Medical Office Space with Corporate
For Sale
Contact for pricing
203 W Verona Ave, Verona, WI 53593
4,400 SF veterinary facility leased to an established national operator with a corporate guarantee.
Property Size4,400 SF
Price / SF$181.10
Days on Market145
Property Features for 203 W Verona Ave
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Office
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$66,714
Building Details
Year Built
1985
Tenancy
Single
Listing Agency:
ParaSell Inc
(949) 942-6585
Listed By:
Scott Reid · License #ND - 3285
Source:
Crexi
Added: Apr 9
Changed: Aug 30
Last Checked: Aug 30 at 5:54PM
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 ParaSell Inc
Investment Insights
Based on property information with market context.
This 4,400 SF medical office property was built in 1985 and is occupied by VetCor under a corporately guaranteed lease. The facility serves as a veterinary services location at 203 W Verona Avenue in Verona, Wisconsin.
The property is positioned 2 miles from Epic Systems, a regional employer with more than 13,000 employees and approximately $5 billion in annual revenue. VetCor operates more than 900 hospitals across the United States, providing national operating scale behind the current tenancy.
The property is positioned 2 miles from Epic Systems, a regional employer with more than 13,000 employees and approximately $5 billion in annual revenue. VetCor operates more than 900 hospitals across the United States, providing national operating scale behind the current tenancy.
Key Highlights
- 4,400 SF medical office property
- Built in 1985
- Corporately guaranteed lease by VetCor
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
$60,873
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
7.64%
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%
$1,217,460
$1.2M
Cap Rate 7%
$869,614
$869.6K
Cap Rate 9%
$676,367
$676.4K
Market Conditions
NOI Build-Up for 4,400 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
$96.6K $21.96/SF
− Vacancy
−$15.5K −$3.51/SF
EGI
$81.2K $18.45/SF
− OpEx
−$20.3K −$4.61/SF
NOI
$60.9K $13.83/SF
Area
Dane County, WI
Vacancy
16.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,217,460
Cap Rate 7%
$869,614
Cap Rate 9%
$676,367
Alternative Uses
Best Use
Office B
$869.6K
$760.9K – $1.01M
NOI $60,873 @ 7.0% cap · market cap 7.64%
Second Best
Healthcare Medical
$748.6K
$655.1K – $873.4K
NOI $52,405 @ 7.0% cap · market cap 6.58%
Theoretical Best
Office A
$1.02M
$894.7K – $1.19M
NOI $71,573 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
580
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53593, WI
28,232
Population
12,583
Households
2.2
Avg Household Size
37
Median Age
68%
College-Educated
99%
High-School Grad
76.2 sq mi
ZIP Area
370
Density / Sq Mi
$135,699
Median Household Income
$74,356
Median Earnings
$1,530
Median Rent
$464,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Verona Boarding Services Inc — 655 Half Mile Rd, Verona, WI 53593
- Verona Veterinary Medical Service, S.C. — 655 Half Mile Rd, Verona, WI 53593
- Animal Hospital of Verona — 203 W Verona Ave, Verona, WI 53593
Frequently Asked Questions
What type of property is this?
Medical Office Space - 4,400 SF veterinary facility leased to an established national operator with a corporate guarantee.
Where is this medical office space located?
The property is located at 203 W Verona Ave Verona, WI.
What is the asking price?
The asking price for this property is $796,822.
What are key features of this property?
This property features: 4,400 SF medical office property; Built in 1985; Corporately guaranteed lease by VetCor
