Historic Warehouse Office
For Sale
$250,000
143 S Washington, Spring Green, WI 53588
Circa 1900 warehouse now features private offices and storage, with original hardwood floors, service elevator, and loading dock.
Property Size2,378 SF
Price / SF$105.13
Days on Market90
Property Features for 143 S Washington
General Information
Standard status
Active
Size
2,378 SF
Property subtype
Commercial
Building Details
Year Built
1920
Listing Agency:
First Weber Inc
Listed By:
Paige Demlow
(608) 588-4675
Source:
Madisonareahomesforsale
Added: Jun 11
Changed: Sep 8
Last Checked: Sep 7 at 10:24AM
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 First Weber Inc
Investment Insights
Based on property information with market context.
This circa 1900 warehouse building has been used for storage and private offices. The space retains original hardwood floors, a service elevator, and a loading dock, with high ceilings on both the main level and full basement. The building also includes a newer heating and AC system installed in early 2019.
Located in the downtown Spring Green district at 143 S Washington Street, the property has historical operating use as a cheese warehouse and later served as The Silverman Art Gallery. Please note that no showings are allowed until June 1st.
With its combination of loading capability, service elevator, and office-ready layout supported by the existing private office areas, the property is suited to buyers seeking a flexible historic structure for mixed work and storage use.
Located in the downtown Spring Green district at 143 S Washington Street, the property has historical operating use as a cheese warehouse and later served as The Silverman Art Gallery. Please note that no showings are allowed until June 1st.
With its combination of loading capability, service elevator, and office-ready layout supported by the existing private office areas, the property is suited to buyers seeking a flexible historic structure for mixed work and storage use.
Key Highlights
- Circa 1900 cheese warehouse building in the Downtown Spring Green district
- Current use includes storage and private offices
- Retains original hardwood floors, service elevator, and loading dock
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
$13,657
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
5.46%
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%
$273,140
$273.1K
Cap Rate 7%
$195,100
$195.1K
Cap Rate 9%
$151,744
$151.7K
Market Conditions
NOI Build-Up for 2,378 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
$22.5K $9.48/SF
− Vacancy
−$1.5K −$0.64/SF
EGI
$21.0K $8.84/SF
− OpEx
−$7.4K −$3.09/SF
NOI
$13.7K $5.74/SF
Area
Sauk County, WI
Vacancy
6.80%
Lease Rate
$9.48 /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%
$273,140
Cap Rate 7%
$195,100
Cap Rate 9%
$151,744
Alternative Uses
Best Use
Office B
$333.9K
$292.1K – $389.5K
NOI $23,371 @ 7.0% cap · market cap 9.35%
Second Best
Flex RnD
$195.1K
$170.7K – $227.6K
NOI $13,657 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$481.4K
$421.2K – $561.6K
NOI $33,695 @ 7.0% cap · market cap 13.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53588, WI
4,139
Population
1,944
Households
2.1
Avg Household Size
50
Median Age
32%
College-Educated
95%
High-School Grad
139.9 sq mi
ZIP Area
30
Density / Sq Mi
$88,359
Median Household Income
$47,407
Median Earnings
$956
Median Rent
$273,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Circa 1900 warehouse now features private offices and storage, with original hardwood floors, service elevator, and loading dock.
Where is this flex space located?
The property is located at 143 S Washington Spring Green, WI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Circa 1900 cheese warehouse building in the Downtown Spring Green district; Current use includes storage and private offices; Retains original hardwood floors, service elevator, and loading dock
