Two-Unit Downtown
For Sale
$209,900
543 North State Street, Appleton, WI 54911
Upper and lower residences each provide two bedrooms and one full bathroom.
Property Size1,782 SF
Lot Size0.24 Acres
Price / SF$117.79
Days on Market150
Property Features for 543 North State Street
General Information
Standard status
Active
Size
1,782 SF
Total Parking Spaces
2
Lot size
0.24 Acres
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
Residential
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$209,900
Taxes and HOA fees
Annual Taxes
$2,179
Amenities
2
Natural Gas
1
Full
Stone
2 Story,2 Up and Down
Aluminum Siding
1st Floor Bedroom,1st Floor Full Bath
Building Details
Year Built
1895
Buildings
1
Listing Agency:
Century 21 Ace Realty
Listed By:
Dianne M DeGroot · License #94-31762
(920) 707-4681
Source:
Compass
Added: Apr 7
Changed: Sep 2
Last Checked: Aug 30 at 1:36PM
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 Century 21 Ace Realty
Investment Insights
Based on property information with market context.
This two-story residential property contains one unit on each level, with 1,782 square feet overall. Both residences offer a two-bedroom, one-bathroom layout. The lower unit includes hardwood flooring in portions of the space, newer kitchen cabinetry, some updated windows, an updated roof, and plumbing improvements in select areas. The upper unit provides well-proportioned rooms and a functional arrangement.
The property occupies 0.24 acres at 543 North State Street in downtown Appleton, Wisconsin. A detached two-car garage with an opener provides additional on-site storage and parking utility. Residential zoning supports the existing duplex configuration, and the home was built in 1895.
The property occupies 0.24 acres at 543 North State Street in downtown Appleton, Wisconsin. A detached two-car garage with an opener provides additional on-site storage and parking utility. Residential zoning supports the existing duplex configuration, and the home was built in 1895.
Key Highlights
- 1,782‑square‑foot upper/lower duplex
- Two bedrooms and one full bathroom in each unit
- 0.24‑acre residential lot in downtown Appleton
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
$13,580
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
6.47%
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%
$271,600
$271.6K
Cap Rate 7%
$194,000
$194.0K
Cap Rate 9%
$150,889
$150.9K
Market Conditions
NOI Build-Up for 1,782 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 $11.40/SF
− Vacancy
−$914 −$0.51/SF
EGI
$19.4K $10.89/SF
− OpEx
−$5.8K −$3.27/SF
NOI
$13.6K $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%
$271,600
Cap Rate 7%
$194,000
Cap Rate 9%
$150,889
Alternative Uses
Best Use
Multifamily LT 5
$194.0K
$169.8K – $226.3K
NOI $13,580 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$181.6K
$158.9K – $211.9K
NOI $12,712 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$491.3K
$429.9K – $573.2K
NOI $34,393 @ 7.0% cap · market cap 16.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,717
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 residences each provide two bedrooms and one full bathroom.
Where is this duplex located?
The property is located at 543 North State Street Appleton, WI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: 1,782‑square‑foot upper/lower duplex; Two bedrooms and one full bathroom in each unit; 0.24‑acre residential lot in downtown Appleton
