Two-Unit Duplex with Two
For Sale
$269,900
524 3RD Street, Menasha, WI 54952
MULTI_FAMILY - MENASHA, WI
Property Size2,119 SF
Lot Size0.27 Acres
Price / SF$127.37
Days on Market55
Property Features for 524 3RD Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
2 Family/Duplex,Resident
Parking
4
Lot features
Near Bus Line, Sidewalk
Elementary school district
Menasha
Middle school district
Menasha
High school district
Menasha
Directions
From Racine street, turn East on 3rd St, property is on Left just after Walgreens
Standard status
Active
APN
10026000
Size
2,119 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3960
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1910
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Expert Real Estate Partners, LLC
(920) 903-1600
Listed By:
Megan E. Lone · License #9069251
(920) 225-9627
Added: Jun 19
Changed: Aug 11
Last Checked: Aug 12 at 2:06AM
MLS# 50327777
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 two-unit duplex features a two-story front unit and a two-story back unit, each side by side within the same property. The front unit includes two bedrooms and one and a half baths, with laundry service in the full bath. The back unit offers two bedrooms, one full bath, and laundry service off the kitchen. Each unit has been refreshed with many updates. There is a two-car garage associated with each unit, supporting convenient parking and day-to-day access.
The property sits on a 0.27-acre lot and was built in 1910. Construction materials include vinyl siding. Heating is forced air, and a dual zone system is being installed for the furnace. Water is supplied by public sources and the property is connected to public sewer.
The front unit is occupied, and showings require 24-hour notice. The property is described as being conveniently located to bus lines and nearby conveniences, with minutes to highway access.
The property sits on a 0.27-acre lot and was built in 1910. Construction materials include vinyl siding. Heating is forced air, and a dual zone system is being installed for the furnace. Water is supplied by public sources and the property is connected to public sewer.
The front unit is occupied, and showings require 24-hour notice. The property is described as being conveniently located to bus lines and nearby conveniences, with minutes to highway access.
Key Highlights
- Two units side by side, two‑story duplex configuration
- Front unit: two bedrooms, one and a half baths, laundry in full bath
- Back unit: two bedrooms, one full bath, laundry service off kitchen
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
$14,298
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
5.30%
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%
$285,960
$286.0K
Cap Rate 7%
$204,257
$204.3K
Cap Rate 9%
$158,867
$158.9K
Market Conditions
NOI Build-Up for 2,119 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
$21.6K $10.20/SF
− Vacancy
−$1.2K −$0.56/SF
EGI
$20.4K $9.64/SF
− OpEx
−$6.1K −$2.89/SF
NOI
$14.3K $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%
$285,960
Cap Rate 7%
$204,257
Cap Rate 9%
$158,867
Alternative Uses
Best Use
Multifamily LT 5
$204.3K
$178.7K – $238.3K
NOI $14,298 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$184.1K
$161.1K – $214.8K
NOI $12,888 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$457.4K
$400.2K – $533.6K
NOI $32,015 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Explore this area
Business Placement
Demographics for 54952, WI
27,216
Population
12,412
Households
2.2
Avg Household Size
39
Median Age
25%
College-Educated
93%
High-School Grad
28.1 sq mi
ZIP Area
969
Density / Sq Mi
$67,280
Median Household Income
$44,765
Median Earnings
$906
Median Rent
$190,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two side-by-side two-story units with separate two-car garages, public water and sewer, and forced-air heating.
Where is this duplex located?
The property is located at 524 3RD Street Menasha, WI.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Two units side by side, two‑story duplex configuration; Front unit: two bedrooms, one and a half baths, laundry in full bath; Back unit: two bedrooms, one full bath, laundry service off kitchen
