Two-Unit Duplex with Split
For Sale
$189,900
515 North Pearl Street, Janesville, WI 53548
Two residential units feature recent improvements, updated mechanicals, and separate outdoor areas near downtown Janesville.
Property Size1,511 SF
Price / SF$125.68
Days on Market171
Property Features for 515 North Pearl Street
General Information
Standard status
Active
Size
1,511 SF
Property subtype
Multi Family / 2 story
Zoning
R2
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,397
Amenities
Partial
Natural Gas
Radiant
2 refrigerators, 2 ranges
2
1
Vinyl
Building Details
Year Built
1890
Units
2
Listing Agency:
Walker Realty Group, LLC
Listed By:
Mike Heiman · License #88657-94
(608) 563-0013
Source:
Compass
Added: Apr 30
Changed: Oct 13
Last Checked: Oct 16 at 10:46AM
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 Walker Realty Group, LLC
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Investment Insights
Based on property information with market context.
This two-unit residential property contains 1,511 square feet and dates to 1890. Recent work includes a boiler serving the lower unit, two new water heaters, three new stairs, balcony improvements, partial roof replacement, newer vinyl windows upstairs, fresh paint, and new carpeting. The building has a vinyl exterior, natural gas service, and radiant heat. Each unit is equipped with a refrigerator and range.
The property includes a divided backyard and is located near downtown Janesville at 515 North Pearl Street. R2 zoning applies to the site. The configuration can support either owner occupancy with another unit or use as a full rental property, consistent with the stated property layout.
The property includes a divided backyard and is located near downtown Janesville at 515 North Pearl Street. R2 zoning applies to the site. The configuration can support either owner occupancy with another unit or use as a full rental property, consistent with the stated property layout.
Key Highlights
- Two‑unit duplex with 1,511 square feet, built in 1890
- Boiler serving the lower unit and 2 new water heaters
- 3 new stairs, balcony improvements, and partial roof replacement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,939
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$278,780
$278.8K
Cap Rate 7%
$199,129
$199.1K
Cap Rate 9%
$154,878
$154.9K
Market Conditions
NOI Build-Up for 1,511 SF
Gross rent
$20.9K $13.80/SF
− Vacancy
−$938 −$0.62/SF
EGI
$19.9K $13.18/SF
− OpEx
−$6.0K −$3.95/SF
NOI
$13.9K $9.23/SF
Area
Rock County, WI
Vacancy
4.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$278,780
Cap Rate 7%
$199,129
Cap Rate 9%
$154,878
Alternative Uses
Best Use
Multifamily LT 5
$199.1K
$174.2K – $232.3K
NOI $13,939 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$175.1K
$153.2K – $204.2K
NOI $12,254 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$363.1K
$317.7K – $423.6K
NOI $25,417 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,075
Businesses Nearby
Explore this area
Business Placement
Demographics for 53548, WI
19,233
Population
8,894
Households
2.2
Avg Household Size
40
Median Age
27%
College-Educated
94%
High-School Grad
75.0 sq mi
ZIP Area
256
Density / Sq Mi
$74,696
Median Household Income
$41,508
Median Earnings
$999
Median Rent
$226,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature recent improvements, updated mechanicals, and separate outdoor areas near downtown Janesville.
Where is this duplex located?
The property is located at 515 North Pearl Street Janesville, WI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,511 square feet, built in 1890; Boiler serving the lower unit and 2 new water heaters; 3 new stairs, balcony improvements, and partial roof replacement
