Building Details

Year Built 1883

Units 2

Listing Agency: EXP Realty, LLC k***@exprealty.com Show Phone

Listed By: Kevin Navarro · License #84705-94 Show Phone

Source: Compass

Added: May 18 Changed: Aug 8 Last Checked: Jul 16 at 7:58AM

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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 EXP Realty, LLC

Investment Insights

Based on property information with market context.

This property presents an investment opportunity with the flexibility to owner-occupy one unit while generating rental income from the other. Alternatively, with minor updates, it can be converted into a spacious single-family home. The property is located in a quiet residential neighborhood and features an inviting private backyard. Each of the two units includes 2 bedrooms, 1 full bathroom, a full kitchen, and a private living room, totaling 4 bedrooms and 2 bathrooms. A long driveway provides ample space for vehicles, trailers, or recreational toys. Additional storage space is available in the oversized 2-car garage. The property offers potential for investment, offsetting a mortgage with rental income, or creating a dream home.

Key Highlights

• Investment opportunity with potential for rental income or conversion to a single‑family home.
• Two separate units, each with 2 bedrooms, 1 bathroom, and a full kitchen.
• Ample parking space with a long driveway and oversized 2‑car garage.

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

$18,451

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

5.27%

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%

$369,020 $369.0K

Cap Rate 7%

$263,586 $263.6K

Cap Rate 9%

$205,011 $205.0K

Market Conditions

NOI Build-Up for 2,000 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

$27.6K $13.80/SF

− Vacancy

−$1.2K −$0.62/SF

EGI

$26.4K $13.18/SF

− OpEx

−$7.9K −$3.95/SF

NOI

$18.5K $9.23/SF

Area

Rock County, WI

Vacancy

4.50%

Lease Rate

$13.80 /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%

$369,020

Cap Rate 7%

$263,586

Cap Rate 9%

$205,011

Alternative Uses

Best Use

Multifamily LT 5

$263.6K

$230.6K – $307.5K (±1% cap)

NOI $18,451 @ 7.0% cap · market cap 5.27%

Second Best

Apartment 5plus

$231.7K

$202.8K – $270.3K (±1% cap)

NOI $16,220 @ 7.0% cap · market cap 4.63%

Theoretical Best

Office A

$480.6K

$420.5K – $560.7K (±1% cap)

NOI $33,643 @ 7.0% cap · market cap 9.61%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Law Firm Dental Office Grocery & Convenience Store HVAC Service Bakery Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

102

Businesses Nearby

Explore this area Business Placement

Demographics for 53536, WI

9,051

Population

4,092

Households

2.2

Avg Household Size

40

Median Age

33%

College-Educated

96%

High-School Grad

88.9 sq mi

ZIP Area

102

Density / Sq Mi

$83,944

Median Household Income

$54,046

Median Earnings

$927

Median Rent

$274,600

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Investment opportunity with rental income potential or single-family conversion.

Where is this duplex located?

The property is located at 234-236 West Liberty Street Evansville, WI.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: Investment opportunity with potential for rental income or conversion to a single‑family home.; Two separate units, each with 2 bedrooms, 1 bathroom, and a full kitchen.; Ample parking space with a long driveway and oversized 2‑car garage.