Two-Unit
New
For Sale
$230,000
603 W FULTON Street, Waupaca, WI 54981
Separate main- and upper-level residences provide flexible occupancy options.
Property Size2,730 SF
Price / SF$84.25
Days on Market6
Property Features for 603 W FULTON Street
General Information
Standard status
Active
Size
2,730 SF
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,637
Building Details
Building Size
2,730 SF
Year Built
1900
Listing Agency:
RE/MAX Lyons Real Estate
(715) 258-9565
Listed By:
Benjamin J. Lyons · License #91-937923
(715) 258-9565
Source:
C21ace
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 6:42AM
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 RE/MAX Lyons Real Estate
Investment Insights
Based on property information with market context.
Built in 1900, this 2,730-square-foot duplex includes two separately configured residential units. The main-level residence offers three bedrooms and one bathroom, while the upper-level unit includes two bedrooms and one bathroom. The layout supports an owner-occupant arrangement with the possibility of leasing the second unit, or use as a two-unit residential investment property.
The property is located at 603 W Fulton Street in Waupaca, Wisconsin, with restaurants, shopping, and everyday amenities identified nearby. Its historic construction date and two-level unit arrangement combine an older residential structure with distinct living spaces for separate occupants.
The property is located at 603 W Fulton Street in Waupaca, Wisconsin, with restaurants, shopping, and everyday amenities identified nearby. Its historic construction date and two-level unit arrangement combine an older residential structure with distinct living spaces for separate occupants.
Key Highlights
- Two‑unit duplex with 2,730 square feet
- Main‑level unit includes 3 bedrooms and 1 bathroom
- Upper‑level unit includes 2 bedrooms and 1 bathroom
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
$18,225
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
7.92%
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%
$364,500
$364.5K
Cap Rate 7%
$260,357
$260.4K
Cap Rate 9%
$202,500
$202.5K
Market Conditions
NOI Build-Up for 2,730 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
$27.8K $10.20/SF
− Vacancy
−$1.8K −$0.66/SF
EGI
$26.0K $9.54/SF
− OpEx
−$7.8K −$2.86/SF
NOI
$18.2K $6.68/SF
Area
Waupaca County, WI
Vacancy
6.50%
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%
$364,500
Cap Rate 7%
$260,357
Cap Rate 9%
$202,500
Alternative Uses
Best Use
Multifamily LT 5
$260.4K
$227.8K – $303.8K
NOI $18,225 @ 7.0% cap · market cap 7.92%
Second Best
Apartment 5plus
$243.2K
$212.8K – $283.8K
NOI $17,027 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$511.4K
$447.4K – $596.6K
NOI $35,795 @ 7.0% cap · market cap 15.56%
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
211
Businesses Nearby
Explore this area
Business Placement
Demographics for 54981, WI
14,998
Population
8,253
Households
1.8
Avg Household Size
47
Median Age
28%
College-Educated
94%
High-School Grad
131.6 sq mi
ZIP Area
114
Density / Sq Mi
$76,821
Median Household Income
$45,326
Median Earnings
$800
Median Rent
$204,100
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 - Separate main- and upper-level residences provide flexible occupancy options.
Where is this duplex located?
The property is located at 603 W FULTON Street Waupaca, WI.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,730 square feet; Main‑level unit includes 3 bedrooms and 1 bathroom; Upper‑level unit includes 2 bedrooms and 1 bathroom
