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Property profile & analytics
FOR LEASE
Investment properties
425 W Water St, Appleton, WI 54911
Entity Owned
~
Est. High Equity
Property ID
US92-0774274
For Lease
1 / 3
$12 SF/Yr
425 W Water St, Appleton, WI 54911
View Listing →
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1878
Total area
52,014 SF
Lot
1.18 ac (51,327 SF)
Zoning code
C2
APN
31-3-1481-00
UPID
US92-0774274
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Paper Industry International Hall of Fame Museum
-
Capital Data IT Consulting Firm (Bike/Boat/Book/etc) Store
-
Virgin Pulse Corporate Office
-
Esker Financial Group - Ameriprise Financial Services, LLC Financial Advisor
-
SEH Environmental Consultant Land Surveyor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.54M
Blend (final)
Blend
$2.99M
Owner & transaction history
Old Atlas Mill LLC
Old Atlas Mill LLC
since 2026
Last sale
$2.7M
7 recorded transactions
Zoning & alternative use
C2 · Appleton, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Appleton submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Appleton submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$4,925,000
Current use
RETAIL STORES
$4,030,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$2.99M
Range $2.69M – $3.29M · ±10% · vs last sale $2.70M (Feb 2 2026)
Last sale anchor
$2.70M
Feb 2 2026
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$57 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$38,188
Tax year 2023
Assessed value
$2,353,600
Assessed 2023
Previous assessed
$2,238,100
+5.2% YoY
Effective rate
1.62%
On assessed value
Assessed land
$275,000
Assessed improvement
$2,078,600
Land market value
$289,848
Improvement market value
$2,190,831
Total market value
$2,480,679
Applied tax rate
201.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
For Lease
Year built
1878
Heating
NONE
Stories
3
Total area
52,014 SF
Lot
1.18 ac (51,327 SF)
Zoning code
C2
APN
31-3-1481-00
UPID
US92-0774274
Jurisdiction
OUTAGAMIE
Zoning & alternative use
C2 · Appleton, WI
Zoning C2 · permitted uses
C2 · Appleton, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Appleton. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$4.9M
RETAIL STORES
Est. value
$4.0M
COMMERCIAL (GENERAL) Current
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1878
Heating
NONE
Stories
3
Lot
1.18 ac
Current owner
From public records · entity-resolved
Old Atlas Mill LLC
Entity
Mailing address
PO BOX 544, NEENAH, WI 54957-0544
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 2, 2026
$2,700,000
Old Atlas Mill LLC
Atlas Mill LLC
Corporation Deed
$3,100,000 · Peshtigo National Bank
Oct 18, 2018
$1,400,000
Paper Ind Intl Hall Of Fame I
Atlas Mill LLC
Grant Deed
$700,000 · Johnson Bk
Oct 18, 2018
—
Atlas Mill LLC
—
Deed
related
$1,650,000 · Nicolet Nat'l Bk
Oct 12, 2018
—
Atlas Mill LLC
Kimberly-clark Corp
Quit Claim Deed
related
—
Jan 29, 2004
$500,000
Atlas Mill LLC
Paper Industry International H
Warranty Deed
related
—
—
—
Peter T Rogers
—
Deed Of Trust
related
$813,000 · Premier Community Bank
—
—
Atlas Mill LLC
—
Deed Of Trust
related
$78,000 · Baylake Bk
—
—
Atlas Mill LLC
—
Deed Of Trust
related
—
—
—
Atlas Mill LLC
—
Deed Of Trust
related
$1,650,000 · Nicolet Nat'l Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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