Downtown Upper/Lower
For Sale
$189,900
840 West 5th Street, Appleton, WI 54914
Upper/lower duplex in downtown Appleton with two distinct units and a detached 2-car garage.
Property Size1,432 SF
Price / SF$132.61
Days on Market137
Property Features for 840 West 5th Street
General Information
Standard status
Active
Size
1,432 SF
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
2 Family/Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,061
Amenities
Forced Air
2
Natural Gas
1
Full
Block
2 Story,2 Up and Down
Aluminum Siding
1st Floor Bedroom,1st Floor Full Bath
Building Details
Year Built
1895
Buildings
1
Listing Agency:
LIV Wisconsin Realty
(920) 915-9900
Listed By:
Matt J Schmitz · License #94-99112
(920) 915-9900
Source:
Compass
Added: Apr 9
Changed: Aug 8
Last Checked: Jul 23 at 8:15AM
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 LIV Wisconsin Realty
Investment Insights
Based on property information with market context.
This upper/lower duplex offers two separate residential units. The lower unit features 2 bedrooms and 1 full bath, while the upper unit includes 1 bedroom and 1 full bath with a functional layout. The property is being sold “as is,” and the roof was replaced within the last 10 years.
The duplex is located in downtown Appleton near Pierce Park. A detached 2-car garage supports the property’s everyday parking needs.
The building’s configuration provides a clear separation between units, making it suitable for an owner-occupant or an investor seeking a duplex format with dedicated living space.
The duplex is located in downtown Appleton near Pierce Park. A detached 2-car garage supports the property’s everyday parking needs.
The building’s configuration provides a clear separation between units, making it suitable for an owner-occupant or an investor seeking a duplex format with dedicated living space.
Key Highlights
- Upper/lower duplex in downtown Appleton with two distinct units
- Lower unit: 2 bedrooms and 1 full bath
- Upper unit: 1 bedroom and 1 full bath
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
$10,913
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
5.75%
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%
$218,260
$218.3K
Cap Rate 7%
$155,900
$155.9K
Cap Rate 9%
$121,256
$121.3K
Market Conditions
NOI Build-Up for 1,432 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
$16.3K $11.40/SF
− Vacancy
−$735 −$0.51/SF
EGI
$15.6K $10.89/SF
− OpEx
−$4.7K −$3.27/SF
NOI
$10.9K $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%
$218,260
Cap Rate 7%
$155,900
Cap Rate 9%
$121,256
Alternative Uses
Best Use
Multifamily LT 5
$155.9K
$136.4K – $181.9K
NOI $10,913 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$145.9K
$127.7K – $170.3K
NOI $10,215 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$394.8K
$345.5K – $460.6K
NOI $27,638 @ 7.0% cap · market cap 14.55%
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
990
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
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 - Upper/lower duplex in downtown Appleton with two distinct units and a detached 2-car garage.
Where is this duplex located?
The property is located at 840 West 5th Street Appleton, WI.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Upper/lower duplex in downtown Appleton with two distinct units; Lower unit: 2 bedrooms and 1 full bath; Upper unit: 1 bedroom and 1 full bath
