Mixed-Use Flex
For Sale
$275,000
928 S 12th St, Manitowoc, WI 54220
C-1 zoned duplex plus heated shop with office, bath, 11' ceilings, and overhead door access.
Property Size2,631 SF
Price / SF$104.52
Days on Market112
Property Features for 928 S 12th St
General Information
Standard status
Active
Size
2,631 SF
Zoning
C-1
Additional Details
Clear Height
11 ft
Multifamily Units
2
Building Details
Year Built
1867
Listing Agency:
Keller Williams-Manitowoc
Listed By:
August Richter · License #7641094
(920) 242-8417
Source:
Nikolicgroup
Added: Jul 3
Changed: Oct 17
Last Checked: Oct 16 at 12:13PM
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
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Investment Insights
Based on property information with market context.
This for-sale mixed-use property includes a duplex generating gross rental income and a versatile heated and air-conditioned shop. The shop offers office space, a bath, 11' ceilings, and overhead door access, along with separate gas/electric and dedicated functionality for the space. A rear parking lot provides off-street parking for day-to-day use.
The property is presented as a real estate only sale and is zoned C-1, which is intended to provide flexibility to start or grow a business. The listing also notes numerous updates completed during the last 12 years of ownership, including electrical, mechanicals, roof, and windows.
Overall, the combination of residential income and an adaptable flex/industrial-style shop supports a variety of occupancy and operating models while remaining in a central downtown Manitowoc setting.
The property is presented as a real estate only sale and is zoned C-1, which is intended to provide flexibility to start or grow a business. The listing also notes numerous updates completed during the last 12 years of ownership, including electrical, mechanicals, roof, and windows.
Overall, the combination of residential income and an adaptable flex/industrial-style shop supports a variety of occupancy and operating models while remaining in a central downtown Manitowoc setting.
Key Highlights
- Mixed‑use setup in downtown Manitowoc: duplex plus a heated & air‑conditioned 25' x 50' shop
- Shop includes office space and bath, with 11' ceilings and overhead door access
- Shop has separate gas and electric service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,934
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
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
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 Rate 5%
$478,680
Cap Rate 7%
$341,914
Cap Rate 9%
$265,933
Alternative Uses
Best Use
Flex RnD
$341.9K
$299.2K – $398.9K
NOI $23,934 @ 7.0% cap · market cap 8.70%
Second Best
Industrial
$139.5K
$122.1K – $162.8K
NOI $9,766 @ 7.0% cap · market cap 3.55%
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.
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Current Use
Lease Details
11 ft
Clear height
2
Residential units
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
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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
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - C-1 zoned duplex plus heated shop with office, bath, 11' ceilings, and overhead door access.
Where is this duplex located?
The property is located at 928 S 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: Mixed‑use setup in downtown Manitowoc: duplex plus a heated & air‑conditioned 25' x 50' shop; Shop includes office space and bath, with 11' ceilings and overhead door access; Shop has separate gas and electric service
