Residential Income Property with River
For Sale
$449,500
3181 North Crystal Springs Road Unit 14 & 13, Janesville, WI 53545
Freestanding condominium with wooded surroundings, a finished heated garage, and a private path to a riverfront dock.
Property Size1,927 SF
Price / SF$233.26
Days on Market135
Property Features for 3181 North Crystal Springs Road Unit 14 & 13
General Information
Standard status
Active
Size
1,927 SF
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,355
Amenities
water access
dock
Sellers personal property
Stove, fridge, dishwasher, microwave, water softener, whole house water filter, custom window blinds, washer & dryer, stereo speakers & receiver, built in living room entertainment center, underground dog fence & receiver
Forced air, Central air
Wood or sim. wood floors, Walk-in closet(s), Great room, Vaulted ceiling, Washer, Dryer, Water softener included, Central vac, Cable/Satellite Available, At Least 1 tub, Internet - Cable, All Window Coverings, Foyer Entry, Smoke Detector
Vinyl
Private Entry, Patio, Wooded lot, Unit Adj to Park/PubLand, Enclosed Porch
Building Details
Year Built
2000
Buildings
1
Listing Agency:
Century 21 Affiliated
Listed By:
Lori Hagemann · License #42743-94
(608) 289-5165
Source:
Compass
Added: Apr 24
Changed: Sep 2
Last Checked: Aug 31 at 1:41AM
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 Century 21 Affiliated
Investment Insights
Based on property information with market context.
This freestanding condominium offers 1,927 square feet with a vaulted great room, custom kitchen, solid-surface countertops, island, breakfast bar, and walk-in pantry. The primary suite includes a tiled bath and walk-in closet, while wood-style flooring, maple cabinetry, central vacuum, forced-air heat, and central air add to the interior package. The finished garage is insulated and heated, with a workshop, floor drains, and attic storage. Built in 2000, the property also includes a patio, enclosed porch, wooded lot, and an additional parcel.
A wooded path connects the property to a dock on the river. Association services cover snow removal, lawn care, well and septic maintenance, internet, cable, dwelling insurance, and other services. The well and septic systems are owned by the association. Included equipment and furnishings include major kitchen appliances, washer and dryer, water softener, whole-house water filter, window coverings, and an underground dog fence.
A wooded path connects the property to a dock on the river. Association services cover snow removal, lawn care, well and septic maintenance, internet, cable, dwelling insurance, and other services. The well and septic systems are owned by the association. Included equipment and furnishings include major kitchen appliances, washer and dryer, water softener, whole-house water filter, window coverings, and an underground dog fence.
Key Highlights
- 1,927‑square‑foot freestanding condominium built in 2000
- Wooded lot with a path leading to a dock on the river
- Additional lot included; dues, taxes, and assessment apply to 2 parcels
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
$15,628
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
3.48%
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%
$312,560
$312.6K
Cap Rate 7%
$223,257
$223.3K
Cap Rate 9%
$173,644
$173.6K
Market Conditions
NOI Build-Up for 1,927 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
$29.6K $15.36/SF
− Vacancy
−$1.2K −$0.61/SF
EGI
$28.4K $14.75/SF
− OpEx
−$12.8K −$6.64/SF
NOI
$15.6K $8.11/SF
Area
Rock County, WI
Vacancy
4.00%
Lease Rate
$15.36 /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%
$312,560
Cap Rate 7%
$223,257
Cap Rate 9%
$173,644
Alternative Uses
Best Use
Apartment 5plus
$223.3K
$195.4K – $260.5K
NOI $15,628 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$463.1K
$405.2K – $540.3K
NOI $32,415 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 53545, WI
23,318
Population
11,170
Households
2.1
Avg Household Size
41
Median Age
29%
College-Educated
94%
High-School Grad
22.5 sq mi
ZIP Area
1,036
Density / Sq Mi
$70,730
Median Household Income
$42,567
Median Earnings
$1,006
Median Rent
$204,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Freestanding condominium with wooded surroundings, a finished heated garage, and a private path to a riverfront dock.
Where is this residential income property located?
The property is located at 3181 North Crystal Springs Road Unit 14 & 13 Janesville, WI.
What is the asking price?
The asking price for this property is $449,500.
What are key features of this property?
This property features: 1,927‑square‑foot freestanding condominium built in 2000; Wooded lot with a path leading to a dock on the river; Additional lot included; dues, taxes, and assessment apply to 2 parcels
