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    2300 Highway 51 and 138 Stoughton, WI 53589

    View on Map
    For Sale
    $5,900,000

    Retail,Office,Service,Restaurant/Supper Club,Tavern,Recreation,Apartment building,Vacant land,Other

    Type:Apartment
    Added:
    Aug 22, 2025
    Days on Market:
    224
    Last Refresh:
    Apr 2 at 4:06 am

    Property Features for 2300 Highway 51 and 138

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Zoning
    PB
    Parking
    56
    Parking features
    Paved or Surfaced
    Security features
    Security System
    Interior features
    Public rest rooms, 440+ volt, 3 phase electric, Reception area, Display window, Security system, Internal sprinkler, Inside storage
    Exterior features
    Signage available
    Standard status
    Active
    APN
    0511-063-4260-2

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    67798

    Utilities

    Utilities
    Electricity Available
    Heating system
    Forced Air, Zoned (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    2007
    Floors in Building
    1
    Number of units
    7
    Building materials
    Brick, Other, Stucco
    Roof type
    Membrane, Metal, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    David Baehr
    David Baehr

    Listing agent David Baehr

    Listing office American, REALTORS 202 W Main St, Sun Prairie, WI

    Listing date Aug 22, 2025

    MLS# 2006083 Listing URL

    Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Stoughton Wellness and Athletic Center

    The Stoughton Wellness and Athletic Center (SWAC) is a Midwest athletic hub situated on a 5-acre, high-visibility site. This 64,250 sq. ft. facility features a spacious lobby and elegant restrooms. The property includes a 4-court gymnasium that hosts over 120,000 annual participants through Sports Enhancement Academy’s volleyball and basketball leagues and more than 40 tournaments. The center houses Anytime Fitness with over 2,000 members, Stoughton Hospital, Famous Yeti’s Pizza, Basecamp Arcade, The Heights Banquet Hall, and Stoughton Eye Care. The property includes 179 parking stalls and an additional lot that could likely fit a 20-unit residential building with underground parking. The property is located in Stoughton, WI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Fitness centers & gyms

    Similar Places Nearby

    • Community Building Gym — 320 North St, Stoughton, WI 53589
    • Jill Izydor Yoga & Pilates — E Main St, Stoughton, WI 53589
    • JTC Fitness Stoughton — 209 S 6th St, Stoughton, WI 53589
    • Primal Strength And Fitness — 318 S Forrest St, Stoughton, WI 53589
    • Cornerstone Spa and Salon — 213 S Division St, Stoughton, WI 53589

    Map

    City
    Stoughton
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.248691
    Latitude
    42.9194

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    FAQs

    What type of property is this?
    Fitness center & gym - Premier athletic hub with diverse tenants and development potential.
    Where is this fitness center & gym located?
    The property is located at 2300 Highway 51 and 138 Stoughton, WI.
    What is the asking price?
    The asking price for this property is $5,900,000.
    What are key features of this property?
    This property features: High 7.5% cap rate investment opportunity.; **64,250 sq. ft. premier athletic and wellness center** with diverse tenant mix including Anytime Fitness, Stoughton Hospital and Famous Yeti's Pizza.; **High‑visibility 5‑acre site** with 4‑court gymnasium hosting 120,000+ annual participants.
    (608) 213-6686
    We can help!
    Listing Contact
    David Baehr
    David Baehr
    Real Estate License ID: 5260990
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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