First-Floor Residential Income
For Sale
$399,000
1612 South Golf Glen Unit D, Madison, WI 53704
Updated two-bedroom residence with private patio, storage, and heated underground parking.
Property Size1,705 SF
Price / SF$234.02
Days on Market110
Property Features for 1612 South Golf Glen Unit D
General Information
Standard status
Active
Size
1,705 SF
Total Parking Spaces
3
Elevators
Yes
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Parking per Unit
3
Taxes and HOA fees
Annual Taxes
$5,341
Amenities
heated underground parking
heated pool
additional storage
secure building
Seller's personal property
Kitchen refrigerator, range/oven, dishwasher, microwave, all window coverings/blinds, washer & dryer, white cabinet in kitchen, storage shelves and workbench in storage area
Radiant, Central air, Hot Water
Security system for Unit, Cable/Satellite Available, Storage Unit Inc, At Least 1 tub
Wood, Brick
Private Entry, Patio
Building Details
Year Built
1997
Listing Agency:
MHB Real Estate
Listed By:
Kaitlin Solomon · License #82703-94
(608) 709-9889
Source:
Compass
Added: May 18
Changed: Aug 31
Last Checked: Aug 30 at 7:29AM
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 MHB Real Estate
Investment Insights
Based on property information with market context.
Located at 1612 South Golf Glen, Unit D, this first-floor residential income condo offers 1,705 square feet with two bedrooms, two bathrooms, and an open arrangement connecting the living room, dining area, kitchen, and sunrooms. The kitchen includes extensive cabinet storage and opens toward a second sunroom and private patio. Interior improvements completed since 2019 include carpet, flooring, countertops, a garbage disposal, a kitchen faucet, and paint. The unit also includes a washer and dryer, kitchen appliances, window coverings, a storage area, and a security system.
The residence is within an eight-unit building constructed in 1997. Elevator service connects the heated underground garage to the first floor, where the unit has THREE heated underground parking spaces. A heated pool is nearby, while TPC Wisconsin Golf Course & Tennis Club is accessible on foot or by golf cart. Cherokee Marsh Wildlife Area is approximately one mile away. The property is zoned Res.
The residence is within an eight-unit building constructed in 1997. Elevator service connects the heated underground garage to the first floor, where the unit has THREE heated underground parking spaces. A heated pool is nearby, while TPC Wisconsin Golf Course & Tennis Club is accessible on foot or by golf cart. Cherokee Marsh Wildlife Area is approximately one mile away. The property is zoned Res.
Key Highlights
- 1,705‑square‑foot first‑floor condo with 2 bedrooms and 2 bathrooms
- THREE heated underground parking spaces plus additional storage
- Open layout with living room, dining area, kitchen, and two sunrooms
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
$20,914
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
5.24%
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%
$418,280
$418.3K
Cap Rate 7%
$298,771
$298.8K
Cap Rate 9%
$232,378
$232.4K
Market Conditions
NOI Build-Up for 1,705 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
$39.7K $23.28/SF
− Vacancy
−$1.7K −$0.98/SF
EGI
$38.0K $22.30/SF
− OpEx
−$17.1K −$10.04/SF
NOI
$20.9K $12.27/SF
Area
Madison, WI
Vacancy
4.20%
Lease Rate
$23.28 /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%
$418,280
Cap Rate 7%
$298,771
Cap Rate 9%
$232,378
Alternative Uses
Best Use
Apartment 5plus
$298.8K
$261.4K – $348.6K
NOI $20,914 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$498.1K
$435.8K – $581.1K
NOI $34,864 @ 7.0% cap · market cap 8.74%
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
107
Businesses Nearby
Explore this area
Business Placement
Demographics for 53704, WI
47,066
Population
22,740
Households
2.1
Avg Household Size
38
Median Age
49%
College-Educated
96%
High-School Grad
21.9 sq mi
ZIP Area
2,149
Density / Sq Mi
$75,007
Median Household Income
$47,665
Median Earnings
$1,231
Median Rent
$289,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom residence with private patio, storage, and heated underground parking.
Where is this residential income property located?
The property is located at 1612 South Golf Glen Unit D Madison, WI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,705‑square‑foot first‑floor condo with 2 bedrooms and 2 bathrooms; THREE heated underground parking spaces plus additional storage; Open layout with living room, dining area, kitchen, and two sunrooms
