Residential Income Property with Pond
For Sale
$840,000
1615 Pond View, Middleton, WI 53562
Downtown Middleton condo with four bedrooms, finished lower-level living space, and access to nearby shops, dining, library, and paths.
Property Size3,013 SF
Price / SF$278.79
Days on Market144
Property Features for 1615 Pond View
General Information
Standard status
Active
Size
3,013 SF
Property subtype
Condo / Ranch-1 Story
Zoning
PUD
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$10,430
Amenities
private deck
seller's personal property
washer, dryer, microwave, stove/oven, dishwasher, fridge, water softener, safe in the basement
Forced air, Central air, Zoned Heating
Wood or sim. wood floors, Walk-in closet(s), Great room, Vaulted ceiling, Washer, Dryer, Water softener included, Wet bar, Cable/Satellite Available, At Least 1 tub, Internet -Fiber Available, Internet - Satellite/Dish, Internet - 5G Installed
Fiber cement, Stone
Gas, 1 fireplace
Private Entry, Deck/Balcony, Unit Adj to Park/PubLand
Building Details
Year Built
2004
Listing Agency:
Sprinkman Real Estate
(608) 516-5534
Listed By:
Joanna Janas · License #84866-94
(608) 516-5534
Source:
Compass
Added: Apr 9
Changed: Aug 29
Last Checked: Aug 29 at 5:12PM
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 Sprinkman Real Estate
Investment Insights
Based on property information with market context.
This 3,013-square-foot condominium, built in 2004, combines an open main level with a finished lower floor. The upper level includes a primary suite, a second bedroom currently used as an office, vaulted ceilings, expansive windows, and a private deck facing the pond. Two additional bedrooms and a spacious family room are located downstairs, along with a full bathroom and wet bar. Wood or similar wood flooring, walk-in closets, zoned heating, forced air, and central air are among the interior features. The kitchen includes a stove/oven, refrigerator, dishwasher, microwave, and water softener. A fireplace, private entry, fiber-cement and stone exterior, and PUD zoning complete the property profile.
Located in downtown Middleton within a quiet cul-de-sac, the condo is near the library, local shops, restaurants, and paths around Tiedeman Pond. Fiber internet is available, with satellite and 5G service also noted.
Located in downtown Middleton within a quiet cul-de-sac, the condo is near the library, local shops, restaurants, and paths around Tiedeman Pond. Fiber internet is available, with satellite and 5G service also noted.
Key Highlights
- 3,013‑square‑foot condominium in downtown Middleton
- Four‑bedroom layout with two bedrooms and a family room on the finished lower level
- Private deck with pond views and a private entry
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
$24,308
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
2.89%
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%
$486,160
$486.2K
Cap Rate 7%
$347,257
$347.3K
Cap Rate 9%
$270,089
$270.1K
Market Conditions
NOI Build-Up for 3,013 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
$46.3K $15.36/SF
− Vacancy
−$2.1K −$0.69/SF
EGI
$44.2K $14.67/SF
− OpEx
−$19.9K −$6.60/SF
NOI
$24.3K $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%
$486,160
Cap Rate 7%
$347,257
Cap Rate 9%
$270,089
Alternative Uses
Best Use
Apartment 5plus
$347.3K
$303.9K – $405.1K
NOI $24,308 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$700.2K
$612.6K – $816.9K
NOI $49,011 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
823
Businesses Nearby
Explore this area
Business Placement
Demographics for 53562, WI
29,092
Population
13,617
Households
2.1
Avg Household Size
40
Median Age
65%
College-Educated
96%
High-School Grad
31.1 sq mi
ZIP Area
935
Density / Sq Mi
$97,241
Median Household Income
$60,688
Median Earnings
$1,394
Median Rent
$495,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Downtown Middleton condo with four bedrooms, finished lower-level living space, and access to nearby shops, dining, library, and paths.
Where is this residential income property located?
The property is located at 1615 Pond View Middleton, WI.
What is the asking price?
The asking price for this property is $840,000.
What are key features of this property?
This property features: 3,013‑square‑foot condominium in downtown Middleton; Four‑bedroom layout with two bedrooms and a family room on the finished lower level; Private deck with pond views and a private entry
