Ranch-Style Residential Income
For Sale
$326,000
645 Garfield Avenue Unit 1, Evansville, WI 53536
Two-level residence with private entry, attached garage, finished lower level, and no condo fees.
Property Size2,653 SF
Price / SF$122.88
Days on Market165
Property Features for 645 Garfield Avenue Unit 1
General Information
Standard status
Active
Size
2,653 SF
Total Parking Spaces
2
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,484
Amenities
in-unit laundry
deck
Tenant and Seller personal property
refrigerator, dishwasher, range/oven, microwave, disposal, washer, dryer, water softener, all window coverings
Forced air, Central air
Wood or sim. wood floors, Walk-in closet(s), Washer, Dryer, Internet - Cable
Vinyl
Private Entry
Building Details
Year Built
2004
Construction
ranch-style
Listing Agency:
EXIT Professional Real Estate
(608) 513-4577
Listed By:
Lexie Benson · License #60948-94
(608) 513-4577
Source:
Compass
Added: Mar 19
Changed: Aug 29
Last Checked: Aug 29 at 6:25PM
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 EXIT Professional Real Estate
Investment Insights
Based on property information with market context.
This ranch-style residential income property offers 2,653 square feet across a main level and finished lower level. The open main floor includes a living room with hardwood floors, a kitchen with newer appliances and breakfast bar, a dining area, in-unit laundry, and two bedrooms. The primary suite includes a private bathroom and walk-in closet. Downstairs, a large recreation room, second full bathroom, and hobby space provide additional flexibility.
The residence has a private entry, deck, vinyl exterior, and attached two-car garage. Recent improvements include a new roof and siding, while mechanical features include forced-air heat and central air. Included equipment and finishes include a refrigerator, dishwasher, range/oven, microwave, disposal, washer, dryer, water softener, window coverings, and cable internet. The property is located near parks, schools, and local amenities in Evansville, Wisconsin.
The residence has a private entry, deck, vinyl exterior, and attached two-car garage. Recent improvements include a new roof and siding, while mechanical features include forced-air heat and central air. Included equipment and finishes include a refrigerator, dishwasher, range/oven, microwave, disposal, washer, dryer, water softener, window coverings, and cable internet. The property is located near parks, schools, and local amenities in Evansville, Wisconsin.
Key Highlights
- 2,653‑square‑foot ranch‑style property with a finished lower level
- Two main‑floor bedrooms, including a primary suite with private bath and walk‑in closet
- Finished lower level with recreation room, full bathroom, and hobby 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
$21,516
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
6.60%
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%
$430,320
$430.3K
Cap Rate 7%
$307,371
$307.4K
Cap Rate 9%
$239,067
$239.1K
Market Conditions
NOI Build-Up for 2,653 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
$40.8K $15.36/SF
− Vacancy
−$1.6K −$0.61/SF
EGI
$39.1K $14.75/SF
− OpEx
−$17.6K −$6.64/SF
NOI
$21.5K $8.11/SF
Area
Rock County, WI
Vacancy
4.00%
Lease Rate
$15.36 /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%
$430,320
Cap Rate 7%
$307,371
Cap Rate 9%
$239,067
Alternative Uses
Best Use
Apartment 5plus
$307.4K
$269.0K – $358.6K
NOI $21,516 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$637.5K
$557.9K – $743.8K
NOI $44,628 @ 7.0% cap · market cap 13.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Explore this area
Business Placement
Demographics for 53536, WI
9,051
Population
4,092
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
96%
High-School Grad
88.9 sq mi
ZIP Area
102
Density / Sq Mi
$83,944
Median Household Income
$54,046
Median Earnings
$927
Median Rent
$274,600
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-level residence with private entry, attached garage, finished lower level, and no condo fees.
Where is this residential income property located?
The property is located at 645 Garfield Avenue Unit 1 Evansville, WI.
What is the asking price?
The asking price for this property is $326,000.
What are key features of this property?
This property features: 2,653‑square‑foot ranch‑style property with a finished lower level; Two main‑floor bedrooms, including a primary suite with private bath and walk‑in closet; Finished lower level with recreation room, full bathroom, and hobby space
