Four-Unit Apartment
For Sale
$224,900
532 East Cook Street, Portage, WI 53901
Residential income property with four one-bedroom, one-bath units and walkout access to the yard.
Property Size1,269 SF
Price / SF$177.23
Days on Market158
Property Features for 532 East Cook Street
General Information
Standard status
Active
Size
1,269 SF
Property subtype
Multi Family / Apartment building
Zoning
RES
Property Condition
Severity
Major Repairs Needed
Evidence
requires repairs, including structural, roof, and exterior work
Additional Details
Gross Income
$37,440
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,207
Amenities
Full, Walkout to yard, Other foundation
Natural Gas
Forced air
Seller and Tenant's Personal Property
Washer, Dryer, 4 Refrigerators, 4 Stoves/Ovens
1
4
Wood, Stucco
Building Details
Year Built
1850
Buildings
1
Units
4
Listing Agency:
Elevate Estates Realty Co.
(608) 515-7829
Listed By:
Megan Holzmann · License #98735-94
(608) 515-7829
Source:
Compass
Added: Mar 26
Changed: Aug 30
Last Checked: Aug 30 at 3:35AM
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 Elevate Estates Realty Co.
Investment Insights
Based on property information with market context.
This residential income property contains four apartment units, each configured with one bedroom and one bathroom. The building has wood and stucco exterior elements, a natural gas system, forced-air heating, and a walkout foundation. Included equipment consists of four refrigerators, four stoves/ovens, a washer, and a dryer.
The third level includes newly installed windows and a studded area prepared for a possible additional bathroom buildout and expansion of the fourth unit. The property is offered as-is and requires structural, roofing, and exterior repairs. Built in 1850, the building is zoned RES and located in Portage, Wisconsin.
The third level includes newly installed windows and a studded area prepared for a possible additional bathroom buildout and expansion of the fourth unit. The property is offered as-is and requires structural, roofing, and exterior repairs. Built in 1850, the building is zoned RES and located in Portage, Wisconsin.
Key Highlights
- Four apartment units, each with 1 bedroom and 1 bathroom
- Third level has new windows and a studded area for possible bathroom buildout
- Walkout foundation with access to the yard
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
$11,619
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
5.17%
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%
$232,380
$232.4K
Cap Rate 7%
$165,986
$166.0K
Cap Rate 9%
$129,100
$129.1K
Market Conditions
NOI Build-Up for 1,269 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
$17.5K $13.80/SF
− Vacancy
−$914 −$0.72/SF
EGI
$16.6K $13.08/SF
− OpEx
−$5.0K −$3.92/SF
NOI
$11.6K $9.16/SF
Area
Columbia County, WI
Vacancy
5.22%
Lease Rate
$13.80 /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%
$232,380
Cap Rate 7%
$165,986
Cap Rate 9%
$129,100
Alternative Uses
Best Use
Multifamily LT 5
$166.0K
$145.2K – $193.7K
NOI $11,619 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$144.7K
$126.6K – $168.9K
NOI $10,131 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$285.1K
$249.5K – $332.6K
NOI $19,957 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
455
Businesses Nearby
Explore this area
Business Placement
Demographics for 53901, WI
14,924
Population
6,550
Households
2.3
Avg Household Size
42
Median Age
20%
College-Educated
91%
High-School Grad
147.3 sq mi
ZIP Area
101
Density / Sq Mi
$72,244
Median Household Income
$40,914
Median Earnings
$969
Median Rent
$214,300
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?
Quadplex - Residential income property with four one-bedroom, one-bath units and walkout access to the yard.
Where is this quadplex located?
The property is located at 532 East Cook Street Portage, WI.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Four apartment units, each with 1 bedroom and 1 bathroom; Third level has new windows and a studded area for possible bathroom buildout; Walkout foundation with access to the yard
