Remodeled Duplex with Garage
For Sale
$315,000
338 River Drive, Appleton, WI 54915
This duplex has been extensively remodeled, including new roofs, updated kitchens and baths, and new flooring in both units.
Property Size1,904 SF
Price / SF$165.44
Days on Market212
Property Features for 338 River Drive
General Information
Standard status
Active
Size
1,904 SF
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
Residential
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,244
Amenities
Forced Air
2
Natural Gas
Full
Block
2 Story,Multi-Level
Vinyl Siding
1st Floor Bedroom,1st Floor Full Bath
Building Details
Year Built
1950
Buildings
1
Listing Agency:
Coaction Real Estate, LLC
(920) 428-9858
Listed By:
Nate J Andree · License #94-76729
(920) 428-9858
Source:
Compass
Added: Jan 12
Changed: Aug 8
Last Checked: Jul 21 at 2:18AM
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 Coaction Real Estate, LLC
Investment Insights
Based on property information with market context.
This extensively remodeled duplex features significant exterior and interior upgrades across both units. Updates include new roofing and gutters/downspouts, new exterior doors, fresh paint, and a painted front entrance with new rails. The garage has also been updated with a new roof, gutters and downspouts, and additional improvements including new concrete slab work and electrical upgrades for new garage opener components and doors.
Inside, the property offers completely new kitchens and bathrooms with updated plumbing, along with new texture and paint throughout. Additional interior improvements include trim work, some new windows in the upper unit, new flooring throughout, updated interior doors, and new light fixtures. Both units include new stainless steel refrigerators and stoves.
The duplex is located at 338 River Drive in Appleton, WI 54915. Please allow 24-hour response time to schedule a showing.
Inside, the property offers completely new kitchens and bathrooms with updated plumbing, along with new texture and paint throughout. Additional interior improvements include trim work, some new windows in the upper unit, new flooring throughout, updated interior doors, and new light fixtures. Both units include new stainless steel refrigerators and stoves.
The duplex is located at 338 River Drive in Appleton, WI 54915. Please allow 24-hour response time to schedule a showing.
Key Highlights
- Extensively remodeled duplex with new kitchens and bathrooms in both units
- New exterior roof, gutters, and downspouts, plus updated exterior doors and fresh exterior paint
- Garage updates include new roof, gutters and downspouts, painted exterior, new electricity for garage openers and doors, and new concrete slab
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
$14,510
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
4.61%
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%
$290,200
$290.2K
Cap Rate 7%
$207,286
$207.3K
Cap Rate 9%
$161,222
$161.2K
Market Conditions
NOI Build-Up for 1,904 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
$21.7K $11.40/SF
− Vacancy
−$977 −$0.51/SF
EGI
$20.7K $10.89/SF
− OpEx
−$6.2K −$3.27/SF
NOI
$14.5K $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%
$290,200
Cap Rate 7%
$207,286
Cap Rate 9%
$161,222
Alternative Uses
Best Use
Multifamily LT 5
$207.3K
$181.4K – $241.8K
NOI $14,510 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$194.0K
$169.8K – $226.4K
NOI $13,582 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$525.0K
$459.3K – $612.5K
NOI $36,747 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 54915, WI
43,190
Population
18,373
Households
2.4
Avg Household Size
38
Median Age
38%
College-Educated
95%
High-School Grad
15.0 sq mi
ZIP Area
2,879
Density / Sq Mi
$83,814
Median Household Income
$49,554
Median Earnings
$974
Median Rent
$247,900
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 - This duplex has been extensively remodeled, including new roofs, updated kitchens and baths, and new flooring in both units.
Where is this duplex located?
The property is located at 338 River Drive Appleton, WI.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Extensively remodeled duplex with new kitchens and bathrooms in both units; New exterior roof, gutters, and downspouts, plus updated exterior doors and fresh exterior paint; Garage updates include new roof, gutters and downspouts, painted exterior, new electricity for garage openers and doors, and new concrete slab
