509 Main St Oshkosh, WI 54901
- Apartment buildings
- 15,927 SF
- 2.79 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 509 Main St
- Year built
- 1890
- Lot size
- 2.79 lot acres
- Property size
- 15,927 SF
- Zone code
- C3
- Property type
- Apartment buildings
- APN
- 07-00260000
- APU
- 700260000
Description
This exceptional three-story, 11,000-square-foot multifamily building, located at 509 N Main St #501 in Oshkosh, Wisconsin, presents a compelling investment opportunity. Originally constructed in 1895 and extensively renovated in 2003, this property boasts a prime downtown location with 200 feet of street frontage and benefits from high daily traffic volume (10,000+ cars). The building features five apartments, all with updated appliances (2021), large open floor plans, mature hardwood floors, high ceilings, and abundant natural light. The first floor comprises approximately 5,500 square feet of commercial space, recently renovated in Q1 2023, currently leased to a PhD chiropractor under a three-year lease (commencing 4/1/23) with two 3-year extension options and a 2.5% annual rent increase. The lease includes monthly rent of $4,500 plus utilities. The building's attractive features include a charming interior stairwell, vintage tin ceilings, and vintage light fixtures. A public parking lot is conveniently located behind the building. The property sits on a 5,662 square foot lot and has a 7.5% cap rate with 100% occupancy for multiple years. Building systems include forced air, gas heat, and central air conditioning. The building is constructed of brick and stone with a rubber membrane roof. The asking price is $1,899,900, representing a price per square foot of $172.73. The property is zoned for commercial use and has an APN of 0700260000.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,865,000
- ML approach
- $1,840,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,615,000
- 6.5%
- $1,490,000
- 7%
- $1,385,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,834,000
Market price range: $897k - $2.49M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $1,560,000 Current use
- RESTAURANT
- $2,075,000 Change: +33% Conversion: Difficult
- OFFICE BUILDING
- $1,550,000 Change: -1% Conversion: Moderate
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Oshkosh
- County
- Winnebago
- State
- Wisconsin
- Longitude
- -88.5378
- Latitude
- 44.02
- CBSA code
- 36780
- CBSA name
- OSHKOSH-NEENAH, WI METROPOLITAN STATISTICAL AREA
