Mixed-Use Building with Five
For Sale
Contact for pricing
318 W North Water St, New London, WI 54961
Upper-level residences complement an established bar operation on the ground floor.
Property Size6,400 SF
Price / SF$105.47
Days on Market10
Property Features for 318 W North Water St
General Information
Standard status
Active
Size
6,400 SF
Property subtype
Mixed Use
Investment Type
Stabilized
Net Operating Income
$77,423
Additional Details
Cap Rate
11.5%
Multifamily Units
5
Building Details
Year Built
1920
Units
5
Tenancy
Multi
Listing Agency:
Drifka Group
(920) 659-0052
Listed By:
Tim Ceman · License #111378 - 94
Source:
Crexi
Added: Aug 13
Changed: Aug 18
Last Checked: Aug 19 at 4:45PM
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 Drifka Group
Investment Insights
Based on property information with market context.
Built in 1920, this 6,400-square-foot mixed-use building combines five residential apartments on the upper level with an established bar tenant occupying the main floor. The configuration places residential and commercial uses within one property, creating a diversified rental profile.
Located at 318 W. North Water St in downtown New London, the property sits along the Wolf River and offers a waterfront setting within the downtown area. The asset is offered as a rental investment with an 11.5% cap rate.
Located at 318 W. North Water St in downtown New London, the property sits along the Wolf River and offers a waterfront setting within the downtown area. The asset is offered as a rental investment with an 11.5% cap rate.
Key Highlights
- Five residential apartments on the upper level
- Established commercial bar tenant on the main floor
- 6,400‑square‑foot mixed‑use building
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
$51,667
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
7.65%
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%
$1,033,340
$1.0M
Cap Rate 7%
$738,100
$738.1K
Cap Rate 9%
$574,078
$574.1K
Market Conditions
NOI Build-Up for 6,400 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
$89.9K $14.04/SF
− Vacancy
−$7.2K −$1.12/SF
EGI
$82.7K $12.92/SF
− OpEx
−$31.0K −$4.84/SF
NOI
$51.7K $8.07/SF
Area
Waupaca County, WI
Vacancy
8.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
37.50%
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%
$1,033,340
Cap Rate 7%
$738,100
Cap Rate 9%
$574,078
Alternative Uses
Best Use
Mixed Use
$738.1K
$645.8K – $861.1K
NOI $51,667 @ 7.0% cap · market cap 7.65%
Second Best
Specialty Retail
$665.2K
$582.1K – $776.1K
NOI $46,565 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,915 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
Explore this area
Business Placement
Demographics for 54961, WI
14,122
Population
6,249
Households
2.3
Avg Household Size
43
Median Age
18%
College-Educated
91%
High-School Grad
124.1 sq mi
ZIP Area
114
Density / Sq Mi
$71,337
Median Household Income
$43,960
Median Earnings
$841
Median Rent
$196,600
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?
Mixed-use property - Upper-level residences complement an established bar operation on the ground floor.
Where is this mixed-use property located?
The property is located at 318 W North Water St New London, WI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Five residential apartments on the upper level; Established commercial bar tenant on the main floor; 6,400‑square‑foot mixed‑use building
