Waterfront
New
For Sale
$490,000
408 W Lake St, Lake Mills, WI 53551
Three-unit multifamily property with an updated vacant unit and direct water access.
Property Size2,410 SF
Price / SF$203.32
Days on Market7
Property Features for 408 W Lake St
General Information
Standard status
Active
Size
2,410 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1890
Listing Agency:
eXp Realty
(866) 848-6990
Listed By:
Laura Staude Flood
Source:
Nikolicgroup
Added: Aug 24
Changed: Aug 30
Last Checked: Aug 30 at 7:13PM
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
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.
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 = 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
$25,553
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
5.21%
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%
$511,060
$511.1K
Cap Rate 7%
$365,043
$365.0K
Cap Rate 9%
$283,922
$283.9K
Market Conditions
NOI Build-Up for 2,410 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
$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 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%
$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
NOI $25,553 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$323.1K
$282.7K – $377.0K
NOI $22,618 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$565.7K
$495.0K – $660.0K
NOI $39,597 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $490,000.
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
