Duplex with Month-to-Month
For Sale
$160,000
918 MERRITT Avenue, Oshkosh, WI 54901
MULTI_FAMILY - OSHKOSH, WI
Property Size1,336 SF
Lot Size0.15 Acres
Price / SF$119.76
Days on Market233
Property Features for 918 MERRITT Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
2 Family/Duplex
Elementary school district
Oshkosh Area
Middle school district
Oshkosh Area
High school district
Oshkosh Area
Directions
JACKSON TO BOWEN, BOWEN TO MERRITT,LEFT ON MERRITT TO PROPERTY.
Standard status
Active
APN
1102500000
Size
1,336 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2152
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1878
Number of units
2
Listing Agency:
LPT Realty
(877) 366-2213
Listed By:
Alexia J. Tullberg · License #9496953
(920) 808-0867
Added: Dec 23, 2025
Changed: Aug 11
Last Checked: Aug 13 at 2:06AM
MLS# 50319392
Copyright © 2026 Realtor Association of Northeast Wisconsin. 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 income-producing duplex includes two units, each currently occupied. Both tenants are on month-to-month leases, and tenants pay all utilities, offering flexibility for new ownership. The exterior is described as slate/asbestos.
The property sits on a 0.15-acre lot and was built in 1878. Heating is forced air. Water service is public, and sewer is public sewer.
Zoned for 2 family/duplex, this setup is designed for an owner looking for a straightforward two-unit residential income asset.
The property sits on a 0.15-acre lot and was built in 1878. Heating is forced air. Water service is public, and sewer is public sewer.
Zoned for 2 family/duplex, this setup is designed for an owner looking for a straightforward two-unit residential income asset.
Key Highlights
- 0.15‑acre lot
- Two occupied units with month‑to‑month leases
- Tenants pay all utilities
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
$9,014
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
5.63%
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%
$180,280
$180.3K
Cap Rate 7%
$128,771
$128.8K
Cap Rate 9%
$100,156
$100.2K
Market Conditions
NOI Build-Up for 1,336 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
$13.6K $10.20/SF
− Vacancy
−$749 −$0.56/SF
EGI
$12.9K $9.64/SF
− OpEx
−$3.9K −$2.89/SF
NOI
$9.0K $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%
$180,280
Cap Rate 7%
$128,771
Cap Rate 9%
$100,156
Alternative Uses
Best Use
Multifamily LT 5
$128.8K
$112.7K – $150.2K
NOI $9,014 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$116.1K
$101.6K – $135.4K
NOI $8,125 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$288.4K
$252.3K – $336.4K
NOI $20,185 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
825
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units with month-to-month leases, where tenants pay all utilities, in a two-family/duplex zoning setting.
Where is this duplex located?
The property is located at 918 MERRITT Avenue Oshkosh, WI.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: 0.15‑acre lot; Two occupied units with month‑to‑month leases; Tenants pay all utilities
