Free-Standing Office Building
For Sale
$1,081,029
915 Haywood Dr, Madison, WI 53715
NNN office building built in 2015, leased to DocGo Inc. (Ryan Brothers Ambulance) through 7/31/29.
Property Size3,269 SF
Price / SF$330.69
Days on Market48
Property Features for 915 Haywood Dr
General Information
Standard status
Active
Size
3,269 SF
Class
C
Total Parking Spaces
10
Property subtype
Schools/Education
Amenities
lots of windows
central AC
nice grass area for gatherings/parties
Building Details
Building Size
3,269 SF
Year Built
2014
Tenancy
Single
Listing Agency:
ALTUS Commercial Real Estate
Listed By:
Jeff Jansen · License #9047025
(608) 338-0055
Source:
Thebrokerlist
Added: Jul 20
Changed: Sep 2
Last Checked: Sep 5 at 3:37AM
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 ALTUS Commercial Real Estate
Investment Insights
Based on property information with market context.
This free-standing office building was built in 2015 and is leased on a NNN basis to DocGo Inc., DBA Ryan Brothers Ambulance, through 7/31/29. The lease includes two additional one-year options and 3.5% annual increases. The building is used as a training facility and administrative offices for the ambulance business. Interior improvements include mainly open office space with a few private offices, two bathrooms, lots of windows, and central A/C, along with a grass area that can be used for gatherings or parties.
The property is located at 915 Haywood Dr in Madison, WI, in a downtown setting, and provides 10 parking spaces.
The building must be sold together with 922 S Park Street (MLS# referenced in the remarks).
The property is located at 915 Haywood Dr in Madison, WI, in a downtown setting, and provides 10 parking spaces.
The building must be sold together with 922 S Park Street (MLS# referenced in the remarks).
Key Highlights
- Free‑standing NNN office building built in 2015, leased to DocGo Inc. (DBA Ryan Brothers Ambulance).
- Current lease runs through 7/31/29 with two 1‑year options and 3.5% annual increases.
- Downtown Madison office building with 269 SF and a buildout of mostly open office space plus a few private offices.
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
$55,147
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
5.10%
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%
$1,102,940
$1.1M
Cap Rate 7%
$787,814
$787.8K
Cap Rate 9%
$612,744
$612.7K
Market Conditions
NOI Build-Up for 3,269 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
$86.3K $26.40/SF
− Vacancy
−$12.8K −$3.91/SF
EGI
$73.5K $22.49/SF
− OpEx
−$18.4K −$5.62/SF
NOI
$55.1K $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%
$1,102,940
Cap Rate 7%
$787,814
Cap Rate 9%
$612,744
Alternative Uses
Best Use
Office B
$787.8K
$689.3K – $919.1K
NOI $55,147 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$954.9K
$835.6K – $1.11M
NOI $66,845 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,763
Businesses Nearby
Explore this area
Business Placement
Demographics for 53715, WI
16,517
Population
5,640
Households
2.9
Avg Household Size
24
Median Age
66%
College-Educated
95%
High-School Grad
1.3 sq mi
ZIP Area
12,705
Density / Sq Mi
$37,598
Median Household Income
$8,819
Median Earnings
$1,533
Median Rent
$436,100
Median Home Value
Market
Vacancy Rate% for Office in Madison, WI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - NNN office building built in 2015, leased to DocGo Inc. (Ryan Brothers Ambulance) through 7/31/29.
Where is this office building located?
The property is located at 915 Haywood Dr Madison, WI.
What is the asking price?
The asking price for this property is $1,081,029.
What are key features of this property?
This property features: Free‑standing NNN office building built in 2015, leased to DocGo Inc. (DBA Ryan Brothers Ambulance).; Current lease runs through 7/31/29 with two 1‑year options and 3.5% annual increases.; Downtown Madison office building with 269 SF and a buildout of mostly open office space plus a few private offices.
