3-Unit Triplex with Detached
For Sale
$385,000
318 W BREWSTER Street, Appleton, WI 54911
Residential Income, APPLETON, WI
Property Size2,262 SF
Lot Size0.64 Acres
Price / SF$170.20
Days on Market47
Property Features for 318 W BREWSTER Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Parking
2
Elementary school district
Appleton Area
Middle school district
Appleton Area
High school district
Appleton Area
Directions
from I-41, take Wisconsin Ave (hwy 96) to North on N Division St to East on W. Brewster St. Signs in yard. Lockbox on front door of 308 SFH building.
Standard status
Active
APN
31-6-0960-00
Size
2,262 SF
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2935
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1902
Number of units
3
Building materials
Pressboard, Stucco, Vinyl Siding
Listing Agency:
EXP Realty LLC
(866) 848-6990
Listed By:
Roxanne S. Schwandt-Knutson
(920) 470-7451
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 21 at 6:06PM
MLS# 50328542
Copyright © 2026 Realtor Association of Northeast Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3-unit triplex offers a mix of an upper/lower duplex plus a detached single-family house, all on one parcel. The U/L duplex units are on month-to-month (MTM) leases, while the detached SFH is leased through 5-1-2027. Each unit is approximately 754 sq. ft., and the property is being sold as a turnkey, fully rented investment.
Both buildings are connected to municipal water and public sewer, and electric service is also provided. The duplex is heated by natural gas, and the detached SFH uses oil heat. Built in 1902, the property includes pressboard, stucco, and vinyl siding; buyers should verify siding conditions.
All showings require 48 hours’ notice, and prospective buyers should verify details of the leases and property components during their due diligence.
Both buildings are connected to municipal water and public sewer, and electric service is also provided. The duplex is heated by natural gas, and the detached SFH uses oil heat. Built in 1902, the property includes pressboard, stucco, and vinyl siding; buyers should verify siding conditions.
All showings require 48 hours’ notice, and prospective buyers should verify details of the leases and property components during their due diligence.
Key Highlights
- 0.64‑acre parcel with 3 rental units
- Upper/lower duplex on month‑to‑month (MTM) leases
- Detached SFH leased through 5‑1‑2027
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
$17,238
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
4.48%
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%
$344,760
$344.8K
Cap Rate 7%
$246,257
$246.3K
Cap Rate 9%
$191,533
$191.5K
Market Conditions
NOI Build-Up for 2,262 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
$25.8K $11.40/SF
− Vacancy
−$1.2K −$0.51/SF
EGI
$24.6K $10.89/SF
− OpEx
−$7.4K −$3.27/SF
NOI
$17.2K $7.62/SF
Area
Outagamie County, WI
Vacancy
4.50%
Lease Rate
$11.40 /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%
$344,760
Cap Rate 7%
$246,257
Cap Rate 9%
$191,533
Alternative Uses
Best Use
Multifamily LT 5
$246.3K
$215.5K – $287.3K
NOI $17,238 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$230.5K
$201.7K – $268.9K
NOI $16,135 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$623.7K
$545.7K – $727.6K
NOI $43,657 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
578
Businesses Nearby
Explore this area
Business Placement
Demographics for 54911, WI
26,964
Population
11,171
Households
2.4
Avg Household Size
37
Median Age
35%
College-Educated
94%
High-School Grad
8.4 sq mi
ZIP Area
3,210
Density / Sq Mi
$66,747
Median Household Income
$38,591
Median Earnings
$1,010
Median Rent
$199,100
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?
Multifamily property - Three rental units on one parcel with municipal water and sewer, including a detached single-family home and a natural gas heated duplex.
Where is this multifamily property located?
The property is located at 318 W BREWSTER Street Appleton, WI.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 0.64‑acre parcel with 3 rental units; Upper/lower duplex on month‑to‑month (MTM) leases; Detached SFH leased through 5‑1‑2027
