Duplex with Detached
New
For Sale
$225,000
215 College Ave, Watertown, WI 53094
Two-unit property with separate utility metering, central air, and tenant-dedicated garage space.
Property Size2,367 SF
Price / SF$95.06
Days on Market5
Property Features for 215 College Ave
General Information
Standard status
Active
Size
2,367 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Utilities to Site
Yes
Amenities
central air
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
NextHome Success-Ft Atkinson
Listed By:
Carolyn Fox · License #48218-90,PersonLicenseNumber
(920) 222-1500
Source:
Nikolicgroup
Added: Sep 14
Last Checked: Sep 17 at 1:15AM
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 NextHome Success-Ft Atkinson
Investment Insights
Based on property information with market context.
Located at 215 College Ave in Watertown, this 2,367-square-foot duplex was built in 1910 and contains two separate residential units. The main-level apartment has three bedrooms, one updated bathroom, and a generously sized living room. A one-bedroom apartment occupies the upper floor, and both units have central air conditioning.
A detached two-car garage is partitioned so each unit has its own garage area, with additional open parking available on the property. Utilities are separately metered for each unit. Both apartments are occupied by long-term tenants under month-to-month arrangements, providing an operating property with flexibility for future leasing decisions.
A detached two-car garage is partitioned so each unit has its own garage area, with additional open parking available on the property. Utilities are separately metered for each unit. Both apartments are occupied by long-term tenants under month-to-month arrangements, providing an operating property with flexibility for future leasing decisions.
Key Highlights
- 2,367‑square‑foot duplex at 215 College Ave, Watertown, WI 53094
- Main‑floor unit includes 3 bedrooms, 1 updated bath, and a large living room
- Second‑floor unit provides 1 bedroom
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
$19,598
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
8.71%
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%
$391,960
$392.0K
Cap Rate 7%
$279,971
$280.0K
Cap Rate 9%
$217,756
$217.8K
Market Conditions
NOI Build-Up for 2,367 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
$36.9K $15.60/SF
− Vacancy
−$1.3K −$0.55/SF
EGI
$35.6K $15.05/SF
− OpEx
−$16.0K −$6.77/SF
NOI
$19.6K $8.28/SF
Area
Dodge County, WI
Vacancy
3.50%
Lease Rate
$15.60 /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%
$391,960
Cap Rate 7%
$279,971
Cap Rate 9%
$217,756
Alternative Uses
Best Use
Multifamily LT 5
$302.1K
$264.3K – $352.4K
NOI $21,145 @ 7.0% cap · market cap 9.40%
Second Best
Apartment 5plus
$280.0K
$245.0K – $326.6K
NOI $19,598 @ 7.0% cap · market cap 8.71%
Theoretical Best
Office A
$514.2K
$449.9K – $599.9K
NOI $35,994 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Explore this area
Business Placement
Demographics for 53094, WI
18,510
Population
7,387
Households
2.5
Avg Household Size
39
Median Age
22%
College-Educated
92%
High-School Grad
88.8 sq mi
ZIP Area
208
Density / Sq Mi
$71,973
Median Household Income
$40,673
Median Earnings
$1,039
Median Rent
$223,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Two-unit property with separate utility metering, central air, and tenant-dedicated garage space.
Where is this duplex located?
The property is located at 215 College Ave Watertown, WI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 2,367‑square‑foot duplex at 215 College Ave, Watertown, WI 53094; Main‑floor unit includes 3 bedrooms, 1 updated bath, and a large living room; Second‑floor unit provides 1 bedroom
