210 Main St W · Ashland, WI 54806

$2,775,000

None bd · None ba · — sqft · MultiFamily · 26 Days on market

Built 1959 Good condition 0.48 ac lot

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 37 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Large mixed-use investment opportunity in the heart of downtown Ashland. This impressive 37-unit property features 5 commercial storefront spaces on the main level along with 32 residential apartments above, offering a desirable mix of studio, 1-bedroom, and 2-bedroom units. All residential units feature private bathrooms with no shared facilities. Coin-operated laundry facilities are located on each floor, creating additional income potential. Major exterior improvements include newer windows completed within the last 10 years. A rare opportunity to own a high-unit-count income-producing asset. Willing to sell individually or as a package with 410 Main Street.

Key facts

• Private bathrooms
• Newer windows
• 0.48 acre lot

Tags

• COMMERCIAL STOREFRONT SPACES
• RESIDENTIAL APARTMENTS
• PRIVATE BATHROOMS
• NEWER WINDOWS

Property features AI

Finance

• Other: Building contains 37 units
• Financial info: Financial details beyond taxes not provided
• HOA & community: HOA information not provided

Exterior

• Parking: Off-street and street parking
• Security: Security features not provided
• Utilities: Utilities details not provided
• Home design: Three-story multi-family building
• Construction: Construction and year built not provided
• Exterior features: Off-street parking available; Street parking available; Lot is approximately 0.48 acres

Interior

• Kitchen: Kitchen included in unit(s)
• Bedrooms: One-bedroom unit(s)
• Flooring: Flooring details not provided
• Bathrooms: One full bath in listed unit
• Heating & cooling: Heating and cooling details not provided
• Interior features: Multi-family building with individual units
• Laundry & utility: In-unit or on-site laundry not specified

What this means for you Summary

Snapshot

• This is a 37 × 1-bed/1-bath units multifamily listed at $2.77M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $5k ($66k/yr) — positive. Per door: $148/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($31k rent vs $2.77M).
• Recommended offer: $2.73M (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.5% in Ashland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 84/100 on livability (#37 in WI, #750 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, health & safety A+, commute A; Watch: employment F.
• Ashland School District (town): math 16% / reading 30% proficiency, ranked #325 of 342 in WI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lake Superior Elementary (math 17% / reading 25%, grade F, #857 of 1,041 statewide, top 83%, 603 students, 61% FRL); Ashland Middle (math 15% / reading 33%, grade F, #325 of 383 statewide, top 85%, 398 students, 61% FRL); Ashland High (math 12% / reading 22%, grade F, #400 of 483 statewide, top 85%, 626 students, 56% FRL).
• Market conditions: 85 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 30 units permitted in Ashland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $19k of loan paydown is wiped out by about $83k of value loss. Plan a longer hold.
• Ashland County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($2.73M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,733,375 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.45%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 Main St E	0.21mi	2/1.0	3,750	3mo	$969	—	75
420 1/2 E Lake Shore Dr	0.38mi	1/1.0	1,872	4mo	$900	—	67
423 5th Ave Ave E	0.41mi	1/1.0	3,000	4mo	$899	—	65
612 6th St W	0.40mi	2/1.0	1,160	5mo	$950	$1	64
612 St Claire St	0.50mi	4/3.0	—	5mo	$150,900	—	60
614 St Claire St	0.51mi	2/1.0	980	5mo	$999	$1	59
511 3rd St E	0.41mi	2/2.0	—	13mo	$185,000	—	58
609 10th Ave W	0.61mi	4/2.0	—	2mo	$166,000	—	57
617 Main St St E	0.50mi	1/1.0	3,000	9mo	$850	—	57
1208 Main St St W	0.69mi	2/1.0	2,400	1mo	$1,200	$1	54
1110 - 1112 Ellis Ave	0.65mi	4/2.0	—	11mo	$80,000	—	48
1101 6th St W	0.66mi	8/4.0	—	13mo	$225,000	—	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.5%
• Equity multiple: 0.87×
• Total profit: $-100,723
• Equity at exit: $413,762

10-year hold

• IRR: 6.3%
• Equity multiple: 1.47×
• Total profit: $362,923
• Equity at exit: $239,931

Cash invested: $777,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Wisconsin: 73 Landlord-Friendly · R+2
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; Madison / Milwaukee have some local enforcement.

Methodology + full state rankings →

ZIP-level market 54806

• Active inventory: 85
• Price-to-rent: 274.2×

Monthly cashflow live

• Estimated rent: $31,201 medium
• Mortgage (P&I): −$14,552
• Tax est. 1.5%: −$3,469 /mo · $41,625/yr
• Insurance: −$1,156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,552
• Net cashflow: $5,471

Break-even live

Break-even rent $24,275

Max offer price $2,775,000

Occupancy floor 77%

Sensitivity live

Price	-10% $7,389	-5% $6,430	+0% $5,471	+5% $4,513	+10% $3,554
Rent	-10% $3,007	-5% $4,239	+0% $5,471	+5% $6,704	+10% $7,936
Rate	-1.0pp $6,869	-0.5pp $6,177	base $5,471	+0.5pp $4,752	+1.0pp $4,021

37-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 37× units	1	1	$31,191
Total (37 units)			$31,201

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $693,750
• Closing costs: $83,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
522 Chapple Ave Apt 102 Ashland, WI	1.0	1.0	—	$741	—	46d	1	0.41mi
1406 Lake Shore Dr E Ashland, WI	2.0	1.0	2800	$1,100	$0.39	46d	1	1.03mi

Listing history 20 events

1. 2026-06-22
   days on market $2,775,000 Active 26 DOM
2. 2026-06-21
   days on market $2,775,000 Active 25 DOM
3. 2026-06-21
   days on market $2,775,000 Active 24 DOM
4. 2026-06-18
   days on market $2,775,000 Active 22 DOM
5. 2026-06-17
   days on market $2,775,000 Active 21 DOM
6. 2026-06-16
   days on market $2,775,000 Active 20 DOM
7. 2026-06-15
   days on market $2,775,000 Active 19 DOM
8. 2026-06-15
   days on market $2,775,000 Active 18 DOM
9. 2026-06-13
   days on market $2,775,000 Active 17 DOM
10. 2026-06-12
    days on market $2,775,000 Active 16 DOM
11. 2026-06-09
    days on market $2,775,000 Active 13 DOM
12. 2026-06-08
    days on market $2,775,000 Active 12 DOM
13. 2026-06-08
    days on market $2,775,000 Active 11 DOM
14. 2026-06-07
    days on market $2,775,000 Active 10 DOM
15. 2026-06-03
    days on market $2,775,000 Active 7 DOM
16. 2026-06-02
    days on market $2,775,000 Active 6 DOM
17. 2026-06-01
    days on market $2,775,000 Active 5 DOM
18. 2026-05-31
    days on market $2,775,000 Active 4 DOM
19. 2026-05-27
    listed $2,775,000 Active 669-char remark

    Show marketing remark (669 chars)

    Large mixed-use investment opportunity in the heart of downtown Ashland. This impressive 37-unit property features 5 commercial storefront spaces on the main level along with 32 residential apartments above, offering a desirable mix of studio, 1-bedroom, and 2-bedroom units. All residential units feature private bathrooms with no shared facilities. Coin-operated laundry facilities are located on each floor, creating additional income potential. Major exterior improvements include newer windows completed within the last 10 years. A rare opportunity to own a high-unit-count income-producing asset. Willing to sell individually or as a package with 410 Main Street.

20. 2026-05-27
    listed $2,775,000 Active 669-char remark

    Show marketing remark (669 chars)

    Large mixed-use investment opportunity in the heart of downtown Ashland. This impressive 37-unit property features 5 commercial storefront spaces on the main level along with 32 residential apartments above, offering a desirable mix of studio, 1-bedroom, and 2-bedroom units. All residential units feature private bathrooms with no shared facilities. Coin-operated laundry facilities are located on each floor, creating additional income potential. Major exterior improvements include newer windows completed within the last 10 years. A rare opportunity to own a high-unit-count income-producing asset. Willing to sell individually or as a package with 410 Main Street.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $374,412
• − Mortgage interest: −$155,443
• − Property taxes: −$41,625
• − Insurance: −$13,875
• − Repairs & maintenance: −$29,953
• − Management: −$29,953
• − Depreciation: −$80,727
• Taxable income: $22,836
• Est. tax owed @ 24.0%: −$5,481
• After-tax cash flow: $60,176/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with no major repairs needed. It has a good roof, exterior, flooring, and interior walls/paint. The HVAC and mechanical systems need maintenance. Painting the exterior and upgrading the HVAC will significantly increase its value.

Value-add opportunities

• Both Paint the exterior walls and siding — Painting the exterior will improve the curb appeal and increase the property's resale and rental value.
• Both Upgrade the HVAC and mechanical systems — Upgrading the HVAC and mechanical systems will improve the comfort and energy efficiency of the property, increasing its resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls and siding — Painting the exterior will improve the curb appeal and increase the property's resale and rental value. ↑
• Both Upgrade the HVAC and mechanical systems — Upgrading the HVAC and mechanical systems will improve the comfort and energy efficiency of the property, increasing its resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ashland School District
• NCES district ID: 5500510
• Math proficiency: 16% ▼ -16.00%
• Reading proficiency: 30% ▼ -4.00%
• Median HH income: $40,114
• Composite: 19.4/100
• National rank: #8782
• State rank: #325 of 342 in WI

Livability — Ashland

• Score: 84/100
• State rank: #37
• US rank: #750

Category grades

Amenities B+ Commute A Cost of living A+ Crime C+ Employment F Housing A Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ashland, WI
• Population (ZIP): 11,708

Population outlook (Ashland County) Hauer SSP2

• Today (2025): 15,204 people
• By 2030: 14,639 · -3.7%
• By 2040: 13,198 · -13.2%
• By 2050: 11,841 · -22.1%
• By 2075: 9,755 · -35.8%
• By 2100: 8,675 · -42.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Native American 9% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Romanian 8% Portuguese 6% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Ashland

• 2024 margin: Toss-up / Even · D 51.6% · R 46.9% · Other 1.5%
• 2008→2024 swing: -32.4pp toward R · 2008: 37.1pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+11.0 2016: D+8.9 2012: D+30.8 2008: D+37.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.11%
• Current HPI: 168.3012
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

Industry mix (Fortune 500 HQ in WI)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$23B
▸Industrial Technology	2	$36B
▸Insurance	1	$36B
▸Professional Services	1	$19B
▸Utilities	1	$9B
▸Consumer Goods	1	$3B

Price history

+0.0% since first listed

2 events — show timeline

• 2026-05-27 Listed $2,775,000 LSAR
• 2026-05-27 Listed $2,775,000 SAAR