Fully Leased Duplex with Garage
For Sale
$269,900
715 West Elsie Street, Appleton, WI 54914
Fully occupied duplex with a 4-bed/1-bath and 2-bed/1-bath mix, plus $80/month garage and parking income.
Property Size2,494 SF
Price / SF$108.22
Days on Market138
Property Features for 715 West Elsie Street
General Information
Standard status
Active
Size
2,494 SF
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
Residential
Taxes and HOA fees
Annual Taxes
$3,255
Amenities
Forced Air
2
Natural Gas
1
Stone
2 Story,2 Up and Down
Shake Siding
1st Floor Bedroom,1st Floor Full Bath
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Standard Real Estate Services, LLC
Listed By:
Chris Michala · License #94-90398
(414) 817-4250
Source:
Compass
Added: May 6
Changed: Sep 8
Last Checked: Sep 7 at 2:42PM
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 Standard Real Estate Services, LLC
Investment Insights
Based on property information with market context.
This fully occupied duplex is generating $2,828 per month, or $33,936 annualized. The property features a large 4 bed / 1 bath unit and a 2 bed / 1 bath unit combination, supported by a stable in-place tenant base. Additional revenue is provided through $80 per month from garage and parking income.
Financial and lease information is available upon request, and the operating history reflects consistent collections. Approximately $3,996 in security deposits transfers at closing. All measurements are approximate and not guaranteed; buyers should verify all dimensions.
Financial and lease information is available upon request, and the operating history reflects consistent collections. Approximately $3,996 in security deposits transfers at closing. All measurements are approximate and not guaranteed; buyers should verify all dimensions.
Key Highlights
- Fully occupied duplex generating $2,828/month ($33,936 annualized)
- Unit mix: 4 bed/1 bath plus 2 bed/1 bath
- Additional $80/month income from garage and parking
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
$19,007
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
7.04%
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%
$380,140
$380.1K
Cap Rate 7%
$271,529
$271.5K
Cap Rate 9%
$211,189
$211.2K
Market Conditions
NOI Build-Up for 2,494 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
$28.4K $11.40/SF
− Vacancy
−$1.3K −$0.51/SF
EGI
$27.2K $10.89/SF
− OpEx
−$8.1K −$3.27/SF
NOI
$19.0K $7.62/SF
Area
Outagamie County, WI
Vacancy
4.50%
Lease Rate
$11.40 /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%
$380,140
Cap Rate 7%
$271,529
Cap Rate 9%
$211,189
Alternative Uses
Best Use
Multifamily LT 5
$271.5K
$237.6K – $316.8K
NOI $19,007 @ 7.0% cap · market cap 7.04%
Second Best
Apartment 5plus
$254.1K
$222.4K – $296.5K
NOI $17,790 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$687.6K
$601.7K – $802.2K
NOI $48,134 @ 7.0% cap · market cap 17.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,502
Businesses Nearby
Explore this area
Business Placement
Demographics for 54914, WI
31,082
Population
14,002
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
93%
High-School Grad
19.2 sq mi
ZIP Area
1,619
Density / Sq Mi
$77,199
Median Household Income
$42,481
Median Earnings
$936
Median Rent
$210,200
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?
Duplex - Fully occupied duplex with a 4-bed/1-bath and 2-bed/1-bath mix, plus $80/month garage and parking income.
Where is this duplex located?
The property is located at 715 West Elsie Street Appleton, WI.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Fully occupied duplex generating $2,828/month ($33,936 annualized); Unit mix: 4 bed/1 bath plus 2 bed/1 bath; Additional $80/month income from garage and parking
