Two-Flat Duplex with
For Sale
$256,000
506 East Cook Street, Portage, WI 53901
Duplex features an up-and-down configuration with updated units and separate utility responsibility for tenants.
Property Size1,850 SF
Price / SF$138.38
Days on Market117
Property Features for 506 East Cook Street
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Multi Family / 2 flat-up and down
Zoning
R-3
Net Operating Income
$2,030
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,293
Amenities
Natural Gas
Forced air
Seller and Renter Personal Property
2 refrigerators, 2 ranges/ovens, 2 wash machines, 2 dryers, window coverings, 12'x32' out building
2
Vinyl
Building Details
Year Built
999
Units
2
Tenancy
Multi
Listing Agency:
Wynne Realty
(608) 345-9996
Listed By:
Jeff Simmons · License #55362-90
(608) 345-9996
Source:
Compass
Added: May 6
Changed: Aug 25
Last Checked: Jul 25 at 12:21PM
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 Wynne Realty
Investment Insights
Based on property information with market context.
This two-flat duplex offers an up-and-down layout, with one unit above and one unit below. The upper flat features two living levels, providing added interior flexibility within the same rental space. The property is described as in great shape with many updates completed by the current owner.
The duplex is located in Portage. The public remarks note that adjacent 502 E Cook Street, a two-unit property, is also listed for sale, creating potential for buyers interested in more than one nearby income property.
Tenant responsibility is supported by the existing rent structure: renters pay gas and electric, while the landlord pays water/sewer and city trash/recycling. The premises are non-smoking, renters have approved pets and pay pet fees, and the current tenants are described as screened and paying rent on time.
The duplex is located in Portage. The public remarks note that adjacent 502 E Cook Street, a two-unit property, is also listed for sale, creating potential for buyers interested in more than one nearby income property.
Tenant responsibility is supported by the existing rent structure: renters pay gas and electric, while the landlord pays water/sewer and city trash/recycling. The premises are non-smoking, renters have approved pets and pay pet fees, and the current tenants are described as screened and paying rent on time.
Key Highlights
- Duplex with an up‑and‑down layout (2 flats) and updated units
- Upper flat includes 2 living levels
- Tenant‑paid utilities: gas and electric (landlord pays water/sewer)
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
$16,938
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
6.62%
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%
$338,760
$338.8K
Cap Rate 7%
$241,971
$242.0K
Cap Rate 9%
$188,200
$188.2K
Market Conditions
NOI Build-Up for 1,850 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
$25.5K $13.80/SF
− Vacancy
−$1.3K −$0.72/SF
EGI
$24.2K $13.08/SF
− OpEx
−$7.3K −$3.92/SF
NOI
$16.9K $9.16/SF
Area
Columbia County, WI
Vacancy
5.22%
Lease Rate
$13.80 /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%
$338,760
Cap Rate 7%
$241,971
Cap Rate 9%
$188,200
Alternative Uses
Best Use
Multifamily LT 5
$242.0K
$211.7K – $282.3K
NOI $16,938 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$211.0K
$184.6K – $246.2K
NOI $14,769 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$415.6K
$363.7K – $484.9K
NOI $29,094 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 53901, WI
14,924
Population
6,550
Households
2.3
Avg Household Size
42
Median Age
20%
College-Educated
91%
High-School Grad
147.3 sq mi
ZIP Area
101
Density / Sq Mi
$72,244
Median Household Income
$40,914
Median Earnings
$969
Median Rent
$214,300
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?
Duplex - Duplex features an up-and-down configuration with updated units and separate utility responsibility for tenants.
Where is this duplex located?
The property is located at 506 East Cook Street Portage, WI.
What is the asking price?
The asking price for this property is $256,000.
What are key features of this property?
This property features: Duplex with an up‑and‑down layout (2 flats) and updated units; Upper flat includes 2 living levels; Tenant‑paid utilities: gas and electric (landlord pays water/sewer)
