Turn-Key Duplex with Detached
For Sale
$189,900
232 West 8th Avenue, Oshkosh, WI 54902
Duplex with separate utilities for tenants, plus a 1-car detached garage and additional off-street parking.
Property Size2,236 SF
Price / SF$84.93
Days on Market180
Property Features for 232 West 8th Avenue
General Information
Standard status
Active
Size
2,236 SF
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
2 Family/Duplex
Taxes and HOA fees
Annual Taxes
$3,297
Amenities
Forced Air
2
Natural Gas
Full
Stone
2 Story,Apartment Building
Vinyl Siding
Not Applicable
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Century 21 Ace Realty
(920) 216-6348
Listed By:
Eric Lichterman · License #94-77822
(920) 216-6348
Source:
Compass
Added: Feb 13
Changed: Aug 8
Last Checked: Jul 23 at 10:07AM
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 Century 21 Ace Realty
Investment Insights
Based on property information with market context.
This duplex features separate utilities, with tenants paying their own heat and electric, as well as water. The property also includes a 1-car detached garage and additional off-street parking.
The building is positioned in a convenient area near local amenities and within the Oshkosh Area School District.
With two residential units arranged as a duplex, it offers a straightforward owner-operator setup based on the current separate utility payment structure.
The building is positioned in a convenient area near local amenities and within the Oshkosh Area School District.
With two residential units arranged as a duplex, it offers a straightforward owner-operator setup based on the current separate utility payment structure.
Key Highlights
- Duplex in a 2‑story apartment building built in 1920
- Separate utilities: tenants pay their own heat and electric, and water
- Forced‑air natural gas heat with 2 furnaces
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
$15,087
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
7.94%
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%
$301,740
$301.7K
Cap Rate 7%
$215,529
$215.5K
Cap Rate 9%
$167,633
$167.6K
Market Conditions
NOI Build-Up for 2,236 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
$22.8K $10.20/SF
− Vacancy
−$1.3K −$0.56/SF
EGI
$21.6K $9.64/SF
− OpEx
−$6.5K −$2.89/SF
NOI
$15.1K $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%
$301,740
Cap Rate 7%
$215,529
Cap Rate 9%
$167,633
Alternative Uses
Best Use
Multifamily LT 5
$215.5K
$188.6K – $251.5K
NOI $15,087 @ 7.0% cap · market cap 7.94%
Second Best
Apartment 5plus
$194.3K
$170.0K – $226.7K
NOI $13,599 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$482.6K
$422.3K – $563.1K
NOI $33,783 @ 7.0% cap · market cap 17.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Explore this area
Business Placement
Demographics for 54902, WI
22,309
Population
10,800
Households
2.1
Avg Household Size
40
Median Age
27%
College-Educated
94%
High-School Grad
35.0 sq mi
ZIP Area
637
Density / Sq Mi
$64,548
Median Household Income
$41,592
Median Earnings
$859
Median Rent
$163,900
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 - Duplex with separate utilities for tenants, plus a 1-car detached garage and additional off-street parking.
Where is this duplex located?
The property is located at 232 West 8th Avenue Oshkosh, WI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Duplex in a 2‑story apartment building built in 1920; Separate utilities: tenants pay their own heat and electric, and water; Forced‑air natural gas heat with 2 furnaces
