Flex Space with Overhead
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 Market8
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
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 24
Changed: Aug 31
Last Checked: Aug 31 at 5:06PM
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.
This 5,250-square-foot flex-industrial building occupies a 0.58-acre site and was rebuilt from its steel frame. The interior includes 4,000 square feet of finished office, studio, showroom, or production area plus 1,250 square feet for workshop and storage use. Ceiling heights range from 14 to 16 feet, with two 10' x 10' overhead doors. The layout also provides three private offices, a conference room, open work areas, a kitchen, two restrooms, reception space, display windows, and signage availability.
Located at 1225 Greenway Cross in Madison, the property is near the Beltline, downtown Madison, Verona, and Fish Hatchery Road. On-site features include 16+ parking spaces, T1 fiber internet, a Capital security system, 200-AMP electrical service, and interior storage. A metal roof, siding, and gutters were installed in 2021, while central A/C was added in 2018. The property is zoned IL-Ind/Lim and includes a 2008 building.
Located at 1225 Greenway Cross in Madison, the property is near the Beltline, downtown Madison, Verona, and Fish Hatchery Road. On-site features include 16+ parking spaces, T1 fiber internet, a Capital security system, 200-AMP electrical service, and interior storage. A metal roof, siding, and gutters were installed in 2021, while central A/C was added in 2018. The property is zoned IL-Ind/Lim and includes a 2008 building.
Key Highlights
- 5,250 SF flex‑industrial building on a 0.58‑acre site
- 4,000 SF finished office, studio, showroom, or production space
- 1,250 SF workshop and storage area with 14‑16 ft ceilings
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
$88,565
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
7.39%
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%
$1,771,300
$1.8M
Cap Rate 7%
$1,265,214
$1.3M
Cap Rate 9%
$984,056
$984.1K
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
$138.6K $26.40/SF
− Vacancy
−$20.5K −$3.91/SF
EGI
$118.1K $22.49/SF
− OpEx
−$29.5K −$5.62/SF
NOI
$88.6K $16.87/SF
Area
Madison, WI
Vacancy
14.80%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,771,300
Cap Rate 7%
$1,265,214
Cap Rate 9%
$984,056
Alternative Uses
Best Use
Office B
$1.27M
$1.11M – $1.48M
NOI $88,565 @ 7.0% cap · market cap 7.39%
Second Best
Flex RnD
$624.2K
$546.2K – $728.2K
NOI $43,694 @ 7.0% cap · market cap 3.64%
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 Office 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 - Reconfigured facility combines finished office, showroom, production, and workshop areas with on-site parking.
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 0.58‑acre site; 4,000 SF finished office, studio, showroom, or production space; 1,250 SF workshop and storage area with 14‑16 ft ceilings
