Flex Space with
New
For Sale
$1,199,000
1225 Greenway Cross, Madison, WI 53713
Business/Comm, Madison, WI
Property Size5,250 SF
Lot Size0.58 Acres
Price / SF$228.38
Days on Market1
Property Features for 1225 Greenway Cross
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
IL-Ind/Lim
Security features
Security System
Interior features
Overhead doors, Truck dr(s) hgr than 15ft, Private Restrooms, Shared conference room, Reception area, Signage available, Display window, Security system, Inside storage, Private office(s)
Lot features
Business district, Free standing, Industrial park, Near Major Highway, Near public transportatn
Directions
From US-12 W/US-18 W: South on Fish Hatchery Road, East on Greenway Cross. The property is on the right side of Greenway Cross.
Subdivision
MADISON - C W17
Standard status
Active
APN
0609-022-0604-9
Size
5,250 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11853
Amenities
conference room
kitchen
T1 fiber internet
Capital security system
Building Details
Year built
2008
Number of units
1
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Realty Executives Cooper Spransy · Realty Executives International
(608) 661-7900
Listed By:
Matt Winzenried Real Estate Team
(608) 310-7346
Added: Aug 23
Last Checked: Aug 23 at 11:06PM
MLS# 2024862
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.
Investment Insights
Based on property information with market context.
Rebuilt from its steel frame, this 5,250-square-foot flex facility offers a practical mix of finished workspace and workshop capacity. Approximately 4,000 SF is configured for office, studio, showroom, or production use, while 1,250 SF provides workshop and storage space. The layout includes three private offices, a conference room, open work areas, a kitchen, two restrooms, reception space, and two 10' x 10' overhead doors. Additional features include 14–16-foot ceilings, T1 fiber internet, a Capital security system, 200-amp electrical service, and 16+ on-site parking spaces.
The .58-acre property is located in Madison near the Beltline, downtown Madison, Verona, and Fish Hatchery Road. It is zoned IL-Ind/Lim. Building improvements include a metal roof, siding, and gutters completed in 2021, along with central A/C installed in 2018. The property supports a range of flex, office, showroom, production, service, and light industrial operations.
The .58-acre property is located in Madison near the Beltline, downtown Madison, Verona, and Fish Hatchery Road. It is zoned IL-Ind/Lim. Building improvements include a metal roof, siding, and gutters completed in 2021, along with central A/C installed in 2018. The property supports a range of flex, office, showroom, production, service, and light industrial operations.
Key Highlights
- 5,250 SF flex‑industrial building on a .58‑acre site
- 4,000 SF finished office, studio, showroom, or production area
- 1,250 SF workshop and storage space
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
$43,694
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
3.64%
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%
$873,880
$873.9K
Cap Rate 7%
$624,200
$624.2K
Cap Rate 9%
$485,489
$485.5K
Market Conditions
NOI Build-Up for 5,250 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
$69.3K $13.20/SF
− Vacancy
−$2.1K −$0.40/SF
EGI
$67.2K $12.80/SF
− OpEx
−$23.5K −$4.48/SF
NOI
$43.7K $8.32/SF
Area
Madison, WI
Vacancy
3.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$873,880
Cap Rate 7%
$624,200
Cap Rate 9%
$485,489
Alternative Uses
Best Use
Flex RnD
$624.2K
$546.2K – $728.2K
NOI $43,694 @ 7.0% cap · market cap 3.64%
Second Best
Industrial
$396.0K
$346.5K – $462.0K
NOI $27,719 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,352 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53713, WI
23,291
Population
11,635
Households
2
Avg Household Size
32
Median Age
39%
College-Educated
86%
High-School Grad
9.8 sq mi
ZIP Area
2,377
Density / Sq Mi
$57,833
Median Household Income
$36,998
Median Earnings
$1,173
Median Rent
$259,100
Median Home Value
Market
Vacancy Rate% for Industrial in Madison, WI
Questions? Ask Rey
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Similar Off Market Nearby
- Firehouse Subs Fish Hatchery — 1403 Emil St, Madison, WI 53713
Frequently Asked Questions
What type of property is this?
Flex space - Rebuilt facility combines office, showroom, production, and storage areas with on-site parking and flexible commercial functionality.
Where is this flex space located?
The property is located at 1225 Greenway Cross Madison, WI.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: 5,250 SF flex‑industrial building on a .58‑acre site; 4,000 SF finished office, studio, showroom, or production area; 1,250 SF workshop and storage space
