Mixed-Use 4-Unit Investment
For Sale
$329,900
603 N RICHMOND Street, Appleton, WI 54911
Fully leased four-unit property includes three residential units and one commercial space.
Property Size2,008 SF
Price / SF$164.29
Days on Market123
Property Features for 603 N RICHMOND Street
General Information
Standard status
Active
Size
2,008 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,106
Building Details
Building Size
2,008 SF
Year Built
1954
Tenancy
Multi
Listing Agency:
Standard Real Estate Services, LLC
Listed By:
Christopher M. Michala · License #9039894
(414) 817-4250
Source:
C21ace
Added: May 6
Changed: Aug 14
Last Checked: Sep 5 at 4:56AM
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 Standard Real Estate Services, LLC
Investment Insights
Based on property information with market context.
This fully leased mixed-use 4-unit investment property consists of three residential units and one commercial space. The offering is positioned for diversified rental income, supported by a stated rental history. Financial information, including the rent roll and lease documents, is available upon request.
The property is described as having high visibility and convenient access to local amenities, supporting consistent demand for both residential and commercial tenants.
As presented, the building is 100% leased and currently generates $3,768 per month, or $45,216 annually.
The property is described as having high visibility and convenient access to local amenities, supporting consistent demand for both residential and commercial tenants.
As presented, the building is 100% leased and currently generates $3,768 per month, or $45,216 annually.
Key Highlights
- Four‑unit mixed‑use investment property (3 residential units and 1 commercial space)
- Fully leased with stated income of $3,768/month ($45,216 annually)
- Built in 1954
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
$25,957
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
7.87%
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%
$519,140
$519.1K
Cap Rate 7%
$370,814
$370.8K
Cap Rate 9%
$288,411
$288.4K
Market Conditions
NOI Build-Up for 2,008 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
$38.1K $18.96/SF
− Vacancy
−$990 −$0.49/SF
EGI
$37.1K $18.47/SF
− OpEx
−$11.1K −$5.54/SF
NOI
$26.0K $12.93/SF
Area
Outagamie County, WI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$519,140
Cap Rate 7%
$370,814
Cap Rate 9%
$288,411
Alternative Uses
Best Use
Retail
$370.8K
$324.5K – $432.6K
NOI $25,957 @ 7.0% cap · market cap 7.87%
Second Best
Multifamily LT 5
$218.6K
$191.3K – $255.1K
NOI $15,303 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$553.6K
$484.4K – $645.9K
NOI $38,754 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,502
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?
Triplex - Fully leased four-unit property includes three residential units and one commercial space.
Where is this triplex located?
The property is located at 603 N RICHMOND Street Appleton, WI.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Four‑unit mixed‑use investment property (3 residential units and 1 commercial space); Fully leased with stated income of $3,768/month ($45,216 annually); Built in 1954
