LOCATION

The subject property, 10-41 Fountain Circle, comprising of 32 units spread across four buildings with ample parking, is ideally situated in Fond du Lac, a thriving city with a population of 44,049. As a central hub in Wisconsin, Fond du Lac offers an exceptional location just an hour from Milwaukee, Madison, and Green Bay, enhancing its accessibility and appeal. Known for its advanced manufacturing sector, the city boasts a vibrant local economy and a significant portion of its housing stock as renter-occupied, indicating a robust rental market. Nestled at the base of Lake Winnebago, one of the largest inland lakes in the U.S., the property is perfectly positioned for residents to enjoy a range of recreational activities, from fishing and windsurfing to snowmobiling and ice fishing. Surrounded by the scenic Kettle Moraine State Forest and Horicon Marsh, and complemented by a lively downtown with waterfront dining, galleries, and shops, this location offers a unique blend of natural beauty and urban convenience, making it an ideal spot for property ownership.

RECENT UPDATES AND AMENITIES

The subject property consists of all 2-bed, 2-bath units, with private entrances. 10 out of the 32 units have been updated with new white appliances, laminate countertops and white cabinets along with new LVP flooring throughout and new carpeting in the bedroom(s). Additionally, each unit comes with an in unit washer/dryer set and in unit wall A/C.

VALUE ADD OPPORTUNITY

In terms of incoming rent, the landlord is currently achieving a $158 premium on remodeled lower units, and $113 on remodeled upper units. There are 22 units yet to be updated, providing an enticing value-add component for opportunistic buyers. Based on the existing inventory in the Fond du Lac market, we believe there’s an opportunity to push rents to $1,225 per month. Currently, tenants do not pay an additional fee for either garage or surface lot parking, providing additional opportunities for increased income.