Updated Duplex with Vacant Upper
New
For Sale
$249,900
616 Chicago Avenue, Wausau, WI 54403
Upper and lower units support flexible occupancy, with separate gas and electric meters for each residence.
Property Size1,056 SF
Price / SF$236.65
Days on Market3
Property Features for 616 Chicago Avenue
General Information
Standard status
Active
Size
1,056 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Kpr Brokers, LLC
Listed By:
Kelly Weiler
(715) 965-1234
Source:
Familytreerealtyllc
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 18 at 7:16AM
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 Kpr Brokers, LLC
Investment Insights
Based on property information with market context.
This two-unit duplex at 616 Chicago Avenue in Wausau, Wisconsin, dates to 1900 and contains 1,056 square feet. The lower residence has been substantially refreshed with knotty alder cabinetry, granite countertops, stainless steel appliances, engineered hardwood in the main living areas, and a primary suite with a walk-in closet and tiled walk-in shower. The upper unit is vacant and has updated cabinetry, countertops, and flooring, along with professional cleaning.
Property improvements include a roof installed in 2017, furnaces and electrical panels added in 2018, and garage siding and roofing completed in 2025. Separate gas and electric meters serve the two units, supporting distinct occupancy arrangements. The upper-lower layout accommodates an owner occupant, separate tenants, or a combination of both.
Property improvements include a roof installed in 2017, furnaces and electrical panels added in 2018, and garage siding and roofing completed in 2025. Separate gas and electric meters serve the two units, supporting distinct occupancy arrangements. The upper-lower layout accommodates an owner occupant, separate tenants, or a combination of both.
Key Highlights
- Two‑unit upper/lower duplex with 1,056 square feet
- Lower unit features knotty alder cabinetry, granite counters, stainless appliances, and an updated primary suite
- Vacant upper unit has refreshed cabinetry, countertops, flooring, and professional cleaning
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
$8,830
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
3.53%
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%
$176,600
$176.6K
Cap Rate 7%
$126,143
$126.1K
Cap Rate 9%
$98,111
$98.1K
Market Conditions
NOI Build-Up for 1,056 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
$13.3K $12.60/SF
− Vacancy
−$692 −$0.66/SF
EGI
$12.6K $11.94/SF
− OpEx
−$3.8K −$3.58/SF
NOI
$8.8K $8.36/SF
Area
Marathon County, WI
Vacancy
5.20%
Lease Rate
$12.60 /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%
$176,600
Cap Rate 7%
$126,143
Cap Rate 9%
$98,111
Alternative Uses
Best Use
Multifamily LT 5
$126.1K
$110.4K – $147.2K
NOI $8,830 @ 7.0% cap · market cap 3.53%
Second Best
Apartment 5plus
$113.7K
$99.5K – $132.7K
NOI $7,962 @ 7.0% cap · market cap 3.19%
Theoretical Best
Specialty Retail
$195.1K
$170.7K – $227.6K
NOI $13,657 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Explore this area
Business Placement
Demographics for 54403, WI
24,712
Population
11,171
Households
2.2
Avg Household Size
41
Median Age
33%
College-Educated
95%
High-School Grad
133.6 sq mi
ZIP Area
185
Density / Sq Mi
$66,040
Median Household Income
$41,670
Median Earnings
$942
Median Rent
$179,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Upper and lower units support flexible occupancy, with separate gas and electric meters for each residence.
Where is this duplex located?
The property is located at 616 Chicago Avenue Wausau, WI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit upper/lower duplex with 1,056 square feet; Lower unit features knotty alder cabinetry, granite counters, stainless appliances, and an updated primary suite; Vacant upper unit has refreshed cabinetry, countertops, flooring, and professional cleaning
