4-Unit Brick
For Sale
$359,900
701 North 2nd Street, Watertown, WI 53098
Four month-to-month units offer an established multifamily configuration with tenant-paid gas and electric service.
Property Size3,484 SF
Price / SF$103.30
Days on Market205
Property Features for 701 North 2nd Street
General Information
Standard status
Active
Size
3,484 SF
Property subtype
Multi-Family / Multi-Family
Amenities
Full, Yes
Brick
Building Details
Year Built
1920
Listing Agency:
Realty Executives Platinum
(920) 539-5392
Listed By:
Bradley Kuenzi · License #51099-90
(920) 539-5392
Source:
Compass
Added: Feb 6
Changed: Aug 30
Last Checked: Aug 30 at 8:23AM
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 Realty Executives Platinum
Investment Insights
Based on property information with market context.
This 4-unit quadplex contains 3,484 square feet and dates to 1920. Brick construction and a multifamily layout define the property, with all four units occupied on month-to-month arrangements.
Utility responsibilities are divided between the parties: tenants pay gas and electric, while the owner covers water. The property includes 3 newer furnaces and 1 newer water heater, providing recent updates to key building systems. Located at 701 North 2nd Street in Watertown, Wisconsin, the asset offers an established four-unit residential income format.
Utility responsibilities are divided between the parties: tenants pay gas and electric, while the owner covers water. The property includes 3 newer furnaces and 1 newer water heater, providing recent updates to key building systems. Located at 701 North 2nd Street in Watertown, Wisconsin, the asset offers an established four-unit residential income format.
Key Highlights
- Four‑unit quadplex with 3,484 SF
- Brick construction; built in 1920
- All 4 units are occupied on month‑to‑month terms
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
$31,123
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
8.65%
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%
$622,460
$622.5K
Cap Rate 7%
$444,614
$444.6K
Cap Rate 9%
$345,811
$345.8K
Market Conditions
NOI Build-Up for 3,484 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
$46.0K $13.20/SF
− Vacancy
−$1.5K −$0.44/SF
EGI
$44.5K $12.76/SF
− OpEx
−$13.3K −$3.83/SF
NOI
$31.1K $8.93/SF
Area
Dodge County, WI
Vacancy
3.32%
Lease Rate
$13.20 /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%
$622,460
Cap Rate 7%
$444,614
Cap Rate 9%
$345,811
Alternative Uses
Best Use
Multifamily LT 5
$444.6K
$389.0K – $518.7K
NOI $31,123 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$412.1K
$360.6K – $480.8K
NOI $28,846 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$756.8K
$662.2K – $883.0K
NOI $52,979 @ 7.0% cap · market cap 14.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 53098, WI
11,562
Population
4,753
Households
2.4
Avg Household Size
47
Median Age
17%
College-Educated
93%
High-School Grad
101.6 sq mi
ZIP Area
114
Density / Sq Mi
$73,147
Median Household Income
$36,156
Median Earnings
$1,100
Median Rent
$239,700
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?
Quadplex - Four month-to-month units offer an established multifamily configuration with tenant-paid gas and electric service.
Where is this quadplex located?
The property is located at 701 North 2nd Street Watertown, WI.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: Four‑unit quadplex with 3,484 SF; Brick construction; built in 1920; All 4 units are occupied on month‑to‑month terms
