Residential Income Condo with
For Sale
$179,000
2162 Allen Boulevard Unit 1, Middleton, WI 53562
Two-bedroom condo with patio access, dedicated storage, and included appliances.
Property Size820 SF
Price / SF$218.29
Days on Market83
Property Features for 2162 Allen Boulevard Unit 1
General Information
Standard status
Active
Size
820 SF
Property subtype
Condo / Ranch-1 Story
Zoning
PUDSIP
Additional Details
HOA Fee
$395
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,350
Amenities
patio
wooded courtyard
separate storage area
Sellers property
Range, refrigerator, dishwasher, microwave, window blinds
Radiant, Window AC
Vinyl, Brick
Building Details
Year Built
1968
Listing Agency:
Compass
(608) 712-4399
Listed By:
Mary Whitcomb · License #56012-90
(608) 712-4399
Source:
Compass
Added: Jun 11
Changed: Aug 30
Last Checked: Aug 31 at 10:03PM
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 Compass
Investment Insights
Based on property information with market context.
This 820-square-foot condominium offers two bedrooms, a walkout to a patio, and a wooded courtyard setting. The unit includes a one-car attached garage, additional outdoor parking, and a separate storage area. Appliances include a range, refrigerator, dishwasher, and microwave, while window blinds, radiant heat, and window air conditioning are also provided. Exterior finishes combine vinyl and brick.
The property is located across from Marshall Park and Lake Mendota, with bus service to the UW campus and downtown. The condominium association fee covers heat, water, hot water, trash and snow removal, common-area maintenance, and insurance. A new roof was installed in June of 2026. The property was built in 1968 and carries PUDSIP zoning.
The property is located across from Marshall Park and Lake Mendota, with bus service to the UW campus and downtown. The condominium association fee covers heat, water, hot water, trash and snow removal, common-area maintenance, and insurance. A new roof was installed in June of 2026. The property was built in 1968 and carries PUDSIP zoning.
Key Highlights
- 820‑square‑foot condominium with two bedrooms
- One‑car attached garage, outdoor parking, and separate storage area
- Walkout patio overlooking a wooded courtyard
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
$6,616
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
3.70%
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%
$132,320
$132.3K
Cap Rate 7%
$94,514
$94.5K
Cap Rate 9%
$73,511
$73.5K
Market Conditions
NOI Build-Up for 820 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
$12.6K $15.36/SF
− Vacancy
−$567 −$0.69/SF
EGI
$12.0K $14.67/SF
− OpEx
−$5.4K −$6.60/SF
NOI
$6.6K $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%
$132,320
Cap Rate 7%
$94,514
Cap Rate 9%
$73,511
Alternative Uses
Best Use
Apartment 5plus
$94.5K
$82.7K – $110.3K
NOI $6,616 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$190.6K
$166.7K – $222.3K
NOI $13,339 @ 7.0% cap · market cap 7.45%
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
384
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 - Two-bedroom condo with patio access, dedicated storage, and included appliances.
Where is this residential income property located?
The property is located at 2162 Allen Boulevard Unit 1 Middleton, WI.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: 820‑square‑foot condominium with two bedrooms; One‑car attached garage, outdoor parking, and separate storage area; Walkout patio overlooking a wooded courtyard
