Side-by-Side Duplex with
For Sale
$274,900
2325 North Ballard Road, Appleton, WI 54911
Two separately metered residences include unfinished lower levels, shared garage parking, and month-to-month occupancy.
Property Size1,728 SF
Price / SF$159.09
Days on Market263
Property Features for 2325 North Ballard Road
General Information
Standard status
Active
Size
1,728 SF
Total Parking Spaces
2
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
2 Family/Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,528
Amenities
Forced Air
2
Natural Gas
Full
Poured Concrete
1 Story,2 side by side
Pressboard
1st Floor Bedroom,1st Floor Full Bath
Building Details
Year Built
1968
Buildings
1
Listing Agency:
Coldwell Banker Real Estate Group
(920) 415-0472
Listed By:
Tiffany L Holtz · License #90-52424
(920) 415-0472
Source:
Compass
Added: Dec 10, 2025
Changed: Aug 30
Last Checked: Aug 30 at 11:34AM
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 1968 side-by-side duplex contains two residences, each with 2 bedrooms, 1 full bathroom, and approximately 864 SF on the main level. Combined main-level area is 1728 SF (+/-), with full unfinished basements offering additional interior space. The property includes two refrigerators and two stoves, along with forced-air heat and natural gas service.
Located at 2325 North Ballard Road in Appleton, Wisconsin, the property has a 2-car detached shared garage and ample driveway parking. Each side is individually metered, while tenants pay utilities and handle snow and lawn care. The current tenancy is long-term and month-to-month. The roof was replaced in 2007, all windows were replaced in 2016, and the water heater serving the 2329 side was replaced in 2022, per the previous seller.
Located at 2325 North Ballard Road in Appleton, Wisconsin, the property has a 2-car detached shared garage and ample driveway parking. Each side is individually metered, while tenants pay utilities and handle snow and lawn care. The current tenancy is long-term and month-to-month. The roof was replaced in 2007, all windows were replaced in 2016, and the water heater serving the 2329 side was replaced in 2022, per the previous seller.
Key Highlights
- Two side‑by‑side units, each with 2 bedrooms and 1 full bathroom
- Combined main‑level area of 1728 SF (+/-), with full unfinished basements
- Each unit measures 864 SF (+/-) on the main level
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
$13,169
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
4.79%
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%
$263,380
$263.4K
Cap Rate 7%
$188,129
$188.1K
Cap Rate 9%
$146,322
$146.3K
Market Conditions
NOI Build-Up for 1,728 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
$19.7K $11.40/SF
− Vacancy
−$886 −$0.51/SF
EGI
$18.8K $10.89/SF
− OpEx
−$5.6K −$3.27/SF
NOI
$13.2K $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%
$263,380
Cap Rate 7%
$188,129
Cap Rate 9%
$146,322
Alternative Uses
Best Use
Multifamily LT 5
$188.1K
$164.6K – $219.5K
NOI $13,169 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$176.1K
$154.1K – $205.4K
NOI $12,326 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$476.4K
$416.9K – $555.8K
NOI $33,350 @ 7.0% cap · market cap 12.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
327
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 separately metered residences include unfinished lower levels, shared garage parking, and month-to-month occupancy.
Where is this duplex located?
The property is located at 2325 North Ballard Road Appleton, WI.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Two side‑by‑side units, each with 2 bedrooms and 1 full bathroom; Combined main‑level area of 1728 SF (+/-), with full unfinished basements; Each unit measures 864 SF (+/-) on the main level
