Historic Two-Unit
For Sale
$419,000
N120w14985 Freistadt Rd, Germantown, WI 53022
Two three-bedroom units feature hardwood floors within a farmhouse setting on approximately two acres.
Property Size2,322 SF
Price / SF$180.45
Days on Market39
Property Features for N120w14985 Freistadt Rd
General Information
Standard status
Active
Size
2,322 SF
Property subtype
Multi-Family
Building Details
Year Built
1890
Listing Agency:
Shorewest Realtors, Inc.
(262) 241-5800
Listed By:
James Desmond
Source:
Nikolicgroup
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 8:00PM
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.
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.
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 = 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
$24,620
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
5.88%
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%
$492,400
$492.4K
Cap Rate 7%
$351,714
$351.7K
Cap Rate 9%
$273,556
$273.6K
Market Conditions
NOI Build-Up for 2,322 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
$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 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%
$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
NOI $24,620 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$315.5K
$276.1K – $368.1K
NOI $22,088 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$638.4K
$558.6K – $744.8K
NOI $44,685 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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 $419,000.
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
