Upper/Lower Duplex with Off-Street
For Sale
$199,900
531 North Appleton Street, Appleton, WI 54911
Upper and lower units offer designated off-street parking and basement laundry hookups within a duplex built for rental operations.
Property Size1,841 SF
Price / SF$108.58
Days on Market121
Property Features for 531 North Appleton Street
General Information
Standard status
Active
Size
1,841 SF
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
2 Family/Duplex
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,594
Amenities
Forced Air
2
Natural Gas
Full
Stone
2 Story,2 Up and Down
Shake Siding
Not Applicable
Building Details
Year Built
1880
Buildings
1
Tenancy
Multi
Listing Agency:
Kos Realty Group
Listed By:
Brittney M Kleifgen · License #90-58724
(920) 680-8922
Source:
Compass
Added: May 8
Changed: Aug 8
Last Checked: Jul 21 at 2:05AM
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 Kos Realty Group
Investment Insights
Based on property information with market context.
This upper/lower duplex includes a 2-bedroom unit on the upper level and a 3-bedroom unit on the lower level. The lower unit has been fully renovated and is described as move-in ready, while the upper unit is occupied by a long-term tenant.
The property provides designated off-street parking and laundry hookups in the basement. Tenants are responsible for all utilities, and the remarks describe a lease structure that assigns exterior maintenance duties between the upper and lower tenants, including snow removal and lawn care.
For a buyer seeking a residential income asset, the duplex is positioned as a two-unit property with established rental history, divided utility responsibility, and clear operational roles for routine exterior upkeep.
The property provides designated off-street parking and laundry hookups in the basement. Tenants are responsible for all utilities, and the remarks describe a lease structure that assigns exterior maintenance duties between the upper and lower tenants, including snow removal and lawn care.
For a buyer seeking a residential income asset, the duplex is positioned as a two-unit property with established rental history, divided utility responsibility, and clear operational roles for routine exterior upkeep.
Key Highlights
- Upper/lower duplex built in 1880 with 2‑story, 2 up and down layout
- Two natural gas forced‑air furnaces and heating setup for the duplex
- Upper 2‑bedroom unit with a long‑term tenant in place
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
$14,030
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
7.02%
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%
$280,600
$280.6K
Cap Rate 7%
$200,429
$200.4K
Cap Rate 9%
$155,889
$155.9K
Market Conditions
NOI Build-Up for 1,841 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
$21.0K $11.40/SF
− Vacancy
−$944 −$0.51/SF
EGI
$20.0K $10.89/SF
− OpEx
−$6.0K −$3.27/SF
NOI
$14.0K $7.62/SF
Area
Outagamie County, WI
Vacancy
4.50%
Lease Rate
$11.40 /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%
$280,600
Cap Rate 7%
$200,429
Cap Rate 9%
$155,889
Alternative Uses
Best Use
Multifamily LT 5
$200.4K
$175.4K – $233.8K
NOI $14,030 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$187.6K
$164.2K – $218.9K
NOI $13,132 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$507.6K
$444.1K – $592.2K
NOI $35,531 @ 7.0% cap · market cap 17.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,704
Businesses Nearby
Explore this area
Business Placement
Demographics for 54911, WI
26,964
Population
11,171
Households
2.4
Avg Household Size
37
Median Age
35%
College-Educated
94%
High-School Grad
8.4 sq mi
ZIP Area
3,210
Density / Sq Mi
$66,747
Median Household Income
$38,591
Median Earnings
$1,010
Median Rent
$199,100
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 - Upper and lower units offer designated off-street parking and basement laundry hookups within a duplex built for rental operations.
Where is this duplex located?
The property is located at 531 North Appleton Street Appleton, WI.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Upper/lower duplex built in 1880 with 2‑story, 2 up and down layout; Two natural gas forced‑air furnaces and heating setup for the duplex; Upper 2‑bedroom unit with a long‑term tenant in place
