End-Unit Residential Income
For Sale
$399,900
1198 Sawyer Way, Sun Prairie, WI 53590
Private entry, an attached oversized garage, and a four-season room add practical flexibility to this ranch-style condominium.
Property Size2,344 SF
Price / SF$170.61
Days on Market120
Property Features for 1198 Sawyer Way
General Information
Standard status
Active
Size
2,344 SF
Total Parking Spaces
2
Property subtype
Condo / Ranch-1 Story
Zoning
UR12
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,529
Amenities
fireplace
patio
gazebo
4-season room
seller's personal property
range/oven, refrigerator, dishwasher, microwave hood fan, disposal, TV above fireplace, pot rack, motorized dual shades & professional window treatments
Forced air, Central air
Wood or sim. wood floors, Walk-in closet(s), Great room, Vaulted ceiling, Skylight(s), Water softener included, Cable/Satellite Available, At Least 1 tub, All Window Coverings
Vinyl, Brick, Stone
Gas, 1 fireplace
Private Entry, Patio, Wooded lot, Four Season Room
Building Details
Year Built
2003
Construction
ranch
Listing Agency:
Restaino & Associates
(608) 575-6575
Listed By:
Tammy Shallberg · License #53425-94
(608) 575-6575
Source:
Compass
Added: May 5
Changed: Aug 30
Last Checked: Aug 30 at 12:05AM
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 Restaino & Associates
Investment Insights
Based on property information with market context.
This 2,344-square-foot end-unit ranch condominium, built in 2003, combines an open main level with a partially finished lower level. The interior includes vaulted ceilings, skylights, bamboo flooring, a large breakfast bar, new appliances, a gas fireplace, and motorized window treatments. A four-season room with a dry bar and refrigerator opens to a private patio overlooking a gazebo and wooded yard. The primary suite has double sinks, a jacuzzi shower surround, and a walk-in closet, while the second bath includes a walk-in tile shower.
The lower level provides a family room, flex space, storage, and a workshop area with a toilet and rough-ins for a future bath. Additional features include central air, forced air heat, a water softener, a private entry, and an attached oversized two-car garage. The property is zoned UR12 and includes 50-year shingles.
The lower level provides a family room, flex space, storage, and a workshop area with a toilet and rough-ins for a future bath. Additional features include central air, forced air heat, a water softener, a private entry, and an attached oversized two-car garage. The property is zoned UR12 and includes 50-year shingles.
Key Highlights
- 2,344 sq. ft. end‑unit ranch condominium built in 2003
- Private entry, wooded lot, gazebo, and large private patio
- Four‑season room with dry bar and refrigerator
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
$18,911
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
4.73%
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%
$378,220
$378.2K
Cap Rate 7%
$270,157
$270.2K
Cap Rate 9%
$210,122
$210.1K
Market Conditions
NOI Build-Up for 2,344 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
$36.0K $15.36/SF
− Vacancy
−$1.6K −$0.69/SF
EGI
$34.4K $14.67/SF
− OpEx
−$15.5K −$6.60/SF
NOI
$18.9K $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%
$378,220
Cap Rate 7%
$270,157
Cap Rate 9%
$210,122
Alternative Uses
Best Use
Apartment 5plus
$270.2K
$236.4K – $315.2K
NOI $18,911 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$544.7K
$476.6K – $635.5K
NOI $38,129 @ 7.0% cap · market cap 9.53%
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
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 53590, WI
43,684
Population
18,292
Households
2.4
Avg Household Size
37
Median Age
52%
College-Educated
97%
High-School Grad
65.9 sq mi
ZIP Area
663
Density / Sq Mi
$96,497
Median Household Income
$57,711
Median Earnings
$1,375
Median Rent
$354,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Private entry, an attached oversized garage, and a four-season room add practical flexibility to this ranch-style condominium.
Where is this residential income property located?
The property is located at 1198 Sawyer Way Sun Prairie, WI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,344 sq. ft. end‑unit ranch condominium built in 2003; Private entry, wooded lot, gazebo, and large private patio; Four‑season room with dry bar and refrigerator
