All-Brick Fourplex with
For Sale
$700,000
400 Franklin Street Unit 14, Watertown, WI 53094
Four residential units each feature two bedrooms, one full bath, in-unit laundry, and a 1.5-car garage.
Property Size4,464 SF
Price / SF$156.81
Days on Market194
Property Features for 400 Franklin Street Unit 14
General Information
Standard status
Active
Size
4,464 SF
Total Parking Spaces
6
Property subtype
Multi-Family / Multi-Family
Occupancy
50%
Additional Details
Multifamily Units
4
Amenities
in-unit laundry
balcony
Brick
Building Details
Year Built
1984
Tenancy
Multi
Listing Agency:
Shorewest Realtors, Inc.
Listed By:
Jason R Bonesteel · License #59093-90
(262) 719-0132
Source:
Compass
Added: Feb 23
Changed: Aug 8
Last Checked: Jul 21 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 Shorewest Realtors, Inc.
Investment Insights
Based on property information with market context.
This all-brick fourplex offers four residential units with two bedrooms and one full bath each, along with in-unit laundry. The property includes all-brick garages, with each unit assigned a 1.5-car garage equipped with an electric door opener. Upper units feature a balcony, while lower units provide outside access. Units 1 and 4 are vacant and move-in ready with new flooring and fresh paint, while Units 2 and 3 are currently occupied and require a second showing request for access.
The seller reports the roof on the building is approximately 15 years old and the roof on the garages is approximately 14 years old.
Operating expenses are structured so tenants pay electric, gas, and water, while the owner pays a small common area electric bill, per the seller.
The seller reports the roof on the building is approximately 15 years old and the roof on the garages is approximately 14 years old.
Operating expenses are structured so tenants pay electric, gas, and water, while the owner pays a small common area electric bill, per the seller.
Key Highlights
- 4‑unit apartment complex built in 1984 with all‑brick exterior construction for low‑maintenance upkeep
- Each unit offers 2 bedrooms, 1 full bath, and in‑unit laundry
- Each unit includes a 1.5‑car garage with electric door opener, with all brick garages
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
$39,878
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
5.70%
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%
$797,560
$797.6K
Cap Rate 7%
$569,686
$569.7K
Cap Rate 9%
$443,089
$443.1K
Market Conditions
NOI Build-Up for 4,464 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
$58.9K $13.20/SF
− Vacancy
−$2.0K −$0.44/SF
EGI
$57.0K $12.76/SF
− OpEx
−$17.1K −$3.83/SF
NOI
$39.9K $8.93/SF
Area
Dodge County, WI
Vacancy
3.32%
Lease Rate
$13.20 /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%
$797,560
Cap Rate 7%
$569,686
Cap Rate 9%
$443,089
Alternative Uses
Best Use
Multifamily LT 5
$569.7K
$498.5K – $664.6K
NOI $39,878 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$528.0K
$462.0K – $616.0K
NOI $36,961 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$969.7K
$848.5K – $1.13M
NOI $67,881 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
Explore this area
Business Placement
Demographics for 53094, WI
18,510
Population
7,387
Households
2.5
Avg Household Size
39
Median Age
22%
College-Educated
92%
High-School Grad
88.8 sq mi
ZIP Area
208
Density / Sq Mi
$71,973
Median Household Income
$40,673
Median Earnings
$1,039
Median Rent
$223,900
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?
Quadplex - Four residential units each feature two bedrooms, one full bath, in-unit laundry, and a 1.5-car garage.
Where is this quadplex located?
The property is located at 400 Franklin Street Unit 14 Watertown, WI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 4‑unit apartment complex built in 1984 with all‑brick exterior construction for low‑maintenance upkeep; Each unit offers 2 bedrooms, 1 full bath, and in‑unit laundry; Each unit includes a 1.5‑car garage with electric door opener, with all brick garages
