One-Bedroom Residential Income
For Sale
$169,900
1121 Warner Street, Black Earth, WI 53515
Condominium in a 55+ community with a private entry and patio.
Property Size707 SF
Price / SF$240.31
Days on Market193
Property Features for 1121 Warner Street
General Information
Standard status
Active
Size
707 SF
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Property Condition
Severity
Repairs Needed
Evidence
updated flooring and select cosmetic enhancements
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,296
Amenities
Seller's personal items
Refrigerator, Range/oven, microwave, dishwasher (non-functional), water softener, washer, dryer
Forced air, Central air
Vaulted ceiling, Water softener included, Internet -Fiber Available
Vinyl
Private Entry, Patio
Building Details
Year Built
2003
Listing Agency:
Keller Williams Realty
(608) 235-0928
Listed By:
Shawn Stampfli · License #60676-90
(608) 235-0928
Source:
Compass
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 7:52PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 707-square-foot condominium contains one bedroom and one bathroom within a 55+ community. Built in 2003, the unit features a vaulted ceiling, private entry, patio, forced-air heating, and central air. A refrigerator, range/oven, microwave, water softener, washer, and dryer are included; the dishwasher is non-functional. Flooring and selected cosmetic finishes would benefit from updating, allowing the interior to be refreshed to the buyer’s preferences.
The property is located at 1121 Warner Street in Black Earth, Wisconsin, and carries Res zoning. Fiber internet is available. The condominium’s one-bedroom layout and included appliances provide a defined residential configuration, while the exterior vinyl finish, private entry, and patio add to the physical feature set.
The property is located at 1121 Warner Street in Black Earth, Wisconsin, and carries Res zoning. Fiber internet is available. The condominium’s one-bedroom layout and included appliances provide a defined residential configuration, while the exterior vinyl finish, private entry, and patio add to the physical feature set.
Key Highlights
- 707 SF condominium with 1 bedroom and 1 bathroom
- Located in a 55+ condo community
- Built in 2003 with vaulted ceiling
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
$5,704
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
3.36%
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%
$114,080
$114.1K
Cap Rate 7%
$81,486
$81.5K
Cap Rate 9%
$63,378
$63.4K
Market Conditions
NOI Build-Up for 707 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
$10.9K $15.36/SF
− Vacancy
−$489 −$0.69/SF
EGI
$10.4K $14.67/SF
− OpEx
−$4.7K −$6.60/SF
NOI
$5.7K $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%
$114,080
Cap Rate 7%
$81,486
Cap Rate 9%
$63,378
Alternative Uses
Best Use
Apartment 5plus
$81.5K
$71.3K – $95.1K
NOI $5,704 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$164.3K
$143.8K – $191.7K
NOI $11,500 @ 7.0% cap · market cap 6.77%
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
112
Businesses Nearby
Explore this area
Business Placement
Demographics for 53515, WI
2,496
Population
1,114
Households
2.2
Avg Household Size
45
Median Age
34%
College-Educated
98%
High-School Grad
39.2 sq mi
ZIP Area
64
Density / Sq Mi
$90,250
Median Household Income
$55,694
Median Earnings
$988
Median Rent
$336,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium in a 55+ community with a private entry and patio.
Where is this residential income property located?
The property is located at 1121 Warner Street Black Earth, WI.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 707 SF condominium with 1 bedroom and 1 bathroom; Located in a 55+ condo community; Built in 2003 with vaulted ceiling
