Duplex With Flexible
For Sale
$162,000
502 JEFFERSON Street, Waupaca, WI 54981
Two occupied residences provide current rental income with month-to-month arrangements and future owner-occupancy flexibility.
Property Size1,838 SF
Price / SF$88.14
Days on Market63
Property Features for 502 JEFFERSON Street
General Information
Standard status
Active
Size
1,838 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,391
Building Details
Building Size
1,838 SF
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
Shambeau & Grenlie Real Estate, LLC
Listed By:
Jean M. Grenlie · License #91-936610
(715) 258-9900
Source:
C21ace
Added: Jul 20
Changed: Sep 12
Last Checked: Sep 19 at 10:57AM
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 Shambeau & Grenlie Real Estate, LLC
Investment Insights
Based on property information with market context.
This 1,838-square-foot duplex contains two separate residences with a practical unit mix. The first apartment has two bedrooms and 1.5 baths, while the second includes one bedroom and one full bath. Both units are occupied under month-to-month tenancies, supporting current rental income while preserving flexibility for future plans. The property does not include a garage and was built in 1900.
Located in Waupaca, the property is minutes from downtown and near shopping, restaurants, parks, and other local amenities. Its two-unit configuration suits an investor seeking an income-producing residential property or an owner-occupant considering a future transition to personal use.
Located in Waupaca, the property is minutes from downtown and near shopping, restaurants, parks, and other local amenities. Its two-unit configuration suits an investor seeking an income-producing residential property or an owner-occupant considering a future transition to personal use.
Key Highlights
- 1,838 SF duplex with two separate residential units
- Unit 1 offers 2 bedrooms and 1.5 baths
- Second unit includes 1 bedroom and 1 full bath
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
$12,270
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
7.57%
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%
$245,400
$245.4K
Cap Rate 7%
$175,286
$175.3K
Cap Rate 9%
$136,333
$136.3K
Market Conditions
NOI Build-Up for 1,838 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
$18.7K $10.20/SF
− Vacancy
−$1.2K −$0.66/SF
EGI
$17.5K $9.54/SF
− OpEx
−$5.3K −$2.86/SF
NOI
$12.3K $6.68/SF
Area
Waupaca County, WI
Vacancy
6.50%
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%
$245,400
Cap Rate 7%
$175,286
Cap Rate 9%
$136,333
Alternative Uses
Best Use
Multifamily LT 5
$175.3K
$153.4K – $204.5K
NOI $12,270 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$163.8K
$143.3K – $191.1K
NOI $11,464 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$344.3K
$301.2K – $401.7K
NOI $24,099 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
571
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences provide current rental income with month-to-month arrangements and future owner-occupancy flexibility.
Where is this duplex located?
The property is located at 502 JEFFERSON Street Waupaca, WI.
What is the asking price?
The asking price for this property is $162,000.
What are key features of this property?
This property features: 1,838 SF duplex with two separate residential units; Unit 1 offers 2 bedrooms and 1.5 baths; Second unit includes 1 bedroom and 1 full bath
