Furnished Residential Income
For Sale
$234,900
W5229 Surfwood Drive Unit 54, Elkhorn, WI 53121
Seasonal one-bedroom retreat with lake views, a four-season porch, and access to a private beach community.
Property Size710 SF
Price / SF$330.85
Days on Market116
Property Features for W5229 Surfwood Drive Unit 54
General Information
Standard status
Active
Size
710 SF
Property subtype
Condo / Ranch-1 Story
Zoning
B-5
Taxes and HOA fees
Annual Taxes
$1,424
Amenities
Stove, Refrigerator, Microwave, and All Personal Property
Forced air, Central air
Wood or sim. wood floors, Great room, Vaulted ceiling, Cable/Satellite Available, Storage Unit Inc, At Least 1 tub, All Window Coverings, Beamed Ceiling(s), Ceiling Fan(s)
Log
Electric, 1 fireplace
Private Entry, Four Season Room
Building Details
Year Built
1991
Listing Agency:
Home Connection Realty
(608) 669-7411
Listed By:
Rachel Miller · License #71690-94
(608) 669-7411
Source:
Compass
Added: May 9
Changed: Aug 30
Last Checked: Aug 31 at 9:44PM
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 Home Connection Realty
Investment Insights
Based on property information with market context.
This furnished 710-square-foot seasonal residential property features one bedroom, an open kitchen and dining area, and a bright living room with vaulted and beamed ceilings. A built-in desk, generous cabinetry, wood or simulated wood flooring, and a four-season porch add practical living space. The property also includes a private entry, crawlspace storage, an 8x8 storage shed, gravel parking, central air, forced-air heat, and a fireplace. The residence was built in 1991 and is seasonally open from April through October 31.
The setting includes partial views of Lauderdale Lakes and convenient access to shared recreational amenities. Residents have use of a private sandy beach, pier, boat launch, playground, volleyball courts, and basketball hoops. The property is adjacent to the bath house and near the playground. No pets are permitted, and the sale includes furnishings, appliances, window coverings, and other personal property.
The setting includes partial views of Lauderdale Lakes and convenient access to shared recreational amenities. Residents have use of a private sandy beach, pier, boat launch, playground, volleyball courts, and basketball hoops. The property is adjacent to the bath house and near the playground. No pets are permitted, and the sale includes furnishings, appliances, window coverings, and other personal property.
Key Highlights
- 710 SF furnished seasonal property with one bedroom
- Partial views of Lauderdale Lakes and a four‑season porch
- Private sandy beach, pier, and boat launch
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
$7,115
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
3.03%
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%
$142,300
$142.3K
Cap Rate 7%
$101,643
$101.6K
Cap Rate 9%
$79,056
$79.1K
Market Conditions
NOI Build-Up for 710 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
$13.5K $19.08/SF
− Vacancy
−$610 −$0.86/SF
EGI
$12.9K $18.22/SF
− OpEx
−$5.8K −$8.20/SF
NOI
$7.1K $10.02/SF
Area
Walworth County, WI
Vacancy
4.50%
Lease Rate
$19.08 /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%
$142,300
Cap Rate 7%
$101,643
Cap Rate 9%
$79,056
Alternative Uses
Best Use
Apartment 5plus
$101.6K
$88.9K – $118.6K
NOI $7,115 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$137.0K
$119.9K – $159.9K
NOI $9,591 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 53121, WI
19,222
Population
8,397
Households
2.3
Avg Household Size
42
Median Age
33%
College-Educated
94%
High-School Grad
114.4 sq mi
ZIP Area
168
Density / Sq Mi
$83,635
Median Household Income
$45,112
Median Earnings
$1,031
Median Rent
$287,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Seasonal one-bedroom retreat with lake views, a four-season porch, and access to a private beach community.
Where is this residential income property located?
The property is located at W5229 Surfwood Drive Unit 54 Elkhorn, WI.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: 710 SF furnished seasonal property with one bedroom; Partial views of Lauderdale Lakes and a four‑season porch; Private sandy beach, pier, and boat launch
