Two-Unit Duplex with Attic
For Sale
$219,900
215 E Spring St, New London, WI 54961
The upper and lower residences each offer two bedrooms, one bathroom, and a separate kitchen.
Property Size1,680 SF
Price / SF$130.89
Days on Market9
Property Features for 215 E Spring St
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
washer/dryer
attic storage
Building Details
Year Built
1945
Buildings
1
Listed By:
Tiffany Holtz | Coldwell Banker
(920) 574-4422
Source:
Tiffanyholtz
Added: Sep 28
Changed: Oct 2
Last Checked: Oct 5 at 5:48PM
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 Tiffany Holtz | Coldwell Banker
Investment Insights
Based on property information with market context.
This 1,680-square-foot duplex, built in 1945, has two vertically arranged residences. Each unit includes two bedrooms, one bathroom, a living room, and a kitchen. The lower unit has a full basement with a washer and dryer; its kitchen includes a refrigerator and stove. The upper kitchen has newer cabinets, a refrigerator, and a stove, with bench-and-table seating. A full walk-up attic provides additional storage. Interior refurbishment included fresh paint and décor.
The property is at 215 E Spring St in New London, within walking distance of parks, downtown, and restaurants.
The property is at 215 E Spring St in New London, within walking distance of parks, downtown, and restaurants.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,680 square feet; built in 1945
- Lower residence includes access to a full basement with washer and dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,216
Cap Rate
5.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$224,320
$224.3K
Cap Rate 7%
$160,229
$160.2K
Cap Rate 9%
$124,622
$124.6K
Market Conditions
NOI Build-Up for 1,680 SF
Gross rent
$17.1K $10.20/SF
− Vacancy
−$1.1K −$0.66/SF
EGI
$16.0K $9.54/SF
− OpEx
−$4.8K −$2.86/SF
NOI
$11.2K $6.68/SF
Area
Waupaca County, WI
Vacancy
6.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$224,320
Cap Rate 7%
$160,229
Cap Rate 9%
$124,622
Alternative Uses
Best Use
Multifamily LT 5
$160.2K
$140.2K – $186.9K
NOI $11,216 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$149.7K
$131.0K – $174.6K
NOI $10,478 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$314.7K
$275.4K – $367.1K
NOI $22,028 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
399
Businesses Nearby
Explore this area
Business Placement
Demographics for 54961, WI
14,122
Population
6,249
Households
2.3
Avg Household Size
43
Median Age
18%
College-Educated
91%
High-School Grad
124.1 sq mi
ZIP Area
114
Density / Sq Mi
$71,337
Median Household Income
$43,960
Median Earnings
$841
Median Rent
$196,600
Median Home Value
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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 - The upper and lower residences each offer two bedrooms, one bathroom, and a separate kitchen.
Where is this duplex located?
The property is located at 215 E Spring St New London, WI.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 1,680 square feet; built in 1945; Lower residence includes access to a full basement with washer and dryer
