Four-Unit Quadplex with
For Sale
$415,000
6848 S 1st Ave, Lake Nebagamon, WI 54849
MULTI-FAMILY, Lake Nebagamon, WI
Property Size3,712 SF
Lot Size0.23 Acres
Price / SF$111.80
Days on Market44
Property Features for 6848 S 1st Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 2, Bedroom 6, Bathroom 4, Bathroom 3, Basement, Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2
Basement
Concrete
Elementary school district
Maple (WI) #3297
Middle school district
Maple (WI) #3297
High school district
Maple (WI) #3297
Directions
From County Rd B in the Village of Nebagamon, North on 1st Ave South.
Subdivision
LSAR
Standard status
Active
APN
LN-146-01104-00
Size
3,712 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2816
Utilities
Heating system
Natural Gas, Oil
Building Details
Year built
1974
Floors in Building
2
Number of units
4
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Steve Germond · License #40074285
(218) 390-2826
Added: Aug 17
Changed: Sep 17
Last Checked: Sep 29 at 5:06AM
MLS# 6127402
Copyright © 2026 Lake Superior Association of REALTORS®. 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.
This 3,712-square-foot quadplex contains four residential units: two with two bedrooms and two with one bedroom. The property includes a four-stall garage designated for tenant use, along with additional off-street parking. Built in 1974, the building is heated by natural gas and oil and sits on a 0.23-acre lot.
The property is located at 6848 S 1st Ave in Lake Nebagamon, Wisconsin, within Douglas County. Its four-unit configuration and mix of bedroom layouts provide a defined multifamily asset profile for ownership or leasing consideration.
The property is located at 6848 S 1st Ave in Lake Nebagamon, Wisconsin, within Douglas County. Its four-unit configuration and mix of bedroom layouts provide a defined multifamily asset profile for ownership or leasing consideration.
Key Highlights
- Four‑unit configuration with two 2‑bedroom units and two 1‑bedroom units
- 3,712 square feet on a 0.23‑acre lot
- Four‑stall garage available for tenant use
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
NOI $30,939 @ 7.0% cap · market cap 7.46%
Second Best
Apartment 5plus
$389.0K
$340.4K – $453.9K
NOI $27,231 @ 7.0% cap · market cap 6.56%
Theoretical Best
Specialty Retail
$1.17M
$1.02M – $1.37M
NOI $81,925 @ 7.0% cap · market cap 19.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Quadplex - Four residences combine two-bedroom and one-bedroom layouts with shared garage 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 configuration with two 2‑bedroom units and two 1‑bedroom units; 3,712 square feet on a 0.23‑acre lot; Four‑stall garage available for tenant use
