Two-Unit Duplex with Enclosed
For Sale
$225,000
687 CENTRAL Street, Oshkosh, WI 54901
Separate upper and lower residences offer two- and three-bedroom layouts.
Property Size2,558 SF
Price / SF$87.96
Days on Market33
Property Features for 687 CENTRAL Street
General Information
Standard status
Active
Size
2,558 SF
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,960
Building Details
Building Size
2,558 SF
Year Built
1920
Buildings
1
Listing Agency:
First Weber Oshkosh
(920) 527-1018
Listed By:
Jill M. Valdez · License #91-21716
(920) 527-1018
Source:
C21ace
Added: Jul 28
Changed: Aug 25
Last Checked: Aug 28 at 5:39PM
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 First Weber Oshkosh
Investment Insights
Based on property information with market context.
This two-unit residential property includes distinct upper and lower residences. The upper home provides three bedrooms, one bathroom, a spacious living area, a kitchen with extensive cabinet storage, and an enclosed porch. The lower residence contains two bedrooms, one bathroom, a living room, a kitchen with substantial cabinet storage, and its own enclosed porch.
The lower unit is occupied through March 2027. The property is located near the University of Wisconsin–Oshkosh, with shopping, restaurants, parks, and public transportation in the surrounding area.
The lower unit is occupied through March 2027. The property is located near the University of Wisconsin–Oshkosh, with shopping, restaurants, parks, and public transportation in the surrounding area.
Key Highlights
- Two‑unit duplex with 3‑bedroom upper and 2‑bedroom lower residences
- Each unit includes 1 bathroom, a kitchen, living area, and enclosed porch
- Upper residence features a spacious living area and extensive cabinet storage
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
$17,260
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
7.67%
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%
$345,200
$345.2K
Cap Rate 7%
$246,571
$246.6K
Cap Rate 9%
$191,778
$191.8K
Market Conditions
NOI Build-Up for 2,558 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
$26.1K $10.20/SF
− Vacancy
−$1.4K −$0.56/SF
EGI
$24.7K $9.64/SF
− OpEx
−$7.4K −$2.89/SF
NOI
$17.3K $6.75/SF
Area
Winnebago County, WI
Vacancy
5.50%
Lease Rate
$10.20 /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%
$345,200
Cap Rate 7%
$246,571
Cap Rate 9%
$191,778
Alternative Uses
Best Use
Multifamily LT 5
$246.6K
$215.8K – $287.7K
NOI $17,260 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$222.3K
$194.5K – $259.3K
NOI $15,558 @ 7.0% cap · market cap 6.91%
Theoretical Best
Office A
$552.1K
$483.1K – $644.1K
NOI $38,647 @ 7.0% cap · market cap 17.18%
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
1,277
Businesses Nearby
Explore this area
Business Placement
Demographics for 54901, WI
37,594
Population
15,381
Households
2.4
Avg Household Size
33
Median Age
24%
College-Educated
92%
High-School Grad
16.6 sq mi
ZIP Area
2,265
Density / Sq Mi
$61,734
Median Household Income
$31,289
Median Earnings
$932
Median Rent
$164,000
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 - Separate upper and lower residences offer two- and three-bedroom layouts.
Where is this duplex located?
The property is located at 687 CENTRAL Street Oshkosh, WI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex with 3‑bedroom upper and 2‑bedroom lower residences; Each unit includes 1 bathroom, a kitchen, living area, and enclosed porch; Upper residence features a spacious living area and extensive cabinet storage
