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    Multi-Use Restaurant and Retail Building Title is generated by Realmo AI

    2440 Perry Street, Madison, WI 53713

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    For Sale
    $699,900

    Beauty/barber,Church,Office,Other,Restaurant/Supper Club,Retail

    Property size:
    5,000 SF
    Price / SF:
    $139/SF
    Added:
    Feb 13, 2026
    Days on Market:
    110
    Last Refresh:
    Jun 3 at 8:06 am

    Property Features for 2440 Perry Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    CC-T
    Standard status
    Active
    APN
    0709-353-0224-3

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    9556

    Utilities

    Heating system
    Radiant

    Building Details

    Floors in Building
    2
    Number of units
    3
    Building materials
    Block
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Bonita Nunez

    Listing agent Bonita Nunez

    Listing office Keller Williams Realty 555 Zor Shrine Pl Ste 100, Madison, WI

    Listing date Feb 13, 2026

    MLS# 2016469 Listing URL

    Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Strategically located off Madison's developing Park Street corridor with quick access to the Beltline, Madison College, UW, hospitals, library, and shops.
    • Large .5+ acre lot with a 5,000 sq ft building offering flexibility for various commercial endeavors.
    • Located in TIF District 51, potentially benefiting from incentives and infrastructure improvements.
    • Features 3 work areas with separate entrances, kitchen, and 2nd floor offices.
    • Spacious, partially finished lower level with 2 egresses.
    • Includes 4 bathrooms and 25+ parking spaces.

    Overview

    This multi-use commercial property was previously operated as a restaurant and retail shop and offers a flexible interior layout. The building includes three work areas with separate entrances, along with a kitchen. An additional partially finished lower level is set up with two egress points, and the second floor features office space. There are four bathrooms and 25+ parking spaces, supporting both customer access and day-to-day operations.

    The property is positioned off the Park Street corridor in Madison at 2440 Perry Street, placing it within a convenient reach of the Beltline, Madison College, UW, area hospitals, the library, and surrounding shops. The site is also located in TIF District 51, which may provide an opportunity to benefit from potential incentives and related infrastructure improvements or development.

    With its separate work areas, existing kitchen, and office configuration, the building is well suited for operators seeking a commercial space that can adapt to restaurant, retail, or office-oriented concepts. Investors may also find the property attractive due to its demonstrated prior use and the versatility to re-tenant multiple areas depending on demand.
    Property Profile Location Intelligence

    Current Use by Public Records

    Transformation of Fitness Club ... Specialty Food Shop

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.396958
    Latitude
    43.037133

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    FAQs

    What type of property is this?
    Conventional restaurant - Flexible commercial building with multiple entrances, kitchen, office space, and ample parking for a range of uses.
    Where is this conventional restaurant located?
    The property is located at 2440 Perry Street Madison, WI.
    What is the asking price?
    The asking price for this property is $699,900.
    What are key features of this property?
    This property features: Strategically located off Madison's developing Park Street corridor with quick access to the Beltline, Madison College, UW, hospitals, library, and shops.; Large .5+ acre lot with a 5,000 sq ft building offering flexibility for various commercial endeavors.; Located in TIF District 51, potentially benefiting from incentives and infrastructure improvements.
    (608) 347-4663
    We can help!
    Listing Contact
    Bonita Nunez
    Real Estate License ID: 51917-94
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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