Residential Income Condo with
For Sale
$276,500
624 East Market Street Unit 101, Elkhorn, WI 53121
First-floor condo with a private entry, attached oversized garage, laundry, updated flooring, and central air.
Property Size1,260 SF
Price / SF$219.44
Days on Market169
Property Features for 624 East Market Street Unit 101
General Information
Standard status
Active
Size
1,260 SF
Property subtype
Condo / Ranch-1 Story
Zoning
CONDO
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,358
Amenities
private patio
attached garage
first floor laundry
Personal property
Stove, Refrigerator, Microwave, Washer, Dryer
Forced air, Central air
Washer, Dryer
Brick
Patio, Private Entry
Building Details
Year Built
2002
Listing Agency:
Briggs Realty Group, Inc
Listed By:
Sally Astin · License #38261-94
(608) 751-1238
Source:
Compass
Added: Mar 19
Changed: Aug 31
Last Checked: Aug 30 at 3:15AM
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 Briggs Realty Group, Inc
Investment Insights
Based on property information with market context.
This first-floor condominium unit offers 1,260 square feet with a practical layout that includes two bedrooms, a spacious living room, kitchen, and dining area. A private entry, patio, and extra-large attached garage add functional everyday features, while first-floor laundry supports convenient access. The unit includes a stove, refrigerator, microwave, washer, and dryer, along with forced-air heat and central air. Brick exterior construction complements the property, which was built in 2002 and has a new roof completed in 2025.
The condominium is located at 624 East Market Street, Unit 101, in Elkhorn, Wisconsin. The property provides access to I-43, schools, and downtown. Zoning is CONDO.
The condominium is located at 624 East Market Street, Unit 101, in Elkhorn, Wisconsin. The property provides access to I-43, schools, and downtown. Zoning is CONDO.
Key Highlights
- 1,260‑square‑foot, 2‑bedroom condominium unit
- New roof completed in 2025
- Extra‑large attached garage and private patio
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
$12,627
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
4.57%
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%
$252,540
$252.5K
Cap Rate 7%
$180,386
$180.4K
Cap Rate 9%
$140,300
$140.3K
Market Conditions
NOI Build-Up for 1,260 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
$24.0K $19.08/SF
− Vacancy
−$1.1K −$0.86/SF
EGI
$23.0K $18.22/SF
− OpEx
−$10.3K −$8.20/SF
NOI
$12.6K $10.02/SF
Area
Walworth County, WI
Vacancy
4.50%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
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%
$252,540
Cap Rate 7%
$180,386
Cap Rate 9%
$140,300
Alternative Uses
Best Use
Apartment 5plus
$180.4K
$157.8K – $210.5K
NOI $12,627 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$243.2K
$212.8K – $283.7K
NOI $17,021 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Explore this area
Business Placement
Demographics for 53121, WI
19,222
Population
8,397
Households
2.3
Avg Household Size
42
Median Age
33%
College-Educated
94%
High-School Grad
114.4 sq mi
ZIP Area
168
Density / Sq Mi
$83,635
Median Household Income
$45,112
Median Earnings
$1,031
Median Rent
$287,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - First-floor condo with a private entry, attached oversized garage, laundry, updated flooring, and central air.
Where is this residential income property located?
The property is located at 624 East Market Street Unit 101 Elkhorn, WI.
What is the asking price?
The asking price for this property is $276,500.
What are key features of this property?
This property features: 1,260‑square‑foot, 2‑bedroom condominium unit; New roof completed in 2025; Extra‑large attached garage and private patio
