Triplex with Efficiency
For Sale
$250,000
412 PARK Street, Manitowoc, WI 54220
Three residential units include two larger apartments and a rear efficiency with a full bath.
Property Size3,610 SF
Price / SF$69.25
Days on Market11
Property Features for 412 PARK Street
General Information
Standard status
Active
Size
3,610 SF
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
With a little TLC
Units
Unit Mix
1 x 5BR, 1 x 3BR, 1 x efficiency
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,257
Building Details
Building Size
3,610 SF
Year Built
1863
Listing Agency:
Michael B Realty
(920) 362-8950
Listed By:
Michael R. Biemeret
(920) 362-8950
Source:
C21ace
Added: Aug 12
Changed: Aug 20
Last Checked: Aug 22 at 12:00PM
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 Michael B Realty
Investment Insights
Based on property information with market context.
This 3,610-square-foot triplex, built in 1863, contains two larger apartments and a rear efficiency unit. Unit A offers five bedrooms, an office, living and dining areas, and a long galley kitchen. Unit B includes three bedrooms, one full bath, and generous living areas. The efficiency has been updated with a combined living and sleeping area, kitchen, and full bath.
All tenants are on month-to-month arrangements, and the landlord currently pays the utilities. The property is located close to the water, providing a residential income configuration with multiple unit layouts. The larger apartments also include features that support flexible residential use, including substantial living areas and separate bedroom counts.
All tenants are on month-to-month arrangements, and the landlord currently pays the utilities. The property is located close to the water, providing a residential income configuration with multiple unit layouts. The larger apartments also include features that support flexible residential use, including substantial living areas and separate bedroom counts.
Key Highlights
- 3,610 SF triplex built in 1863
- Unit A includes 5 bedrooms, an office, living and dining areas, and a galley kitchen
- Unit B features 3 bedrooms, 1 full bath, and large living spaces
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
$7,387
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
2.95%
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%
$147,740
$147.7K
Cap Rate 7%
$105,529
$105.5K
Cap Rate 9%
$82,078
$82.1K
Market Conditions
NOI Build-Up for 3,610 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
$36.8K $10.20/SF
− Vacancy
−$26.3K −$7.28/SF
EGI
$10.6K $2.92/SF
− OpEx
−$3.2K −$0.88/SF
NOI
$7.4K $2.05/SF
Area
Manitowoc County, WI
Vacancy
71.34%
Lease Rate
$10.20 /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%
$147,740
Cap Rate 7%
$105,529
Cap Rate 9%
$82,078
Alternative Uses
Best Use
Multifamily LT 5
$105.5K
$92.3K – $123.1K
NOI $7,387 @ 7.0% cap · market cap 2.95%
Second Best
Apartment 5plus
$84.8K
$74.2K – $98.9K
NOI $5,933 @ 7.0% cap · market cap 2.37%
Theoretical Best
Specialty Retail
$791.1K
$692.2K – $923.0K
NOI $55,379 @ 7.0% cap · market cap 22.15%
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
560
Businesses Nearby
Explore this area
Business Placement
Demographics for 54220, WI
40,737
Population
18,942
Households
2.2
Avg Household Size
44
Median Age
24%
College-Educated
91%
High-School Grad
98.7 sq mi
ZIP Area
413
Density / Sq Mi
$65,188
Median Household Income
$40,791
Median Earnings
$790
Median Rent
$159,500
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 residential units include two larger apartments and a rear efficiency with a full bath.
Where is this triplex located?
The property is located at 412 PARK Street Manitowoc, WI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 3,610 SF triplex built in 1863; Unit A includes 5 bedrooms, an office, living and dining areas, and a galley kitchen; Unit B features 3 bedrooms, 1 full bath, and large living spaces
