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    Northfield Multi-Unit Investment Opportunity Title is generated by Realmo AI

    W15699 State Highway 121, Northfield, WI 54635

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    For Sale
    $295,000

    MULTI_FAMILY - Northfield, WI

    Property size:
    5,000 SF
    Lot size:
    1.25 Acres
    Price / SF:
    $59/SF
    Added:
    May 19, 2026
    Days on Market:
    10
    Last Refresh:
    May 28 at 1:06 pm

    Property Features for W15699 State Highway 121

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Rooms
    Basement
    Parking features
    Driveway, Open
    Patio and Porch features
    Deck, Porch
    Interior features
    CeilingFans
    Accessibility
    Accessible Approach with Ramp
    Appliances
    Dryer, ElectricWaterHeater, Microwave, Oven, Range, Refrigerator, Washer
    Standard status
    Active
    APN
    04003440080
    Size
    5,000 SF
    Lot size
    1.25 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    PRT OF SE NW, PRT OF SW NW, PART OF THE NW SW DESC AS : COM AT THE NE COR OF NWSW, TH W ALONG N LINE OF 40 TO THE SE ROW OF HWY 121, THS43D50' E 50',
    Tax Annual Amount
    2285

    Utilities

    Sewer type
    Mound Septic
    Heating system
    Forced Air
    Cooling system
    Central Air, Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1900
    Number of units
    3
    Building materials
    VinylSiding

    We can help!

    Listing Contact
    Jim Franks

    Listing agent Jim Franks License #58289-90

    Listing office Badger State Realty N49255 County Rd. B, Osseo, WI

    Listing date May 19, 2026

    MLS# 1601482 Listing URL

    Copyright © 2026 REALTORS® Association of Northwestern Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Income‑generating property with $2760 monthly rental income
    • Three‑unit building fully occupied with tenants
    • Low‑maintenance building with vinyl siding, steel & shingled roof, and aluminum soffits
    • Newer furnaces and water heaters throughout
    • Large parking lot with 2‑car detached garage on 1.25 acres
    • Day Care unit is handicap accessible

    Overview

    This approximately 5000 square foot, three-unit rental property is located in Northfield, WI, and offers an opportunity to enter the rental market. The property includes a daycare, a large one-bedroom apartment on the main level, and a two-bedroom apartment upstairs. The building is designed for low maintenance, featuring vinyl siding, a steel and shingled roof, and aluminum soffits. Newer furnaces and water heaters are installed throughout the property. The two apartments are equipped with appliances. Tenants are responsible for their own utilities. The daycare is handicap accessible. A large parking lot is available, along with a two-car detached garage. The property is situated on a 1.25-acre lot and is conveniently located near a gas station, convenience store, and dining establishments. The property generates an income of $2760 per month from rents.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Bar & Pub Garden Center Discount Store Grocery & Convenience Store Travel Agency Auto Repair Shop Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Northfield
    County
    Jackson
    State
    Wisconsin
    Longitude
    -91.099455
    Latitude
    44.458888

    FAQs

    What type of property is this?
    Triplex - Three-unit rental property with daycare and apartment tenants.
    Where is this triplex located?
    The property is located at W15699 State Highway 121 Northfield, WI.
    What is the asking price?
    The asking price for this property is $295,000.
    What are key features of this property?
    This property features: Income‑generating property with $2760 monthly rental income; Three‑unit building fully occupied with tenants; Low‑maintenance building with vinyl siding, steel & shingled roof, and aluminum soffits
    (715) 597-3187
    We can help!
    Listing Contact
    Jim Franks
    Real Estate License ID: 58289-90
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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