Remodeled Two-Unit
For Sale
$499,900
Pending
604 East Oak Street, Cottage Grove, WI 53527
Two remodeled units, each with 2 bedrooms and 1 bath, plus attached 1-car garages and outdoor living space.
Property Size2,600 SF
Days on Market213
Property Features for 604 East Oak Street
General Information
Standard status
Pending
Size
2,600 SF
Property subtype
Multi Family / Duplex-side by side
Zoning
RES IN
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,259
Amenities
front yard space
back deck
backyard
extra storage space
Partially finished
Natural Gas
Radiant
3 Refrigerators, 2 Stoves, 2 Dishwashers, 2 Washers, 2 Dryers, 2 Water Softeners, Shed in backyard.
2
Brick, Wood
Building Details
Year Built
1974
Units
2
Tenancy
Multi
Listing Agency:
Conrad Development LLC
Listed By:
Jennell Jackson · License #81158-94
(608) 444-0064
Source:
Compass
Added: Feb 4
Changed: Aug 8
Last Checked: Jul 21 at 12:16PM
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 Conrad Development LLC
Investment Insights
Based on property information with market context.
This two-unit duplex features two separate residences, each offering 2 bedrooms and 1 bathroom. Both units have been remodeled with new LVP flooring, new carpet, multiple light fixtures, updated vents, and fresh paint throughout. Exterior space includes front yard area and a back deck with backyard space for each unit. Each unit also includes an attached 1-car garage and additional driveway space, along with extra storage in the backyard, under the deck, and in the shed. The only items not replaced were the appliances, and the property is being sold as-is with both units together.
Located at 604 East Oak Street in Cottage Grove, Wisconsin, the duplex is described as close to shopping, coffee shops, gyms, restaurants, and schools, with easy access to Hwy N and the Interstate.
Seller is selling both units together as an as-is sale.
Located at 604 East Oak Street in Cottage Grove, Wisconsin, the duplex is described as close to shopping, coffee shops, gyms, restaurants, and schools, with easy access to Hwy N and the Interstate.
Seller is selling both units together as an as-is sale.
Key Highlights
- Duplex built in 1974 with 2 units, each featuring 2 bedrooms and 1 bath
- Both units have been remodeled, including new LVP flooring, new carpet, multiple light fixtures, new vents, and fully painted interiors
- Each unit includes an attached 1‑car garage and extra driveway space
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
$23,860
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
4.77%
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%
$477,200
$477.2K
Cap Rate 7%
$340,857
$340.9K
Cap Rate 9%
$265,111
$265.1K
Market Conditions
NOI Build-Up for 2,600 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
$35.9K $13.80/SF
− Vacancy
−$1.8K −$0.69/SF
EGI
$34.1K $13.11/SF
− OpEx
−$10.2K −$3.93/SF
NOI
$23.9K $9.18/SF
Area
Dane County, WI
Vacancy
5.00%
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%
$477,200
Cap Rate 7%
$340,857
Cap Rate 9%
$265,111
Alternative Uses
Best Use
Multifamily LT 5
$340.9K
$298.3K – $397.7K
NOI $23,860 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$299.7K
$262.2K – $349.6K
NOI $20,976 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$604.2K
$528.7K – $704.9K
NOI $42,293 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Explore this area
Business Placement
Demographics for 53527, WI
10,994
Population
4,732
Households
2.3
Avg Household Size
40
Median Age
48%
College-Educated
99%
High-School Grad
35.8 sq mi
ZIP Area
307
Density / Sq Mi
$119,808
Median Household Income
$60,027
Median Earnings
$1,531
Median Rent
$402,500
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 - Two remodeled units, each with 2 bedrooms and 1 bath, plus attached 1-car garages and outdoor living space.
Where is this duplex located?
The property is located at 604 East Oak Street Cottage Grove, WI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Duplex built in 1974 with 2 units, each featuring 2 bedrooms and 1 bath; Both units have been remodeled, including new LVP flooring, new carpet, multiple light fixtures, new vents, and fully painted interiors; Each unit includes an attached 1‑car garage and extra driveway space
