Ranch Residential Income
For Sale
$424,900
14 Village Homes Drive, Waunakee, WI 53597
Ranch-style condo with finished lower level, attached garage, updated systems, and convenient access to shopping and restaurants.
Property Size1,950 SF
Price / SF$217.90
Days on Market187
Property Features for 14 Village Homes Drive
General Information
Standard status
Active
Size
1,950 SF
Total Parking Spaces
2
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,793
Amenities
stove, refrigerator, dishwasher, microwave, washer, dryer central air, water softener
Forced air, Central air
Wood or sim. wood floors, Vaulted ceiling, Washer, Dryer, Air cleaner, Water softener included, Cable/Satellite Available, At Least 1 tub, Internet - Fixed wireless
Brick, Stone
Gas, 1 fireplace
Private Entry, Patio
Building Details
Year Built
1998
Construction
ranch
Listing Agency:
RE/MAX Preferred
(608) 212-2000
Listed By:
Acker Maly Home Team
(608) 212-2000
Source:
Compass
Added: Feb 24
Changed: Aug 30
Last Checked: Aug 30 at 8:38AM
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 RE/MAX Preferred
Investment Insights
Based on property information with market context.
This ranch-style condominium offers 1,950 square feet with two bedrooms, an office, three baths, and a first-floor laundry. The main level combines a large kitchen and dinette with a vaulted great room featuring a gas fireplace and hickory hardwood flooring. The primary suite includes a private full bath and double closets, while the main bath has a step-in shower. A two-car attached garage, patio, private entry, and substantial storage add practical utility.
The lower level was professionally finished in 2019 and includes a family room, den, and full bath. Major updates include the furnace, air conditioning, and water heater in 2017; roof and siding in 2011–12; hickory flooring throughout the first floor in 2019; and LG appliances with a double oven in 2017. The property is located at 14 Village Homes Drive in Waunakee, near walking paths, shopping, restaurants, and a creek leading toward the new library.
The lower level was professionally finished in 2019 and includes a family room, den, and full bath. Major updates include the furnace, air conditioning, and water heater in 2017; roof and siding in 2011–12; hickory flooring throughout the first floor in 2019; and LG appliances with a double oven in 2017. The property is located at 14 Village Homes Drive in Waunakee, near walking paths, shopping, restaurants, and a creek leading toward the new library.
Key Highlights
- 1,950‑square‑foot ranch‑style condominium with 2 bedrooms, an office, and 3 baths
- Professionally finished lower level completed in 2019 with family room, den, and full bath
- Two‑car attached garage, private entry, patio, and extensive storage
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
$15,732
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
3.70%
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%
$314,640
$314.6K
Cap Rate 7%
$224,743
$224.7K
Cap Rate 9%
$174,800
$174.8K
Market Conditions
NOI Build-Up for 1,950 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
$30.0K $15.36/SF
− Vacancy
−$1.3K −$0.69/SF
EGI
$28.6K $14.67/SF
− OpEx
−$12.9K −$6.60/SF
NOI
$15.7K $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%
$314,640
Cap Rate 7%
$224,743
Cap Rate 9%
$174,800
Alternative Uses
Best Use
Apartment 5plus
$224.7K
$196.7K – $262.2K
NOI $15,732 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$453.1K
$396.5K – $528.7K
NOI $31,720 @ 7.0% cap · market cap 7.47%
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
556
Businesses Nearby
Explore this area
Business Placement
Demographics for 53597, WI
20,729
Population
8,323
Households
2.5
Avg Household Size
41
Median Age
58%
College-Educated
98%
High-School Grad
52.9 sq mi
ZIP Area
392
Density / Sq Mi
$114,542
Median Household Income
$63,700
Median Earnings
$1,336
Median Rent
$462,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Ranch-style condo with finished lower level, attached garage, updated systems, and convenient access to shopping and restaurants.
Where is this residential income property located?
The property is located at 14 Village Homes Drive Waunakee, WI.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 1,950‑square‑foot ranch‑style condominium with 2 bedrooms, an office, and 3 baths; Professionally finished lower level completed in 2019 with family room, den, and full bath; Two‑car attached garage, private entry, patio, and extensive storage
