Building Details

Year Built 1970

Listing Agency: First Weber Inc

Listed By: Pam Halverson · License #55796-94 Show Phone

Source: Compass

Added: Nov 18, 2025 Changed: Aug 8 Last Checked: Jul 22 at 3:00PM

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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 First Weber Inc

Investment Insights

Based on property information with market context.

This tastefully updated 1-bedroom condo offers a functional layout and modern finishes throughout, designed for comfortable everyday living. The unit also features ample natural light and includes a dedicated storage unit, which can be useful for seasonal items and outdoor gear.

The property is set in a private wooded setting and is located near Devil’s Head Ski Resort, supporting convenient access for recreation.

Sold as Unit 1 at S6185 Bluff Road, it presents a straightforward condo option for buyers looking for an updated, low-maintenance residence close to the ski area.

Key Highlights

• Tastefully updated 1‑bedroom condo with wood or similar wood floors
• Wooded lot setting with vinyl exterior
• Radiant heating and in‑home air conditioner

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

$8,607

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

5.38%

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%

$172,140 $172.1K

Cap Rate 7%

$122,957 $123.0K

Cap Rate 9%

$95,633 $95.6K

Market Conditions

NOI Build-Up for 1,040 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

$16.5K $15.84/SF

− Vacancy

−$824 −$0.79/SF

EGI

$15.6K $15.05/SF

− OpEx

−$7.0K −$6.77/SF

NOI

$8.6K $8.28/SF

Area

Sauk County, WI

Vacancy

5.00%

Lease Rate

$15.84 /SF/Yr

Expense Ratio

45.00%

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%

$172,140

Cap Rate 7%

$122,957

Cap Rate 9%

$95,633

Alternative Uses

Best Use

Apartment 5plus

$123.0K

$107.6K – $143.5K (±1% cap)

NOI $8,607 @ 7.0% cap · market cap 5.38%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$210.5K

$184.2K – $245.6K (±1% cap)

NOI $14,736 @ 7.0% cap · market cap 9.22%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Residential income properties

Suggested Use

Top Pick Pet Store Restaurant Bed & Breakfast Hotel & Motel

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

12

Businesses Nearby

Explore this area Business Placement

Demographics for 53561, WI

2,016

Population

1,159

Households

1.7

Avg Household Size

48

Median Age

37%

College-Educated

94%

High-School Grad

36.5 sq mi

ZIP Area

55

Density / Sq Mi

$95,694

Median Household Income

$55,900

Median Earnings

$1,031

Median Rent

$407,400

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this residential income properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Residential income property - Tastefully updated 1-bedroom condo in a private wooded setting near Devil’s Head Ski Resort, with a dedicated storage unit.

Where is this residential income property located?

The property is located at S6185 Bluff Road Unit 1 Merrimac, WI.

What is the asking price?

The asking price for this property is $159,900.

What are key features of this property?

This property features: Tastefully updated 1‑bedroom condo with wood or similar wood floors; Wooded lot setting with vinyl exterior; Radiant heating and in‑home air conditioner