Renovated 24-Unit Apartment
New
For Sale
$3,120,000
415 W Fulton Street, Waupaca, WI 54981
Substantial building and interior upgrades include new roofs, windows, plumbing, appliances, cabinetry, fixtures, and air conditioning.
Property Size16,570 SF
Days on Market4
Property Features for 415 W Fulton Street
General Information
Standard status
Active
Size
16,570 SF
Property subtype
Multifamily
Occupancy
97%
Additional Details
Cap Rate
6.24%
Multifamily Units
24
Amenities
Well-Maintained Asset with Reduced Near-Term Capital Needs
New Roofs, Windows, Siding, and Concrete Installed
All Tubs, Showers, and Plumbing Replaced
Renovated Common Areas and Exterior Improvements
Building Details
Building Size
16,570 SF
Units
24
Listed By:
Dan Bowar · License #License(s): WI: 97683-94
(262) 364-1907
Source:
Marcusmillichap
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 1:11PM
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 Dan Bowar
Investment Insights
Based on property information with market context.
Located at 415 W Fulton Street in Waupaca, Wisconsin, this 24-unit apartment property has undergone extensive improvements across the building, common areas, and individual residences. Exterior work includes new roofs, windows, siding, concrete, doors, and interior and exterior trim. Plumbing infrastructure, tubs, showers, and shared spaces have also been updated.
Interior renovations have been completed in 17 apartments, with improvements including flooring, appliances, cabinetry, and fixtures. New air conditioning systems have been installed in 15 units. The property combines broad physical upgrades with a substantially refreshed unit offering and updated building systems.
Interior renovations have been completed in 17 apartments, with improvements including flooring, appliances, cabinetry, and fixtures. New air conditioning systems have been installed in 15 units. The property combines broad physical upgrades with a substantially refreshed unit offering and updated building systems.
Key Highlights
- 24‑unit apartment property at 415 W Fulton Street, Waupaca, Wisconsin
- 17 apartments upgraded with flooring, appliances, cabinetry, and fixtures
- 15 units equipped with new air conditioning systems
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
$103,347
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
3.31%
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%
$2,066,940
$2.1M
Cap Rate 7%
$1,476,386
$1.5M
Cap Rate 9%
$1,148,300
$1.1M
Market Conditions
NOI Build-Up for 16,570 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
$198.8K $12.00/SF
− Vacancy
−$10.9K −$0.66/SF
EGI
$187.9K $11.34/SF
− OpEx
−$84.6K −$5.10/SF
NOI
$103.3K $6.24/SF
Area
Waupaca County, WI
Vacancy
5.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,066,940
Cap Rate 7%
$1,476,386
Cap Rate 9%
$1,148,300
Alternative Uses
Best Use
Apartment 5plus
$1.48M
$1.29M – $1.72M
NOI $103,347 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.10M
$2.72M – $3.62M
NOI $217,262 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
498
Businesses Nearby
Explore this area
Business Placement
Demographics for 54981, WI
14,998
Population
8,253
Households
1.8
Avg Household Size
47
Median Age
28%
College-Educated
94%
High-School Grad
131.6 sq mi
ZIP Area
114
Density / Sq Mi
$76,821
Median Household Income
$45,326
Median Earnings
$800
Median Rent
$204,100
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?
Apartment building - Substantial building and interior upgrades include new roofs, windows, plumbing, appliances, cabinetry, fixtures, and air conditioning.
Where is this apartment building located?
The property is located at 415 W Fulton Street Waupaca, WI.
What is the asking price?
The asking price for this property is $3,120,000.
What are key features of this property?
This property features: 24‑unit apartment property at 415 W Fulton Street, Waupaca, Wisconsin; 17 apartments upgraded with flooring, appliances, cabinetry, and fixtures; 15 units equipped with new air conditioning systems
