Residential Income Property with Finished
For Sale
$289,000
4006 Devereaux Drive, Janesville, WI 53546
Two-bedroom condo includes a sunroom, bonus room, and covered patio for flexible residential use.
Property Size2,189 SF
Price / SF$132.02
Days on Market162
Property Features for 4006 Devereaux Drive
General Information
Standard status
Active
Size
2,189 SF
Property subtype
Condo / Ranch-1 Story
Zoning
R
Additional Details
HOA Fee
$100
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,497
Amenities
Personal property
Refrigerator, Water softener, Washer, Dryer, All window treatments, Storage shelves in LL, Work bench in LL, Work bench in garage
Forced air, Central air
Wood or sim. wood floors, Great room, Skylight(s), Washer, Dryer, Water softener included, Cable/Satellite Available, At Least 1 tub
Aluminum/Steel, Brick, Vinyl
Gas
Patio, Private Entry
Building Details
Year Built
1990
Listing Agency:
Briggs Realty Group, Inc
Listed By:
Chris Campbell · License #93500-94
(608) 449-9656
Source:
Compass
Added: Mar 31
Changed: Sep 2
Last Checked: Aug 30 at 9:04PM
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 Briggs Realty Group, Inc
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom, three-bath condominium built in 1990, with a bonus room and additional living area in the finished basement. The lower level also includes a bathroom, while the main floor features a sunroom, great room, living and dining areas, and a kitchen with a solar sun tube. Hardwood flooring extends through the bedrooms, sunroom, living room, and dining room. A private entry, covered patio, yard views, central air, and forced-air heating add to the configuration. The property also includes a garage with a workbench, lower-level storage shelving, a water softener, laundry appliances, window treatments, and other personal property. Drain tile was installed in the 1990s, the roof was replaced in 2016, and a Carrier furnace was installed in November 2025. R zoning applies, and HOA services include lawn mowing and snow removal.
Key Highlights
- Two‑bedroom, three‑bath condominium with finished basement
- Finished lower level includes a living room, bonus room, and bathroom
- Sunroom overlooks the yard; covered Sunsetter patio provides shaded outdoor space
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
$17,753
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
6.14%
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%
$355,060
$355.1K
Cap Rate 7%
$253,614
$253.6K
Cap Rate 9%
$197,256
$197.3K
Market Conditions
NOI Build-Up for 2,189 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
$33.6K $15.36/SF
− Vacancy
−$1.3K −$0.61/SF
EGI
$32.3K $14.75/SF
− OpEx
−$14.5K −$6.64/SF
NOI
$17.8K $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%
$355,060
Cap Rate 7%
$253,614
Cap Rate 9%
$197,256
Alternative Uses
Best Use
Apartment 5plus
$253.6K
$221.9K – $295.9K
NOI $17,753 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$526.0K
$460.3K – $613.7K
NOI $36,822 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 53546, WI
31,190
Population
12,816
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
95%
High-School Grad
81.1 sq mi
ZIP Area
385
Density / Sq Mi
$73,430
Median Household Income
$45,481
Median Earnings
$1,076
Median Rent
$220,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo includes a sunroom, bonus room, and covered patio for flexible residential use.
Where is this residential income property located?
The property is located at 4006 Devereaux Drive Janesville, WI.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Two‑bedroom, three‑bath condominium with finished basement; Finished lower level includes a living room, bonus room, and bathroom; Sunroom overlooks the yard; covered Sunsetter patio provides shaded outdoor space
