Two-Story Duplex Income
For Sale
$199,000
Pending
285 North Bonson Street, Platteville, WI 53818
Well-maintained two-story duplex with two rental units, each with central air and natural gas forced-air heat.
Property Size1,834 SF
Days on Market228
Property Features for 285 North Bonson Street
General Information
Standard status
Pending
Size
1,834 SF
Total Parking Spaces
2
Property subtype
Multi Family / 2 story
Zoning
res
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,259
Amenities
Full, Full size windows/Exposed, Partially finished
Natural Gas
Forced air
remainder of sellers and tenants personal property
stove and refrigerator in each apartment, stack laundry unit in each apartment
2
Vinyl
Building Details
Year Built
1890
Stories
2
Units
2
Listing Agency:
Platteville Realty LLC
Listed By:
Merv Brenum · License #50027-90
(608) 778-7344
Source:
Compass
Added: Jan 23
Changed: Aug 8
Last Checked: Jul 23 at 2:27PM
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 Platteville Realty LLC
Investment Insights
Based on property information with market context.
Well maintained two-story duplex featuring two separate rental units. The first-floor unit offers two bedrooms, including a bedroom located in the basement with an access window, and includes a stack laundry unit in the kitchen, hardwood floors, natural woodwork, French doors, natural gas forced-air heat, and central air. The unit also includes a one-car carport.
The second-floor unit is a one-bedroom layout with natural gas forced-air heat and central air, along with a stack laundry unit located in the first-floor entryway and a one-car cement parking pad. Both units are currently under lease through 5/31/2026.
Set up for straightforward residential income use, the property provides dedicated parking/carport for each unit and a functional split between floor levels, with laundry accommodations serving each apartment.
The second-floor unit is a one-bedroom layout with natural gas forced-air heat and central air, along with a stack laundry unit located in the first-floor entryway and a one-car cement parking pad. Both units are currently under lease through 5/31/2026.
Set up for straightforward residential income use, the property provides dedicated parking/carport for each unit and a functional split between floor levels, with laundry accommodations serving each apartment.
Key Highlights
- Well‑maintained two‑story duplex built in 1890 with 2 rental units.
- First‑floor 2‑bedroom unit rents for $600/month through 5/31/2026.
- Second‑floor 1‑bedroom unit rents for $575/month through 5/31/2026.
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
$16,085
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
8.08%
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%
$321,700
$321.7K
Cap Rate 7%
$229,786
$229.8K
Cap Rate 9%
$178,722
$178.7K
Market Conditions
NOI Build-Up for 1,834 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
$24.9K $13.56/SF
− Vacancy
−$1.9K −$1.03/SF
EGI
$23.0K $12.53/SF
− OpEx
−$6.9K −$3.76/SF
NOI
$16.1K $8.77/SF
Area
Grant County, WI
Vacancy
7.60%
Lease Rate
$13.56 /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%
$321,700
Cap Rate 7%
$229,786
Cap Rate 9%
$178,722
Alternative Uses
Best Use
Multifamily LT 5
$229.8K
$201.1K – $268.1K
NOI $16,085 @ 7.0% cap · market cap 8.08%
Second Best
Apartment 5plus
$211.6K
$185.1K – $246.9K
NOI $14,811 @ 7.0% cap · market cap 7.44%
Theoretical Best
Office A
$507.7K
$444.3K – $592.4K
NOI $35,541 @ 7.0% cap · market cap 17.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
597
Businesses Nearby
Explore this area
Business Placement
Demographics for 53818, WI
15,786
Population
6,146
Households
2.6
Avg Household Size
28
Median Age
39%
College-Educated
93%
High-School Grad
154.4 sq mi
ZIP Area
102
Density / Sq Mi
$55,615
Median Household Income
$20,296
Median Earnings
$887
Median Rent
$214,200
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 - Well-maintained two-story duplex with two rental units, each with central air and natural gas forced-air heat.
Where is this duplex located?
The property is located at 285 North Bonson Street Platteville, WI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Well‑maintained two‑story duplex built in 1890 with 2 rental units.; First‑floor 2‑bedroom unit rents for $600/month through 5/31/2026.; Second‑floor 1‑bedroom unit rents for $575/month through 5/31/2026.
