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Marathon Flats 2001 Marathon St 63 Unit Apartment Building $16,900,000 ($268,254/Unit) 5.72% Cap Rate Neenah, WI 54956
INVESTMENT HIGHLIGHTS
- Newly Redeveloped
- Strategically Located
EXECUTIVE SUMMARY
Park Place Holdings is pleased to present an outstanding opportunity to acquire Marathon Flats, a premier 55+ apartment community with two additional commercial spaces in Neenah, Wisconsin.
This newly redeveloped 55+ multi-family community offers 61 fully renovated apartment units, 42 storage units, 56 garages, and two commercial spaces, including a long-term lease with Kimberly-Clark.
Positioned on 17.25 acres, the property underwent a transformative adaptive reuse conversion in 2023-2024, capitalizing on the growing demand for high-quality, affordable housing for seniors. The excess land allows for future development of additional units, ask for details.
With a net operating income (NOI) of $966,600 and gross potential rents of $1,564,450, Marathon Flats offers investors a stable asset with a cap rate of 6.00%. (The cap rate is 6% and not 5.49% due to the fact that the land value is $1,500,000 and this would get taken off the sale price when calculating cap rate). The residential component is nearing full occupancy, reflecting strong demand for well-appointed, age-restricted living options in the Fox Cities market. Additionally, the 46,937 SF lease with Kimberly-Clark provides steady commercial income.
Strategically located just minutes from downtown Neenah and Highway 41, Marathon Flats offers exceptional accessibility while benefiting from a thriving regional economy. With its strong income potential, diversified revenue streams, and significant land for future development, Marathon Flats presents an outstanding investment opportunity in a rapidly evolving market.
Call Mason Clark at (608) 399-5123 or email mason@parkplace-holdings.com
This newly redeveloped 55+ multi-family community offers 61 fully renovated apartment units, 42 storage units, 56 garages, and two commercial spaces, including a long-term lease with Kimberly-Clark.
Positioned on 17.25 acres, the property underwent a transformative adaptive reuse conversion in 2023-2024, capitalizing on the growing demand for high-quality, affordable housing for seniors. The excess land allows for future development of additional units, ask for details.
With a net operating income (NOI) of $966,600 and gross potential rents of $1,564,450, Marathon Flats offers investors a stable asset with a cap rate of 6.00%. (The cap rate is 6% and not 5.49% due to the fact that the land value is $1,500,000 and this would get taken off the sale price when calculating cap rate). The residential component is nearing full occupancy, reflecting strong demand for well-appointed, age-restricted living options in the Fox Cities market. Additionally, the 46,937 SF lease with Kimberly-Clark provides steady commercial income.
Strategically located just minutes from downtown Neenah and Highway 41, Marathon Flats offers exceptional accessibility while benefiting from a thriving regional economy. With its strong income potential, diversified revenue streams, and significant land for future development, Marathon Flats presents an outstanding investment opportunity in a rapidly evolving market.
Call Mason Clark at (608) 399-5123 or email mason@parkplace-holdings.com
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $16,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $268,254 | Building Class | C |
| Sale Type | Investment | Lot Size | 17.25 AC |
| Cap Rate | 5.72% | Building Size | 148,000 SF |
| No. Units | 63 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1956 |
| Property Subtype | Apartment | ||
| Zoning | I2 - general | ||
| Price | $16,900,000 |
| Price Per Unit | $268,254 |
| Sale Type | Investment |
| Cap Rate | 5.72% |
| No. Units | 63 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 17.25 AC |
| Building Size | 148,000 SF |
| No. Stories | 1 |
| Year Built | 1956 |
| Zoning | I2 - general |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Recycling
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 10 | - | 474 - 802 |
| 1+1 | 29 | - | 677 - 1,030 |
| 2+1 | 4 | - | 982 - 988 |
| 2+2 | 19 | - | 897 - 1,168 |
PROPERTY TAXES
| Parcel Number | 02-0580-0000 | Improvements Assessment | $5,956,000 (2024) |
| Land Assessment | $557,000 (2024) | Total Assessment | $6,513,000 (2024) |
PROPERTY TAXES
Parcel Number
02-0580-0000
Land Assessment
$557,000 (2024)
Improvements Assessment
$5,956,000 (2024)
Total Assessment
$6,513,000 (2024)
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Marathon Flats | 2001 Marathon St
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