Upgraded Residential Income
For Sale
$324,900
111 Elizabeth Court, Deerfield, WI 53531
55+ condominium with a fireplace, sunroom, private entry, and extensive storage throughout.
Property Size1,383 SF
Price / SF$234.92
Days on Market161
Property Features for 111 Elizabeth Court
General Information
Standard status
Active
Size
1,383 SF
Property subtype
Condo / Ranch-1 Story
Zoning
RES
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,946
Amenities
fridge, oven/stove, dishwasher, microwave, washer, dryer, water softener, window coverings, bedroom TV & mount (2)
Forced air, Central air
Walk-in closet(s), Washer, Dryer, Water softener included, Cable/Satellite Available, At Least 1 tub
Vinyl
1 fireplace, Gas
Patio, Private Entry
Building Details
Year Built
2002
Listing Agency:
EXP Realty, LLC
Listed By:
Alan Mikkelson · License #55642-90
(608) 347-3444
Source:
Compass
Added: Mar 26
Changed: Aug 31
Last Checked: Aug 30 at 12:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 55+ condominium offers 1,383 square feet with a practical layout and a range of interior upgrades. The kitchen includes quartz countertops, a tile backsplash, under-cabinet lighting, and newer appliances. A gas fireplace with a custom wood surround and built-in shelving anchors the living area, while the sunroom adds a built-in desk and shelving unit. Two bedrooms feature solid 6-panel oak doors, and the updated bathroom includes floor-to-ceiling guest-bath storage.
Additional features include forced-air heat, central air, a water softener, washer and dryer, window coverings, and a private entry. The property also provides a rear cement patio, vinyl exterior, and a clean, painted garage with additional storage. Built in 2002, the condominium is located at 111 Elizabeth Court in Deerfield, Wisconsin, minutes from Madison.
Additional features include forced-air heat, central air, a water softener, washer and dryer, window coverings, and a private entry. The property also provides a rear cement patio, vinyl exterior, and a clean, painted garage with additional storage. Built in 2002, the condominium is located at 111 Elizabeth Court in Deerfield, Wisconsin, minutes from Madison.
Key Highlights
- 55+ condominium with 1,383 SF of living area
- Quartz kitchen counters, tile backsplash, under‑cabinet lighting, and newer appliances
- Gas fireplace with custom wood surround and built‑in shelving
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,158
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$223,160
$223.2K
Cap Rate 7%
$159,400
$159.4K
Cap Rate 9%
$123,978
$124.0K
Market Conditions
NOI Build-Up for 1,383 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.2K $15.36/SF
− Vacancy
−$956 −$0.69/SF
EGI
$20.3K $14.67/SF
− OpEx
−$9.1K −$6.60/SF
NOI
$11.2K $8.07/SF
Area
Dane County, WI
Vacancy
4.50%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$223,160
Cap Rate 7%
$159,400
Cap Rate 9%
$123,978
Alternative Uses
Best Use
Apartment 5plus
$159.4K
$139.5K – $186.0K
NOI $11,158 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$321.4K
$281.2K – $375.0K
NOI $22,497 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
182
Businesses Nearby
Explore this area
Business Placement
Demographics for 53531, WI
4,558
Population
1,612
Households
2.8
Avg Household Size
41
Median Age
39%
College-Educated
96%
High-School Grad
41.1 sq mi
ZIP Area
111
Density / Sq Mi
$105,156
Median Household Income
$54,693
Median Earnings
$1,094
Median Rent
$334,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - 55+ condominium with a fireplace, sunroom, private entry, and extensive storage throughout.
Where is this residential income property located?
The property is located at 111 Elizabeth Court Deerfield, WI.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 55+ condominium with 1,383 SF of living area; Quartz kitchen counters, tile backsplash, under‑cabinet lighting, and newer appliances; Gas fireplace with custom wood surround and built‑in shelving
