Updated Two-Unit
For Sale
$280,000
Pending
322/324 Cincinnati Street, Spring Green, WI 53588
Separate laundry and garage parking support owner occupancy or rental use in a residentially zoned property.
Property Size2,236 SF
Days on Market322
Property Features for 322/324 Cincinnati Street
General Information
Standard status
Pending
Size
2,236 SF
Total Parking Spaces
2
Property subtype
Multi Family / 2 story
Zoning
res
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,570
Amenities
washer/dryer
Full, Block foundation
Natural Gas
Heat Pump
sellers/ renters personal property
2 refrigerators, 2 range/ovens, 2 washers, 2 dryers, some window coverings, window a/c units
2
1
Vinyl
Building Details
Year Built
1920
Units
2
Listing Agency:
Century 21 Affiliated
(608) 574-7793
Listed By:
Peggy Ring · License #39774-94
(608) 574-7793
Source:
Compass
Added: Oct 13, 2025
Changed: Aug 29
Last Checked: Aug 29 at 11:54PM
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.
Built in 1920, this 2,236-square-foot duplex contains two updated residences, each with 2 bedrooms and 1 full bathroom. The main-level unit includes an attached 1-car garage, while the upper unit has a detached 1-car garage. Each residence is equipped with a washer and dryer, and the property includes two refrigerators and two range/ovens. Additional features include natural gas, a heat pump, window A/C units, vinyl exterior siding, and a block foundation.
Recent improvements include new siding, a new roof, new garage doors and openers, and updated interior components. The property is zoned residential and is offered as-is. Its two-unit layout supports an owner-occupant arrangement with rental income from the other residence or leasing both units.
Recent improvements include new siding, a new roof, new garage doors and openers, and updated interior components. The property is zoned residential and is offered as-is. Its two-unit layout supports an owner-occupant arrangement with rental income from the other residence or leasing both units.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom in each residence
- 2,236 square feet on a residentially zoned property
- Main‑level unit has an attached 1‑car garage; upper unit has a detached 1‑car garage
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
$20,412
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
7.29%
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%
$408,240
$408.2K
Cap Rate 7%
$291,600
$291.6K
Cap Rate 9%
$226,800
$226.8K
Market Conditions
NOI Build-Up for 2,236 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
$30.9K $13.80/SF
− Vacancy
−$1.7K −$0.76/SF
EGI
$29.2K $13.04/SF
− OpEx
−$8.7K −$3.91/SF
NOI
$20.4K $9.13/SF
Area
Sauk County, WI
Vacancy
5.50%
Lease Rate
$13.80 /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%
$408,240
Cap Rate 7%
$291,600
Cap Rate 9%
$226,800
Alternative Uses
Best Use
Multifamily LT 5
$291.6K
$255.2K – $340.2K
NOI $20,412 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$264.4K
$231.3K – $308.4K
NOI $18,506 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$452.6K
$396.0K – $528.1K
NOI $31,683 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 53588, WI
4,139
Population
1,944
Households
2.1
Avg Household Size
50
Median Age
32%
College-Educated
95%
High-School Grad
139.9 sq mi
ZIP Area
30
Density / Sq Mi
$88,359
Median Household Income
$47,407
Median Earnings
$956
Median Rent
$273,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate laundry and garage parking support owner occupancy or rental use in a residentially zoned property.
Where is this duplex located?
The property is located at 322/324 Cincinnati Street Spring Green, WI.
What is the asking price?
The asking price for this property is $280,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom in each residence; 2,236 square feet on a residentially zoned property; Main‑level unit has an attached 1‑car garage; upper unit has a detached 1‑car garage
