Mixed-Use Duplex with Heated
For Sale
$275,000
928 12TH ST, Manitowoc, WI 54220
Duplex income with a 25' x 50' heated, air-conditioned shop featuring office, bath, and overhead door access.
Property Size2,631 SF
Price / SF$104.52
Days on Market48
Property Features for 928 12TH ST
General Information
Standard status
Active
Size
2,631 SF
Property subtype
General Commercial
Zoning
C-1
Additional Details
Clear Height
11 ft
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,106
Amenities
A/C - Other
3
Other
C-1
10 Parking Spaces.
0.0 to .499
Building Details
Year Built
1867
Listing Agency:
Keller Williams-Manitowoc
(920) 242-8417
Listed By:
August Richter
(920) 242-8417
Source:
Xome
Added: Jun 23
Changed: Aug 8
Last Checked: Aug 8 at 4:00AM
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 Keller Williams-Manitowoc
Investment Insights
Based on property information with market context.
This mixed-use property combines a duplex generating approximately $1,330 per month in gross rent with a versatile 25' x 50' heated and air-conditioned shop. The shop includes office space and a bath, 11' ceilings, overhead door access, and separate gas and electric services. A rear parking lot provides convenient off-street parking.
The property is a real estate-only sale zoned C-1, offering flexibility for business use alongside the existing rental income. It is located in downtown Manitowoc, Wisconsin.
Updates were completed during the last 12 years of ownership, including electrical, mechanicals, roof, windows, and other improvements.
The property is a real estate-only sale zoned C-1, offering flexibility for business use alongside the existing rental income. It is located in downtown Manitowoc, Wisconsin.
Updates were completed during the last 12 years of ownership, including electrical, mechanicals, roof, windows, and other improvements.
Key Highlights
- Duplex generating approx. $1,330/mo gross rent (real estate only sale).
- Zoned C‑1 for mixed‑use flexibility to start or grow a business.
- Includes a 25' x 50' heated, air‑conditioned shop with office and 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
$23,934
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
8.70%
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%
$478,680
$478.7K
Cap Rate 7%
$341,914
$341.9K
Cap Rate 9%
$265,933
$265.9K
Market Conditions
NOI Build-Up for 2,631 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
$39.5K $15.00/SF
− Vacancy
−$2.6K −$1.01/SF
EGI
$36.8K $14.00/SF
− OpEx
−$12.9K −$4.90/SF
NOI
$23.9K $9.10/SF
Area
Manitowoc County, WI
Vacancy
6.70%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
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%
$478,680
Cap Rate 7%
$341,914
Cap Rate 9%
$265,933
Alternative Uses
Best Use
Office B
$366.1K
$320.4K – $427.2K
NOI $25,629 @ 7.0% cap · market cap 9.32%
Second Best
Flex RnD
$341.9K
$299.2K – $398.9K
NOI $23,934 @ 7.0% cap · market cap 8.70%
Theoretical Best
Specialty Retail
$576.6K
$504.5K – $672.7K
NOI $40,361 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11 ft
Clear height
2
Residential units
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
Explore this area
Business Placement
Demographics for 54220, WI
40,737
Population
18,942
Households
2.2
Avg Household Size
44
Median Age
24%
College-Educated
91%
High-School Grad
98.7 sq mi
ZIP Area
413
Density / Sq Mi
$65,188
Median Household Income
$40,791
Median Earnings
$790
Median Rent
$159,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex income with a 25' x 50' heated, air-conditioned shop featuring office, bath, and overhead door access.
Where is this duplex located?
The property is located at 928 12TH ST Manitowoc, WI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Duplex generating approx. $1,330/mo gross rent (real estate only sale).; Zoned C‑1 for mixed‑use flexibility to start or grow a business.; Includes a 25' x 50' heated, air‑conditioned shop with office and bath.
