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    2554 DORWAY DR St Germain, WI 54558

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    Claim this Listing
    For Sale
    Under Contract
    $425,000

    MULTI_FAMILY - Other - St Germain, WI

    Lot size:
    5.20 Acres
    Added:
    Apr 14, 2026
    Days on Market:
    24
    Last Refresh:
    May 7 at 3:06 pm

    Property Features for 2554 DORWAY DR

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 3, Bedroom 2, Bathroom 1, Living Room, Bathroom 2, Bedroom 4, Bedroom 1, Dining Room
    Parking
    4
    Parking features
    Garage
    Interior features
    Attic, CeilingFans, CathedralCeilings, HighCeilings, VaultedCeilings
    Exterior features
    Landscaping, Shed, GravelDriveway, SatelliteDish
    Appliances
    ConvectionOven, ElectricWaterHeater, GasOven, GasRange, Microwave, Refrigerator, TanklessWaterHeater
    Standard status
    Active Under Contract
    APN
    161-39 & 161-40
    Lot size
    5.20 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    UNIT 10 and Unit 11 DORWAY CONDOMINIUM & 16.66% Common Elements (8.33% per unit) ASSMT INC CN 161-40,-51,-52 (two residential units of duplex and two storage units, which comprise the garage.
    Tax Annual Amount
    1475

    Utilities

    Heating system
    Natural Gas
    Water source
    Well
    Water front features
    Lake Front
    Water front
    1

    Building Details

    Floors in Building
    1
    Flooring type
    Carpet, Laminate, Wood
    Building materials
    Log, LogSiding
    Roof type
    Composition, Shingle
    Architectural style
    Other
    Additional Structures
    Shed(s)

    We can help!

    Listing Contact
    JOHN & DIANE MISINA

    Listing agent JOHN & DIANE MISINA License #44315 - 90

    Listing office ELIASON REALTY - EAGLE RIVER 325 W Pine St P.O. Box 284, Eagle River, WI

    Listing date Apr 14, 2026

    MLS# 216474 Listing URL

    Copyright © 2026 Greater Northwoods MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Lakefront property on Lost Lake, a 544‑acre lake known for sandy swimming and great fishing.
    • Turnkey duplex with two fully furnished units, offering immediate rental income potential.
    • Extensive recent updates including new plumbing, electrical, windows, well, and septic.
    • Shared sandy swimming frontage and an 80' pier with available boat docking, plus two included rowboats.
    • Features like remodeled kitchens, knotty pine interiors, screened porches, and a fire pit area enhance the Northwoods experience.
    • Includes a 20x24 two‑car garage and level grounds for easy access and usability.

    Overview

    Northwoods Duplex on Lost Lake

    Located on Lost Lake in St. Germain, this vertical log duplex within the Dorway Condominium offers two fully furnished units, "Hunt Inn" and "Fish Inn." Each unit features 2 bedrooms, 1 bath, a remodeled kitchen, knotty pine interior, a natural gas wall furnace, and a portable A/C unit, along with a screened porch. "Hunt Inn" includes vaulted ceilings, designed bedroom spaces, and log stairs to an open loft area. Updates include new plumbing (2019), updated electrical with new services, conduit, and GFCIs, new windows (2020), a private well (2019), septic (2018), and satellite internet. The property includes a 20x24 two-car garage, level grounds, and a fire pit area. Shared sandy swimming frontage and an 80' pier with boat docking are available. Short-term rentals are permitted, offering the option to rent each side separately or keep one as a personal retreat while generating income from the other. The property is offered turnkey with all furnishings, appliances, and two rowboats included. The property is located on a 544-acre lake known for sandy swimming and fishing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dorway Fishing Pier

    Suggested Use

    Real Estate Agency Bar & Pub Pet Store Pet Store & Service Travel Agency

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    St Germain
    County
    Vilas
    State
    Wisconsin
    Longitude
    -89.479346
    Latitude
    45.9718861

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    FAQs

    What type of property is this?
    Duplex - Furnished duplex with lake access, rental potential, and many updates.
    Where is this duplex located?
    The property is located at 2554 DORWAY DR St Germain, WI.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Lakefront property on Lost Lake, a 544‑acre lake known for sandy swimming and great fishing.; Turnkey duplex with two fully furnished units, offering immediate rental income potential.; Extensive recent updates including new plumbing, electrical, windows, well, and septic.
    (715) 479-4431
    We can help!
    Listing Contact
    JOHN & DIANE MISINA
    Real Estate License ID: 44315 - 90
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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