Listing Agency: RE/MAX Preferred f***@remaxwisconsin.com Show Phone

Listed By: Justin Witkins · License #58265-90 Show Phone

Source: Exprealty

Added: Oct 8 Changed: Oct 21 Last Checked: Oct 21 at 2:20AM

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Investment Insights

Based on property information with market context.

Planned as a 16-unit commercial condominium development, this flex property is projected to break ground in Spring 2027. Each 1,163-square-foot unit measures 25' x 46.5' and has 18' of clear height, an overhead garage door, a separate service door, a private bathroom, a Modine heater, and 100-amp service. I-1 zoning applies. Buyers may combine units, with options for a mezzanine, air conditioning, or upgraded electrical capacity.

The property is at 16-811 S Division St in Waunakee, near downtown and a few minutes from Hwy 113 and 19. The condominium fee covers snow removal, lawn care, trash, water and sewer, and parking. These are nonresidential units.

Key Highlights

• 16‑unit commercial condominium development projected to break ground in Spring 2027
• Individual units offer 1,163 sq ft, with dimensions of 25' x 46.5'
• 18' clear height, overhead garage door, and separate service door per unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,865

Cap Rate

5.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$277,300 $277.3K

Cap Rate 7%

$198,071 $198.1K

Cap Rate 9%

$154,056 $154.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,163 SF

Gross rent

$16.7K $14.40/SF

− Vacancy

−$435 −$0.37/SF

EGI

$16.3K $14.03/SF

− OpEx

−$2.4K −$2.10/SF

NOI

$13.9K $11.92/SF

Area

Dane County, WI

Vacancy

2.60%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$277,300

Cap Rate 7%

$198,071

Cap Rate 9%

$154,056

Alternative Uses

Best Use

Warehouse

$198.1K

$173.3K – $231.1K (±1% cap)

NOI $13,865 @ 7.0% cap · market cap 5.33%

Second Best

Industrial

$163.1K

$142.7K – $190.3K (±1% cap)

NOI $11,418 @ 7.0% cap · market cap 4.39%

Theoretical Best

Office A

$270.3K

$236.5K – $315.3K (±1% cap)

NOI $18,918 @ 7.0% cap · market cap 7.28%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Auto Repair Shop Kitchen & Bath Showroom Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18 ft

Clear height

1

Drive-in doors

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

381

Businesses Nearby

Under-served

Demand for This Use

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

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Each nonresidential unit includes a private bathroom, service door, Modine heater, and 100-amp electrical service.

Where is this flex space located?

The property is located at 16-811 S Division St Waunakee, WI.

What is the asking price?

The asking price for this property is $260,000.

What are key features of this property?

This property features: 16‑unit commercial condominium development projected to break ground in Spring 2027; Individual units offer 1,163 sq ft, with dimensions of 25' x 46.5'; 18' clear height, overhead garage door, and separate service door per unit