Refreshed Residential Income
For Sale
$550,000
117 North Oak Grove Drive, Madison, WI 53717
Half-duplex condominium with updated baths, stainless steel appliances, and new mechanical systems.
Property Size2,713 SF
Price / SF$202.73
Days on Market116
Property Features for 117 North Oak Grove Drive
General Information
Standard status
Active
Size
2,713 SF
Property subtype
Condo / Ranch-1 Story
Zoning
PD
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,294
Amenities
All personal property of Seller.
Refrigerator, range, dishwasher, microwave, hood fan, washer, dryer, water softener, garage remotes, window coverings.
Forced air, Central air
Wood or sim. wood floors, Walk-in closet(s), Washer, Dryer, Water softener included, At Least 1 tub, Internet - Cable
Vinyl
1 fireplace
Private Entry, Deck/Balcony, Patio
Building Details
Year Built
1991
Construction
ranch
Listing Agency:
Stark Company, REALTORS
(608) 576-2191
Listed By:
Julie McKy · License #40720-94
(608) 576-2191
Source:
Compass
Added: May 6
Changed: Aug 29
Last Checked: Aug 29 at 4:59PM
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 Stark Company, REALTORS
Investment Insights
Based on property information with market context.
This 2,713-square-foot half-duplex condominium combines condominium ownership with a residential setting designed to feel like a single-family neighborhood. The ranch-style layout includes a reconfigured primary bathroom with a walk-in shower, an updated main-level guest bathroom, new stainless steel kitchen appliances, refreshed lighting, updated door hardware, and new mechanical systems. Additional features include wood or simulated wood flooring, a walk-in closet, forced-air heating, central air, one fireplace, a water softener, and private entry with deck or patio space. The property was built in 1991 and is zoned PD.
The home is positioned within minutes of UW-Madison, downtown Madison, and Middleton. Restaurants and shopping are described as walkable from the property, adding convenient access to nearby daily amenities.
The home is positioned within minutes of UW-Madison, downtown Madison, and Middleton. Restaurants and shopping are described as walkable from the property, adding convenient access to nearby daily amenities.
Key Highlights
- 2,713‑square‑foot ranch‑style half‑duplex condominium
- Primary bathroom reworked with a walk‑in shower
- Updated guest bathroom and new stainless steel kitchen appliances
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
$33,278
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
6.05%
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%
$665,560
$665.6K
Cap Rate 7%
$475,400
$475.4K
Cap Rate 9%
$369,756
$369.8K
Market Conditions
NOI Build-Up for 2,713 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
$63.2K $23.28/SF
− Vacancy
−$2.7K −$0.98/SF
EGI
$60.5K $22.30/SF
− OpEx
−$27.2K −$10.04/SF
NOI
$33.3K $12.27/SF
Area
Madison, WI
Vacancy
4.20%
Lease Rate
$23.28 /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%
$665,560
Cap Rate 7%
$475,400
Cap Rate 9%
$369,756
Alternative Uses
Best Use
Apartment 5plus
$475.4K
$416.0K – $554.6K
NOI $33,278 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$792.5K
$693.4K – $924.6K
NOI $55,475 @ 7.0% cap · market cap 10.09%
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
221
Businesses Nearby
Explore this area
Business Placement
Demographics for 53717, WI
12,798
Population
6,404
Households
2
Avg Household Size
40
Median Age
66%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
3,555
Density / Sq Mi
$96,245
Median Household Income
$56,313
Median Earnings
$1,385
Median Rent
$404,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Half-duplex condominium with updated baths, stainless steel appliances, and new mechanical systems.
Where is this residential income property located?
The property is located at 117 North Oak Grove Drive Madison, WI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,713‑square‑foot ranch‑style half‑duplex condominium; Primary bathroom reworked with a walk‑in shower; Updated guest bathroom and new stainless steel kitchen appliances
