Two-Unit Residential Income
For Sale
$220,000
217 North Union Street, Appleton, WI 54911
Two rental units with in-unit washer/dryer and a shared two-car garage, currently month-to-month.
Property Size1,896 SF
Price / SF$116.03
Days on Market99
Property Features for 217 North Union Street
General Information
Standard status
Active
Size
1,896 SF
Total Parking Spaces
2
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
Residential
Additional Details
Multifamily Units
2
Amenities
washer/dryer
front porch
Forced Air
2
Natural Gas
Full
1
Block
2 Story,2 Up and Down
Vinyl Siding
1st Floor Bedroom,1st Floor Full Bath,Laundry 1st Floor,Level Drive,Level Lot,Low Pile Carpeting
Building Details
Year Built
1905
Buildings
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Real Estate Group
(920) 915-6270
Listed By:
Karen Cain · License #94-78519
(920) 915-6270
Source:
Compass
Added: May 6
Changed: Aug 8
Last Checked: Jul 23 at 5:59PM
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 Coldwell Banker Real Estate Group
Investment Insights
Based on property information with market context.
This two-unit residential income property offers Unit 1 on the main level with its entrance from the back of the home, and Unit 2 on the upper level with entry from the front porch. Both units include a washer/dryer. The property also features a shared two-car garage and a welcoming front porch.
The home is located steps from College Ave and City Park. The rental space is described as bright and airy, and it is currently on a month-to-month basis.
For showings, the seller requests 48 hours’ notice. The seller prefers closing prior to June 26, 2026.
The home is located steps from College Ave and City Park. The rental space is described as bright and airy, and it is currently on a month-to-month basis.
For showings, the seller requests 48 hours’ notice. The seller prefers closing prior to June 26, 2026.
Key Highlights
- Two rental units in a 2‑story duplex built in 1905
- Unit 1 has main‑floor access; Unit 2 is on the upper level with separate entry
- In‑unit laundry: washer/dryer in both units (2 washers, 2 dryers) with 2 ranges and 2 refrigerators
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
$14,449
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
6.57%
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%
$288,980
$289.0K
Cap Rate 7%
$206,414
$206.4K
Cap Rate 9%
$160,544
$160.5K
Market Conditions
NOI Build-Up for 1,896 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
$21.6K $11.40/SF
− Vacancy
−$973 −$0.51/SF
EGI
$20.6K $10.89/SF
− OpEx
−$6.2K −$3.27/SF
NOI
$14.4K $7.62/SF
Area
Outagamie County, WI
Vacancy
4.50%
Lease Rate
$11.40 /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%
$288,980
Cap Rate 7%
$206,414
Cap Rate 9%
$160,544
Alternative Uses
Best Use
Multifamily LT 5
$206.4K
$180.6K – $240.8K
NOI $14,449 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$193.2K
$169.1K – $225.4K
NOI $13,525 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$522.8K
$457.4K – $609.9K
NOI $36,593 @ 7.0% cap · market cap 16.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
846
Businesses Nearby
Explore this area
Business Placement
Demographics for 54911, WI
26,964
Population
11,171
Households
2.4
Avg Household Size
37
Median Age
35%
College-Educated
94%
High-School Grad
8.4 sq mi
ZIP Area
3,210
Density / Sq Mi
$66,747
Median Household Income
$38,591
Median Earnings
$1,010
Median Rent
$199,100
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 rental units with in-unit washer/dryer and a shared two-car garage, currently month-to-month.
Where is this duplex located?
The property is located at 217 North Union Street Appleton, WI.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two rental units in a 2‑story duplex built in 1905; Unit 1 has main‑floor access; Unit 2 is on the upper level with separate entry; In‑unit laundry: washer/dryer in both units (2 washers, 2 dryers) with 2 ranges and 2 refrigerators
