Greenfield Condo with
For Sale
$199,000
5029 W Colonial Ct, Greenfield, WI 53220
Move-in-ready condo featuring two bedrooms, garage, and basement.
Property Size1,240 SF
Price / SF$160.48
Days on Market511
Property Features for 5029 W Colonial Ct
General Information
Standard status
Active
Size
1,240 SF
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$2,602
Building Details
Year Built
1996
Listing Agency:
Coldwell Banker HomeSale Realty - New Berlin
(262) 894-5412
Listed By:
Novak Team* · License #56399-94
(262) 894-5412
Source:
Exitrealty
Added: Mar 19, 2025
Changed: Aug 8
Last Checked: Aug 10 at 4:44AM
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 Coldwell Banker HomeSale Realty - New Berlin
Investment Insights
Based on property information with market context.
This residential income property in Greenfield offers an opportunity for affordable living. The unit features two bedrooms and 1.5 bathrooms. A one-car garage is included. The main floor comprises a living room, eat-in kitchen, dining room, and half bath. Upstairs, there are two bedrooms, a full bath, and a balcony. The property includes a full basement with a recreation room, laundry facilities, and additional space. Closet space and storage are available. The property size is 1240 square feet.
Key Highlights
- Affordable price in Greenfield.
- Large 2‑bedroom condo.
- Includes a 1‑car garage.
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
$11,870
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
5.96%
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%
$237,400
$237.4K
Cap Rate 7%
$169,571
$169.6K
Cap Rate 9%
$131,889
$131.9K
Market Conditions
NOI Build-Up for 1,240 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
$22.8K $18.36/SF
− Vacancy
−$1.2K −$0.95/SF
EGI
$21.6K $17.41/SF
− OpEx
−$9.7K −$7.83/SF
NOI
$11.9K $9.57/SF
Area
Milwaukee County, WI
Vacancy
5.20%
Lease Rate
$18.36 /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%
$237,400
Cap Rate 7%
$169,571
Cap Rate 9%
$131,889
Alternative Uses
Best Use
Apartment 5plus
$169.6K
$148.4K – $197.8K
NOI $11,870 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$294.0K
$257.3K – $343.1K
NOI $20,583 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
Explore this area
Business Placement
Demographics for 53220, WI
26,869
Population
12,547
Households
2.1
Avg Household Size
40
Median Age
27%
College-Educated
93%
High-School Grad
5.6 sq mi
ZIP Area
4,798
Density / Sq Mi
$69,301
Median Household Income
$47,844
Median Earnings
$1,063
Median Rent
$218,800
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Move-in-ready condo featuring two bedrooms, garage, and basement.
Where is this residential income property located?
The property is located at 5029 W Colonial Ct Greenfield, WI.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Affordable price in Greenfield.; Large 2‑bedroom condo.; Includes a 1‑car garage.
