Building Details

Building Size 3,712 SF

Year Built 1974

Buildings 1

Listing Agency: RE/MAX Results s***@gmail.com Show Phone

Listed By: Steve Germond · License #40074285 Show Phone

Source: Visionsfirstrealty

Added: Aug 17 Changed: Aug 20 Last Checked: Aug 22 at 3:29AM

Report an Issue

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 RE/MAX Results

Investment Insights

Based on property information with market context.

This quadplex contains four residential units arranged as two 2-bedroom apartments and two 1-bedroom apartments. Constructed in 1974, the property includes a four-stall garage designated for tenant use, along with additional off-street parking.

The building is located at 6848 S 1st Ave in Lake Nebagamon, Wisconsin. Its four-unit configuration and varied bedroom mix provide a defined multifamily layout within the Village of Lake Nebagamon.

Key Highlights

• Four‑unit quadplex with two 2‑bedroom units and two 1‑bedroom units
• Built in 1974
• Four‑stall tenant garage

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

$30,939

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

7.46%

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%

$618,780 $618.8K

Cap Rate 7%

$441,986 $442.0K

Cap Rate 9%

$343,767 $343.8K

Market Conditions

NOI Build-Up for 3,712 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

$46.8K $12.60/SF

− Vacancy

−$2.6K −$0.69/SF

EGI

$44.2K $11.91/SF

− OpEx

−$13.3K −$3.57/SF

NOI

$30.9K $8.33/SF

Area

Douglas County, WI

Vacancy

5.50%

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%

$618,780

Cap Rate 7%

$441,986

Cap Rate 9%

$343,767

Alternative Uses

Best Use

Multifamily LT 5

$442.0K

$386.7K – $515.7K (±1% cap)

NOI $30,939 @ 7.0% cap · market cap 7.46%

Second Best

Apartment 5plus

$389.0K

$340.4K – $453.9K (±1% cap)

NOI $27,231 @ 7.0% cap · market cap 6.56%

Theoretical Best

Specialty Retail

$1.17M

$1.02M – $1.37M (±1% cap)

NOI $81,925 @ 7.0% cap · market cap 19.74%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Quadplexes

Suggested Use

Top Pick Auto Repair Shop Electrical Service Plumbing Service Garden Center (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

85

Businesses Nearby

Explore this area Business Placement

Demographics for 54849, WI

1,967

Population

1,276

Households

1.5

Avg Household Size

50

Median Age

32%

College-Educated

96%

High-School Grad

86.7 sq mi

ZIP Area

23

Density / Sq Mi

$77,353

Median Household Income

$46,726

Median Earnings

$838

Median Rent

$254,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar For Sale Nearby

Auto Service Shop With Outbuildings

6753 S County Road P, Lake Nebagamon, WI 54849

$500,000

4.48 Acres

View details

Four-Unit Apartment Building with Garage

6848 S 1st Ave, Lake Nebagamon, WI 54849

$415,000

3,712 SF

View details

Frequently Asked Questions

What type of property is this?

Quadplex - 1974-built residential income property with tenant garage access and off-street parking.

Where is this quadplex located?

The property is located at 6848 S 1st Ave Lake Nebagamon, WI.

What is the asking price?

The asking price for this property is $415,000.

What are key features of this property?

This property features: Four‑unit quadplex with two 2‑bedroom units and two 1‑bedroom units; Built in 1974; Four‑stall tenant garage