Two-House Duplex with 5-Bay
For Sale
$649,990
N5598 State Road, Black Creek, WI 54106
Two residences occupy one lot with a detached shed providing substantial storage and workshop space.
Property Size3,568 SF
Price / SF$182.17
Days on Market270
Property Features for N5598 State Road
General Information
Standard status
Active
Size
3,568 SF
Property subtype
Multifamily / Duplex (2 Unit)
Zoning
2 Family/Duplex,Resident
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,928
Amenities
Forced Air
2
Lp Gas
Full,Partial Fin. Contiguous,Sump Pump
1
Block
1 Story,2 Houses on 1 Lot,Multi-Level,Other-See Remarks
Vinyl Siding
1st Floor Bedroom,1st Floor Full Bath,Laundry 1st Floor
Building Details
Year Built
1970
Buildings
2
Listing Agency:
Acre Realty, Ltd.
(920) 209-7891
Listed By:
Hayden Newman · License #94-98195
(920) 209-7891
Source:
Compass
Added: Dec 5, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:40PM
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 Acre Realty, Ltd.
Investment Insights
Based on property information with market context.
This duplex property includes two separate homes on nearly an acre, with a combined property size of 3,568 square feet. The primary residence features an open interior arrangement, spacious living areas, forced-air heating, and LP gas service. The second home offers 3 bedrooms, 1 bathroom, and a 1-car garage. Both homes include first-floor bedroom, bathroom, and laundry features, while the property also includes a partial finished contiguous basement with a sump pump.
A detached 5-bay shed with a loft adds substantial utility for storage, workshop activities, tools, equipment, or hobbies. The property was built in 1970 and is zoned 2 Family/Duplex, Resident. Its setting combines open space with proximity to town shopping, dining, and other conveniences.
A detached 5-bay shed with a loft adds substantial utility for storage, workshop activities, tools, equipment, or hobbies. The property was built in 1970 and is zoned 2 Family/Duplex, Resident. Its setting combines open space with proximity to town shopping, dining, and other conveniences.
Key Highlights
- Two homes on one lot with a combined property size of 3,568 square feet
- Second residence includes 3 bedrooms, 1 bathroom, and a 1‑car garage
- Detached 5‑bay shed with loft
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
$27,191
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
4.18%
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%
$543,820
$543.8K
Cap Rate 7%
$388,443
$388.4K
Cap Rate 9%
$302,122
$302.1K
Market Conditions
NOI Build-Up for 3,568 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
$40.7K $11.40/SF
− Vacancy
−$1.8K −$0.51/SF
EGI
$38.8K $10.89/SF
− OpEx
−$11.7K −$3.27/SF
NOI
$27.2K $7.62/SF
Area
Outagamie County, WI
Vacancy
4.50%
Lease Rate
$11.40 /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%
$543,820
Cap Rate 7%
$388,443
Cap Rate 9%
$302,122
Alternative Uses
Best Use
Multifamily LT 5
$388.4K
$339.9K – $453.2K
NOI $27,191 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$363.6K
$318.2K – $424.2K
NOI $25,452 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$983.8K
$860.8K – $1.15M
NOI $68,863 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 54106, WI
4,674
Population
2,169
Households
2.2
Avg Household Size
41
Median Age
14%
College-Educated
94%
High-School Grad
87.4 sq mi
ZIP Area
53
Density / Sq Mi
$88,606
Median Household Income
$50,342
Median Earnings
$764
Median Rent
$254,500
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 residences occupy one lot with a detached shed providing substantial storage and workshop space.
Where is this duplex located?
The property is located at N5598 State Road Black Creek, WI.
What is the asking price?
The asking price for this property is $649,990.
What are key features of this property?
This property features: Two homes on one lot with a combined property size of 3,568 square feet; Second residence includes 3 bedrooms, 1 bathroom, and a 1‑car garage; Detached 5‑bay shed with loft
