Residential Income Property with
For Sale
$855,000
21 Settler Hill Circle, Madison, WI 53717
Updated ranch-style condominium with flexible living areas, screened porch, fireplaces, and a finished lower level.
Property Size2,947 SF
Price / SF$290.13
Days on Market158
Property Features for 21 Settler Hill Circle
General Information
Standard status
Active
Size
2,947 SF
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Units
Unit Mix
4BR/3BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$10,066
Amenities
screened porch
gas fireplace
walk-in shower
double vanities
solar tube lighting
wet bar
granite counters
tile backsplash
double ovens
island with prep sink
garage refrigerator, 3 chandeliers in foyer, dining room, lower level family room
refrigerator, range, microwave, dishwasher, washer, dryer, LL mini fridge, window coverings
Forced air, Central air
Wood or sim. wood floors, Walk-in closet(s), Vaulted ceiling, Washer, Dryer, Wet bar, Split bedrooms
Fiber cement
Gas, 2 fireplaces
Private Entry, Deck/Balcony, Patio
Building Details
Year Built
2002
Construction
ranch
Listing Agency:
Madcityhomes.Com
Listed By:
Caleb Payne · License #93139-94
(608) 556-0033
Source:
Compass
Added: Mar 31
Changed: Sep 2
Last Checked: Aug 31 at 12:10AM
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 Madcityhomes.Com
Investment Insights
Based on property information with market context.
This 2,947-square-foot residential income property is configured as a four-bedroom, three-bath ranch-style condominium with main-level living and an additional 1,100 square feet in the walkout lower level. The kitchen includes wood cabinetry, granite countertops, a tile backsplash, double ovens, and an island with prep sink. Interior features include wood or simulated wood flooring, vaulted ceilings, walk-in closets, central air, and forced-air heating. A gas fireplace with stone surround serves the living room, while the lower level adds two bedrooms, a family room, wet bar, full bath, and exterior access.
Outdoor features include a screened porch, deck or balcony, private entry, and patio. The property also includes a two-car garage, window coverings, kitchen appliances, lower-level mini refrigerator, washer, and dryer. Built in 2002, the condominium has fiber cement exterior materials and two fireplaces.
Outdoor features include a screened porch, deck or balcony, private entry, and patio. The property also includes a two-car garage, window coverings, kitchen appliances, lower-level mini refrigerator, washer, and dryer. Built in 2002, the condominium has fiber cement exterior materials and two fireplaces.
Key Highlights
- 2,947‑square‑foot four‑bedroom, three‑bath ranch‑style condominium
- Walkout lower level adds 1,100 square feet, two bedrooms, family room, wet bar, and full bath
- Kitchen features granite counters, tile backsplash, double ovens, and island with prep sink
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
$36,149
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
4.23%
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%
$722,980
$723.0K
Cap Rate 7%
$516,414
$516.4K
Cap Rate 9%
$401,656
$401.7K
Market Conditions
NOI Build-Up for 2,947 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
$68.6K $23.28/SF
− Vacancy
−$2.9K −$0.98/SF
EGI
$65.7K $22.30/SF
− OpEx
−$29.6K −$10.04/SF
NOI
$36.1K $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%
$722,980
Cap Rate 7%
$516,414
Cap Rate 9%
$401,656
Alternative Uses
Best Use
Apartment 5plus
$516.4K
$451.9K – $602.5K
NOI $36,149 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$860.9K
$753.3K – $1.00M
NOI $60,260 @ 7.0% cap · market cap 7.05%
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
381
Businesses Nearby
Explore this area
Business Placement
Demographics for 53717, WI
12,798
Population
6,404
Households
2
Avg Household Size
40
Median Age
66%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
3,555
Density / Sq Mi
$96,245
Median Household Income
$56,313
Median Earnings
$1,385
Median Rent
$404,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated ranch-style condominium with flexible living areas, screened porch, fireplaces, and a finished lower level.
Where is this residential income property located?
The property is located at 21 Settler Hill Circle Madison, WI.
What is the asking price?
The asking price for this property is $855,000.
What are key features of this property?
This property features: 2,947‑square‑foot four‑bedroom, three‑bath ranch‑style condominium; Walkout lower level adds 1,100 square feet, two bedrooms, family room, wet bar, and full bath; Kitchen features granite counters, tile backsplash, double ovens, and island with prep sink
