Updated Quadplex with Newer
For Sale
$299,900
409 3rd St, Algoma, WI 54201
Inland-Multi-Family, Two, Algoma, WI
Property Size2,800 SF
Lot Size0.21 Acres
Price / SF$107.11
Days on Market192
Property Features for 409 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C-1
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 5, Bathroom 1, Bedroom 7, Bedroom 4, Bathroom 4, Bedroom 3, Bedroom 1, Bedroom 6
Elementary school district
Algoma
Middle school district
Algoma
High school district
Algoma
Subdivision
23-Algoma
Standard status
Active
Size
2,800 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
3739
Utilities
Heating system
Forced Air, Heat Pump (Heating), Space Heater
Building Details
Year built
1900
Number of units
4
Architectural style
Other
Listing Agency:
ERA Starr Realty · ERA Real Estate
(920) 743-4321
Listed By:
Heidi Neubauer · License #91834125
(920) 493-6289
Added: Apr 22
Changed: Oct 27
Last Checked: Oct 30 at 12:06AM
MLS# 147102
Copyright © 2026 Door County MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This four-unit property contains 2,800 square feet on a 0.21-acre parcel and was built in 1900. Three of the four units were updated within the last 5 years, and the property received fresh paint last year. The roof is 2 years old. Heating systems include heat pumps, space heaters, and forced-air equipment.
Located at 409 3rd St in Algoma, Wisconsin, the property carries C-1 zoning. The four-unit configuration, recent improvements, and newer roof provide a clear physical profile for multifamily ownership. The recorded rooms include seven bedrooms and four bathrooms.
Located at 409 3rd St in Algoma, Wisconsin, the property carries C-1 zoning. The four-unit configuration, recent improvements, and newer roof provide a clear physical profile for multifamily ownership. The recorded rooms include seven bedrooms and four bathrooms.
Key Highlights
- Four‑unit property with 2,800 square feet on 0.21 acres
- Three of 4 units updated in the last 5 years
- Roof is 2 years old
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,449
Cap Rate
8.15%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with C-1 zoning, recent unit improvements, and a combination of heating systems.
Where is this quadplex located?
The property is located at 409 3rd St 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: Four‑unit property with 2,800 square feet on 0.21 acres; Three of 4 units updated in the last 5 years; Roof is 2 years old
