$250,000
209 Nicolet Boulevard, Neenah, WI 54956
Two-story residential income property with refreshed finishes, forced-air heating, and natural gas service.
Property Size1,780 SF
Price / SF$140.45
Days on Market146
Property Features for 209 Nicolet Boulevard
General Information
Standard status
Active
Size
1,780 SF
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
2 Family/Duplex,Resident
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,684
Amenities
Forced Air
2
Natural Gas
1
Full
Stone
2 Story,2 Up and Down
Pressboard
1st Floor Bedroom,1st Floor Full Bath
Building Details
Year Built
1913
Buildings
1
Listing Agency:
First Weber, Inc.
Listed By:
Alyssa L Iglesias · License #94-87197
(920) 840-4385
Source:
Compass
Added: Apr 10
Changed: Sep 2
Last Checked: Aug 30 at 9:17PM
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 First Weber, Inc.
Investment Insights
Based on property information with market context.
This two-story duplex, built in 1913, has undergone interior updates including new countertops, cabinetry, and flooring. The property includes a first-floor bedroom and full bathroom, along with forced-air heating and natural gas service. Exterior materials include stone and pressboard siding.
Located at 209 Nicolet Boulevard in Neenah, Wisconsin, the property is zoned for two-family or duplex residential use. Its two-story configuration and updated interior finishes support continued use as a residential income property.
Located at 209 Nicolet Boulevard in Neenah, Wisconsin, the property is zoned for two-family or duplex residential use. Its two-story configuration and updated interior finishes support continued use as a residential income property.
Key Highlights
- Updated with new countertops, cabinets, and flooring
- Two‑story duplex configuration with up‑and‑down layout
- First‑floor bedroom and full bathroom
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
$12,010
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
4.80%
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%
$240,200
$240.2K
Cap Rate 7%
$171,571
$171.6K
Cap Rate 9%
$133,444
$133.4K
Market Conditions
NOI Build-Up for 1,780 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
$18.2K $10.20/SF
− Vacancy
−$999 −$0.56/SF
EGI
$17.2K $9.64/SF
− OpEx
−$5.1K −$2.89/SF
NOI
$12.0K $6.75/SF
Area
Winnebago County, WI
Vacancy
5.50%
Lease Rate
$10.20 /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%
$240,200
Cap Rate 7%
$171,571
Cap Rate 9%
$133,444
Alternative Uses
Best Use
Multifamily LT 5
$171.6K
$150.1K – $200.2K
NOI $12,010 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$154.7K
$135.3K – $180.4K
NOI $10,826 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$384.2K
$336.2K – $448.2K
NOI $26,893 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,152
Businesses Nearby
Explore this area
Business Placement
Demographics for 54956, WI
46,316
Population
20,104
Households
2.3
Avg Household Size
40
Median Age
38%
College-Educated
96%
High-School Grad
61.7 sq mi
ZIP Area
751
Density / Sq Mi
$81,386
Median Household Income
$49,445
Median Earnings
$1,005
Median Rent
$238,200
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 - Two-story residential income property with refreshed finishes, forced-air heating, and natural gas service.
Where is this duplex located?
The property is located at 209 Nicolet Boulevard Neenah, WI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Updated with new countertops, cabinets, and flooring; Two‑story duplex configuration with up‑and‑down layout; First‑floor bedroom and full bathroom
