Quadplex with Updated
For Sale
$299,900
409 3RD Street, Algoma, WI 54201
Four-unit quadplex zoned C-1 with recent unit updates and forced-air heating.
Property Size2,800 SF
Price / SF$107.11
Days on Market147
Property Features for 409 3RD Street
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Multi Family
Zoning
C-1
Taxes and HOA fees
Annual Taxes
$3,738
Building Details
Building Size
2,800 SF
Year Built
1900
Tenancy
Multi
Listing Agency:
ERA Starr Realty
Listed By:
Heidi A. Neubauer · License #91-834125
(920) 493-6289
Source:
C21ace
Added: Apr 27
Changed: Sep 10
Last Checked: Sep 19 at 10:54AM
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 ERA Starr Realty
Investment Insights
Based on property information with market context.
This four-unit quadplex at 409 3RD Street in Algoma, WI includes updates throughout the property. Fresh paint was completed last year, and the roof is approximately 2 years old. Three of the four units were updated within the last 5 years.
The property is zoned C-1 and totals about 2,800 SF. Heating is provided through a combination of forced air, heat pump, and space heater systems.
Built in 1900, the building offers a four-unit residential income configuration with recent improvements that may support an owner’s ongoing operations.
The property is zoned C-1 and totals about 2,800 SF. Heating is provided through a combination of forced air, heat pump, and space heater systems.
Built in 1900, the building offers a four-unit residential income configuration with recent improvements that may support an owner’s ongoing operations.
Key Highlights
- Roof is approximately 2 years old
- Fresh paint completed last year
- 3 of the 4 units updated within the last 5 years
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
$24,449
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
8.15%
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%
$488,980
$489.0K
Cap Rate 7%
$349,271
$349.3K
Cap Rate 9%
$271,656
$271.7K
Market Conditions
NOI Build-Up for 2,800 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
$37.0K $13.20/SF
− Vacancy
−$2.0K −$0.73/SF
EGI
$34.9K $12.47/SF
− OpEx
−$10.5K −$3.74/SF
NOI
$24.4K $8.73/SF
Area
Kewaunee County, WI
Vacancy
5.50%
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%
$488,980
Cap Rate 7%
$349,271
Cap Rate 9%
$271,656
Alternative Uses
Best Use
Multifamily LT 5
$349.3K
$305.6K – $407.5K
NOI $24,449 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$325.4K
$284.7K – $379.6K
NOI $22,775 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$652.8K
$571.2K – $761.6K
NOI $45,696 @ 7.0% cap · market cap 15.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Explore this area
Business Placement
Demographics for 54201, WI
5,281
Population
2,603
Households
2
Avg Household Size
48
Median Age
19%
College-Educated
92%
High-School Grad
75.5 sq mi
ZIP Area
70
Density / Sq Mi
$65,772
Median Household Income
$39,787
Median Earnings
$823
Median Rent
$174,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit quadplex zoned C-1 with recent unit updates and forced-air heating.
Where is this quadplex located?
The property is located at 409 3RD Street Algoma, WI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Roof is approximately 2 years old; Fresh paint completed last year; 3 of the 4 units updated within the last 5 years
