Brick Duplex with Detached
For Sale
$279,900
Pending
621 LEWIS Street, De Pere, WI 54115
Residential Income, DE PERE, WI
Property Size1,889 SF
Lot Size0.17 Acres
Days on Market47
Property Features for 621 LEWIS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
2 Family/Duplex,Resident
Parking
2
Lot features
Corner Lot, Sidewalk
Elementary school district
De Pere
Middle school district
De Pere
High school district
De Pere
Directions
George St to South on Superior St or Broadway. East on Lewis St to property.
Standard status
Pending
APN
ED-942
Size
1,889 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3781
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
covered porch
deck
yard
garage
driveway
laundry
Building Details
Year built
1860
Number of units
2
Building materials
Brick, Vinyl Siding
Listing Agency:
Dallaire Realty
(920) 569-0827
Listed By:
Judd J. Gehl · License #9488691
(920) 680-4493
Added: Jul 14
Changed: Aug 29
Last Checked: Aug 29 at 11:06PM
MLS# 50329068
Copyright © 2026 Realtor Association of Northeast Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1860, this 1,889-square-foot duplex occupies a 0.17-acre corner lot and combines brick with vinyl siding. The lower residence includes two bedrooms and two bathrooms, an open kitchen with appliances, a primary suite with walk-in closet and private shower bath, dining and living areas, laundry, a covered entry porch, deck, and yard access. The upper residence offers one bedroom, one bathroom, a separate kitchen, living room, laundry accommodations, and its own covered porch.
A detached two-stall garage provides additional heated space on the upper level, reached by an exterior staircase. The property also includes a driveway with ample parking, forced-air heat, public water, and public sewer. It is located near parks, downtown dining, and the Mulva Cultural Center, which is three blocks away.
A detached two-stall garage provides additional heated space on the upper level, reached by an exterior staircase. The property also includes a driveway with ample parking, forced-air heat, public water, and public sewer. It is located near parks, downtown dining, and the Mulva Cultural Center, which is three blocks away.
Key Highlights
- 3BR/3BA duplex with separate 2BR/2BA and 1BR/1BA residences
- 1,889 square feet on a 0.17‑acre corner lot
- Detached 2‑stall garage with additional heated space above
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
$17,897
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
6.39%
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%
$357,940
$357.9K
Cap Rate 7%
$255,671
$255.7K
Cap Rate 9%
$198,856
$198.9K
Market Conditions
NOI Build-Up for 1,889 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
$26.5K $14.04/SF
− Vacancy
−$955 −$0.51/SF
EGI
$25.6K $13.53/SF
− OpEx
−$7.7K −$4.06/SF
NOI
$17.9K $9.47/SF
Area
Brown County, WI
Vacancy
3.60%
Lease Rate
$14.04 /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%
$357,940
Cap Rate 7%
$255,671
Cap Rate 9%
$198,856
Alternative Uses
Best Use
Multifamily LT 5
$255.7K
$223.7K – $298.3K
NOI $17,897 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$236.2K
$206.7K – $275.6K
NOI $16,534 @ 7.0% cap · market cap 5.91%
Theoretical Best
Warehouse
$1.58M
$1.38M – $1.84M
NOI $110,570 @ 7.0% cap · market cap 39.50%
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
594
Businesses Nearby
Explore this area
Business Placement
Demographics for 54115, WI
48,710
Population
20,415
Households
2.4
Avg Household Size
37
Median Age
40%
College-Educated
96%
High-School Grad
124.0 sq mi
ZIP Area
393
Density / Sq Mi
$92,023
Median Household Income
$46,843
Median Earnings
$1,071
Median Rent
$307,800
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-unit residence on a corner parcel with covered entries, separate laundry areas, and additional heated space above the garage.
Where is this duplex located?
The property is located at 621 LEWIS Street De Pere, WI.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 3BR/3BA duplex with separate 2BR/2BA and 1BR/1BA residences; 1,889 square feet on a 0.17‑acre corner lot; Detached 2‑stall garage with additional heated space above
