Waterfront Apartment
New
For Sale
$2,100,000
W7153 County Road Z, Onalaska, WI 54650
COMMERCIAL - Onalaska, WI
Property Size17,280 SF
Lot Size3.05 Acres
Price / SF$121.53
Days on Market3
Property Features for W7153 County Road Z
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Residential C
Directions
Hwy 35 North from Main Street in Onalaska, left on County Road Z. Property is 2 miles on your right.
Standard status
Active
APN
010002608000
Size
17,280 SF
Lot size
3.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8106
Amenities
shared docks
Building Details
Year built
1980
Architectural style
Other
Listing Agency:
Gerrard-Hoeschler, REALTORS
(608) 782-2300
Listed By:
Brian McCarty · License #80000-94
(608) 792-8451
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 16 at 10:06AM
MLS# 1976325
Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Lake Onalaska property includes three apartment buildings with 12 two-bedroom, two-bath units totaling 17,280 square feet. Each 1,440-square-foot residence is equipped with a range/oven, refrigerator, dishwasher, laundry hookups, and wall-sleeve AC. Every unit also has a garage, while tenants share two docks along the waterfront. Two units are under construction, and two additional units are currently being remodeled. The improvements date to 1980 and sit on 3.05 acres zoned Residential C.
The sale includes W7167 and W7191 in addition to the primary property address at W7153 County Road Z, Onalaska, WI 54650. Showings for occupied units are available on Wednesdays; weekday access to the units under construction requires 24-hour notice.
The sale includes W7167 and W7191 in addition to the primary property address at W7153 County Road Z, Onalaska, WI 54650. Showings for occupied units are available on Wednesdays; weekday access to the units under construction requires 24-hour notice.
Key Highlights
- 12 total two‑bedroom, two‑bath apartment units
- 17,280 square feet across three buildings on 3.05 acres
- Each unit measures 1,440 square feet and includes a garage
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
$140,439
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
6.69%
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%
$2,808,780
$2.8M
Cap Rate 7%
$2,006,271
$2.0M
Cap Rate 9%
$1,560,433
$1.6M
Market Conditions
NOI Build-Up for 17,280 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
$271.6K $15.72/SF
− Vacancy
−$16.3K −$0.94/SF
EGI
$255.3K $14.78/SF
− OpEx
−$114.9K −$6.65/SF
NOI
$140.4K $8.13/SF
Area
La Crosse County, WI
Vacancy
6.00%
Lease Rate
$15.72 /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%
$2,808,780
Cap Rate 7%
$2,006,271
Cap Rate 9%
$1,560,433
Alternative Uses
Best Use
Apartment 5plus
$2.01M
$1.76M – $2.34M
NOI $140,439 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.78M
$3.31M – $4.41M
NOI $264,540 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Explore this area
Business Placement
Demographics for 54650, WI
24,523
Population
11,166
Households
2.2
Avg Household Size
41
Median Age
40%
College-Educated
98%
High-School Grad
30.9 sq mi
ZIP Area
794
Density / Sq Mi
$85,255
Median Household Income
$48,366
Median Earnings
$1,109
Median Rent
$279,100
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?
Apartment building - Lakefront multifamily property with garages, shared docks, and laundry hookups.
Where is this apartment building located?
The property is located at W7153 County Road Z Onalaska, WI.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 12 total two‑bedroom, two‑bath apartment units; 17,280 square feet across three buildings on 3.05 acres; Each unit measures 1,440 square feet and includes a garage
