Building Details

Year Built 1890

Listing Agency: Shorewest Realtors, Inc.

Listed By: James Desmond Show Phone

Source: Nikolicgroup

Added: Jul 24 Changed: Oct 8 Last Checked: Oct 7 at 4:30PM

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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 Shorewest Realtors, Inc.

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Investment Insights

Based on property information with market context.

This duplex occupies a farmhouse dating to 1890 and is configured with two residential units, each offering three bedrooms. Hardwood floors add a distinctive interior feature, while the property’s layout also supports consideration of a return to single-family use.

The residence is situated on approximately two acres in the Town of Germantown at N120w14985 Freistadt Rd. Additional improvements include a summer kitchen with a basement; that structure does not have electricity or plumbing. A small two-story barn is also present and requires extensive repairs. The property combines an existing duplex configuration with several older outbuildings that will require restoration work.

Key Highlights

• 1890 farmhouse configured as a duplex
• Two units, each with three bedrooms
• Approximately two‑acre property in the Town of Germantown

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,620

Cap Rate

6.16%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$492,400 $492.4K

Cap Rate 7%

$351,714 $351.7K

Cap Rate 9%

$273,556 $273.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,322 SF

Gross rent

$37.6K $16.20/SF

− Vacancy

−$2.4K −$1.05/SF

EGI

$35.2K $15.15/SF

− OpEx

−$10.6K −$4.54/SF

NOI

$24.6K $10.60/SF

Area

Washington County, WI

Vacancy

6.50%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$492,400

Cap Rate 7%

$351,714

Cap Rate 9%

$273,556

Alternative Uses

Best Use

Multifamily LT 5

$351.7K

$307.8K – $410.3K (±1% cap)

NOI $24,620 @ 7.0% cap · market cap 6.16%

Second Best

Apartment 5plus

$315.5K

$276.1K – $368.1K (±1% cap)

NOI $22,088 @ 7.0% cap · market cap 5.52%

Theoretical Best

Office A

$638.4K

$558.6K – $744.8K (±1% cap)

NOI $44,685 @ 7.0% cap · market cap 11.17%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Restaurant Building Supply Dental Office Law Firm Big Box & Wholesale Store Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

96

Businesses Nearby

Explore this area Business Placement

Demographics for 53022, WI

19,935

Population

8,229

Households

2.4

Avg Household Size

44

Median Age

48%

College-Educated

96%

High-School Grad

27.7 sq mi

ZIP Area

720

Density / Sq Mi

$105,324

Median Household Income

$58,683

Median Earnings

$1,315

Median Rent

$353,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two three-bedroom units feature hardwood floors within a farmhouse setting on approximately two acres.

Where is this duplex located?

The property is located at N120w14985 Freistadt Rd Germantown, WI.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: 1890 farmhouse configured as a duplex; Two units, each with three bedrooms; Approximately two‑acre property in the Town of Germantown