Building Details

Year Built 1890

Listing Agency: eXp Realty

Listed By: Laura Staude Flood Show Phone

Source: Nikolicgroup

Added: Aug 24 Changed: Oct 2 Last Checked: Oct 7 at 1:05PM

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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 eXp Realty

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Investment Insights

Based on property information with market context.

This 2,410-square-foot triplex contains three multifamily units and was built in 1890. One unit is vacant and has been recently updated, while the property is currently configured for multifamily use. The building’s waterfront setting adds water views and direct access to Rock Lake via the Mill Pond.

Located at 408 W Lake St in Lake Mills, the property sits a couple of blocks from downtown Lake Mills and Bartels Beach. The existing layout supports continued three-unit use, with the vacant residence offering flexibility for an owner occupant or a new tenancy.

Key Highlights

• 2,410‑square‑foot triplex with 3 multifamily units
• Waterfront setting on the Mill Pond with direct access to Rock Lake
• Recently updated vacant unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,553

Cap Rate

5.32%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$511,060 $511.1K

Cap Rate 7%

$365,043 $365.0K

Cap Rate 9%

$283,922 $283.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,410 SF

Gross rent

$39.0K $16.20/SF

− Vacancy

−$2.5K −$1.05/SF

EGI

$36.5K $15.15/SF

− OpEx

−$11.0K −$4.54/SF

NOI

$25.6K $10.60/SF

Area

Jefferson County, WI

Vacancy

6.50%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$511,060

Cap Rate 7%

$365,043

Cap Rate 9%

$283,922

Alternative Uses

Best Use

Multifamily LT 5

$365.0K

$319.4K – $425.9K (±1% cap)

NOI $25,553 @ 7.0% cap · market cap 5.32%

Second Best

Apartment 5plus

$323.1K

$282.7K – $377.0K (±1% cap)

NOI $22,618 @ 7.0% cap · market cap 4.71%

Theoretical Best

Office A

$565.7K

$495.0K – $660.0K (±1% cap)

NOI $39,597 @ 7.0% cap · market cap 8.25%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Dental Office Law Firm Electrical Service Real Estate Agency Auto Parts Store Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

266

Businesses Nearby

Explore this area Business Placement

Demographics for 53551, WI

8,920

Population

4,048

Households

2.2

Avg Household Size

41

Median Age

45%

College-Educated

96%

High-School Grad

39.6 sq mi

ZIP Area

225

Density / Sq Mi

$89,841

Median Household Income

$53,503

Median Earnings

$1,089

Median Rent

$322,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Three-unit multifamily property with an updated vacant unit and direct water access.

Where is this triplex located?

The property is located at 408 W Lake St Lake Mills, WI.

What is the asking price?

The asking price for this property is $480,000.

What are key features of this property?

This property features: 2,410‑square‑foot triplex with 3 multifamily units; Waterfront setting on the Mill Pond with direct access to Rock Lake; Recently updated vacant unit