Two-Unit Duplex with
For Sale
$255,000
514 W IRVING Avenue, Oshkosh, WI 54901
Residential Income, OSHKOSH, WI
Property Size1,992 SF
Lot Size0.18 Acres
Price / SF$128.01
Days on Market11
Property Features for 514 W IRVING Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
2 Family/Duplex
Parking
2
Elementary school district
Oshkosh Area
Middle school district
Oshkosh Area
High school district
Oshkosh Area
Directions
Wisconsin Ave, North to Irving, East to address
Standard status
Active
APN
0500140000
Size
1,992 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3332
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Hot Water(Heating)
Water source
Public
Building Details
Year built
1920
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Keller Williams Fox Cities · Keller Williams Realty
(920) 903-9031
Listed By:
Christine A. Schultz · License #91937763
(920) 379-1104
Added: Sep 10
Changed: Sep 20
Last Checked: Sep 20 at 1:06AM
MLS# 50332590
Copyright © 2026 Realtor Association of Northeast Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,992-square-foot duplex at 514 W Irving Avenue includes two three-bedroom units, each with hardwood flooring and access to a two-car garage. Built in 1920, the property has vinyl siding, hot water and forced-air heating, public water, and public sewer. The 0.18-acre parcel is zoned 2 Family/Duplex.
Both units are currently rented for the 2026-2027 school year. The property is located near UWO in Oshkosh, providing a residential income configuration with two separate living units and established occupancy. Its location in Winnebago County and proximity to the university are directly supported by the property information.
Both units are currently rented for the 2026-2027 school year. The property is located near UWO in Oshkosh, providing a residential income configuration with two separate living units and established occupancy. Its location in Winnebago County and proximity to the university are directly supported by the property information.
Key Highlights
- Two 3‑bedroom units in a 1,992‑square‑foot duplex
- Both units rented for the 2026‑2027 school year
- Two‑car garage included
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
$13,441
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
5.27%
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%
$268,820
$268.8K
Cap Rate 7%
$192,014
$192.0K
Cap Rate 9%
$149,344
$149.3K
Market Conditions
NOI Build-Up for 1,992 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
$20.3K $10.20/SF
− Vacancy
−$1.1K −$0.56/SF
EGI
$19.2K $9.64/SF
− OpEx
−$5.8K −$2.89/SF
NOI
$13.4K $6.75/SF
Area
Winnebago County, WI
Vacancy
5.50%
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%
$268,820
Cap Rate 7%
$192,014
Cap Rate 9%
$149,344
Alternative Uses
Best Use
Multifamily LT 5
$192.0K
$168.0K – $224.0K
NOI $13,441 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$173.1K
$151.4K – $201.9K
NOI $12,115 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$429.9K
$376.2K – $501.6K
NOI $30,096 @ 7.0% cap · market cap 11.80%
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
1,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 54901, WI
37,594
Population
15,381
Households
2.4
Avg Household Size
33
Median Age
24%
College-Educated
92%
High-School Grad
16.6 sq mi
ZIP Area
2,265
Density / Sq Mi
$61,734
Median Household Income
$31,289
Median Earnings
$932
Median Rent
$164,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with hardwood flooring, two three-bedroom units, and current school-year occupancy near UWO.
Where is this duplex located?
The property is located at 514 W IRVING Avenue Oshkosh, WI.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Two 3‑bedroom units in a 1,992‑square‑foot duplex; Both units rented for the 2026‑2027 school year; Two‑car garage included
