Building Details

Building Size 3,728 SF

Year Built 1900

Listing Agency: Shorewest, Realtors

Listed By: Joseph R. Moore · License #91-936003 Show Phone

Source: C21ace

Added: Jul 16 Changed: Sep 9 Last Checked: Sep 19 at 12:03PM

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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 Shorewest, Realtors

Investment Insights

Based on property information with market context.

This mixed-use property includes 5 apartment units with private baths and 6 individual rental rooms sharing a common bath. The residential component provides multiple rental configurations within the property. The former supper club and bowling alley includes a spacious bar, commercial kitchen equipment, furnishings, and dinnerware. Property size is 3,728 square feet, and the building was constructed in 1900.

Plumbing, HVAC, and electrical updates have been completed. Continued cosmetic improvements remain part of the property’s current condition. Located at 506 Forest Home Drive in Francis Creek, Wisconsin, the property combines residential accommodations with existing restaurant-related improvements.

Key Highlights

• 5 apartment units with private baths
• 6 individual rental rooms sharing a common bath
• Former supper club and bowling alley with spacious bar

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

$17,428

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

5.28%

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%

$348,560 $348.6K

Cap Rate 7%

$248,971 $249.0K

Cap Rate 9%

$193,644 $193.6K

Market Conditions

NOI Build-Up for 3,728 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

$37.1K $9.96/SF

− Vacancy

−$9.2K −$2.48/SF

EGI

$27.9K $7.48/SF

− OpEx

−$10.5K −$2.80/SF

NOI

$17.4K $4.67/SF

Area

Manitowoc County, WI

Vacancy

24.90%

Lease Rate

$9.96 /SF/Yr

Expense Ratio

37.50%

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%

$348,560

Cap Rate 7%

$248,971

Cap Rate 9%

$193,644

Alternative Uses

Best Use

Specialty Retail

$817.0K

$714.9K – $953.2K (±1% cap)

NOI $57,189 @ 7.0% cap · market cap 17.33%

Second Best

Mixed Use

$249.0K

$217.9K – $290.5K (±1% cap)

NOI $17,428 @ 7.0% cap · market cap 5.28%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Auto Repair Shop Plumbing Service Big Box & Wholesale Store Storage Facility Bakery Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

Location Intelligence

Trade Area within ½ mile

50

Businesses Nearby

Explore this area Business Placement

Demographics for 54214, WI

442

Population

300

Households

1.5

Avg Household Size

44

Median Age

11%

College-Educated

97%

High-School Grad

0.5 sq mi

ZIP Area

884

Density / Sq Mi

$85,000

Median Household Income

$43,750

Median Earnings

$631

Median Rent

$237,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Apartment Building with Former Restaurant

506 FOREST HOME Drive, Francis Creek, WI 54214

$330,000

3,728 SF

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Industrial Flex Space with Loading Dock

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Includes residential rentals and a former restaurant with commercial kitchen equipment, furnishings, and dinnerware.

Where is this mixed-use property located?

The property is located at 506 FOREST HOME Drive Francis Creek, WI.

What is the asking price?

The asking price for this property is $330,000.

What are key features of this property?

This property features: 5 apartment units with private baths; 6 individual rental rooms sharing a common bath; Former supper club and bowling alley with spacious bar