8-Unit Townhouse-Style Apartment
For Sale
$1,190,000
2414 HONEY LOU Court, Appleton, WI 54915
Two brick multifamily buildings offer basement-equipped townhouse layouts and tenant-paid utilities.
Property Size9,120 SF
Price / SF$130.48
Days on Market11
Property Features for 2414 HONEY LOU Court
General Information
Standard status
Active
Size
9,120 SF
Property subtype
Multi Family
Occupancy
100%
Net Operating Income
$91,951
Financials
Asking Price
$1,190,000
Cap Rate
7.73%
Gross Income
$112,920
Units
Unit Mix
8 x 3BR/1.5BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$12,580
Building Details
Building Size
9,120 SF
Year Built
1972
Buildings
2
Construction
brick
Listing Agency:
Foxcityhomes.Com, LLC
(920) 205-8801
Listed By:
Mark D. Vercauteren · License #91-936468
(920) 205-8801
Source:
C21ace
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 29 at 1:54PM
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 Foxcityhomes.Com, LLC
Investment Insights
Based on property information with market context.
This multifamily property comprises two townhouse-style apartment buildings with eight total units and 9,120 square feet. Built in 1972, the buildings contain four units each, with every residence configured as a three-bedroom, 1.5-bath home and including a full private basement. Brick exteriors support a lower-maintenance building envelope, while tenants pay all utilities.
The property is fully occupied by long-term tenants. The offering includes units A through D at 2414 Honey Lou Ct., along with four additional units at 239, 241, 243 and 245 Wilson Ave. Reported investment metrics include a 7.73% cap rate and approximately $91,951 in annual NOI.
The property is fully occupied by long-term tenants. The offering includes units A through D at 2414 Honey Lou Ct., along with four additional units at 239, 241, 243 and 245 Wilson Ave. Reported investment metrics include a 7.73% cap rate and approximately $91,951 in annual NOI.
Key Highlights
- Eight total units across two four‑unit townhouse‑style apartment buildings
- 9,120 square feet; built in 1972
- Each unit offers 3 bedrooms, 1.5 baths, and a full private basement
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
$65,056
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
5.47%
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%
$1,301,120
$1.3M
Cap Rate 7%
$929,371
$929.4K
Cap Rate 9%
$722,844
$722.8K
Market Conditions
NOI Build-Up for 9,120 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
$122.6K $13.44/SF
− Vacancy
−$4.3K −$0.47/SF
EGI
$118.3K $12.97/SF
− OpEx
−$53.2K −$5.84/SF
NOI
$65.1K $7.13/SF
Area
Outagamie County, WI
Vacancy
3.50%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
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%
$1,301,120
Cap Rate 7%
$929,371
Cap Rate 9%
$722,844
Alternative Uses
Best Use
Apartment 5plus
$929.4K
$813.2K – $1.08M
NOI $65,056 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.51M
$2.20M – $2.93M
NOI $176,016 @ 7.0% cap · market cap 14.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
787
Businesses Nearby
Explore this area
Business Placement
Demographics for 54915, WI
43,190
Population
18,373
Households
2.4
Avg Household Size
38
Median Age
38%
College-Educated
95%
High-School Grad
15.0 sq mi
ZIP Area
2,879
Density / Sq Mi
$83,814
Median Household Income
$49,554
Median Earnings
$974
Median Rent
$247,900
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?
Apartment building - Two brick multifamily buildings offer basement-equipped townhouse layouts and tenant-paid utilities.
Where is this apartment building located?
The property is located at 2414 HONEY LOU Court Appleton, WI.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Eight total units across two four‑unit townhouse‑style apartment buildings; 9,120 square feet; built in 1972; Each unit offers 3 bedrooms, 1.5 baths, and a full private basement
