Updated Two-Bedroom Income
For Sale
$275,000
Pending
273 Kearney Way, Waunakee, WI 53597
Single-level condo offers remodeled finishes, an attached garage, in-unit laundry, and access to a private patio.
Property Size1,116 SF
Days on Market200
Property Features for 273 Kearney Way
General Information
Standard status
Pending
Size
1,116 SF
Total Parking Spaces
1
Property subtype
Condo / Ranch-1 Story
Zoning
PUD
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,969
Amenities
in-unit laundry
patio
Washer, Dryer, Window Coverings
Refrigerator, Stove/oven, microwave, dishwasher.
Forced air, Central air
Wood or sim. wood floors, Walk-in closet(s), Cable/Satellite Available, At Least 1 tub, Internet - Cable
Aluminum/Steel, Brick
Patio
Building Details
Year Built
1997
Listing Agency:
Restaino & Associates
(608) 444-1817
Listed By:
Randal Tews · License #56883-90
(608) 444-1817
Source:
Compass
Added: Feb 10
Changed: Aug 29
Last Checked: Aug 29 at 5:46PM
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 Restaino & Associates
Investment Insights
Based on property information with market context.
This 1,116-square-foot condominium at Kearney Crossing provides two bedrooms, two bathrooms, and single-level living without stairs. The open interior includes bamboo-style flooring in the living area, a dining space, and a remodeled kitchen with updated cabinetry, granite countertops, tile backsplash, stainless appliances, and pantry storage. The primary suite has a walk-in closet and an updated full bathroom with a walk-in shower. In-unit laundry, newer bedroom carpet, forced-air heat, and central air add everyday functionality. The furnace and A/C were replaced in 2022.
Built in 1997, the property includes an attached one-car garage with an opener, level entry, and a patio extending from the living area. It is located near parks, Village Center Pond, and schools in Waunakee, Wisconsin. The property is identified with PUD zoning.
Built in 1997, the property includes an attached one-car garage with an opener, level entry, and a patio extending from the living area. It is located near parks, Village Center Pond, and schools in Waunakee, Wisconsin. The property is identified with PUD zoning.
Key Highlights
- Two‑bedroom, two‑bath condominium with 1,116 SF of living area
- Remodeled kitchen with granite counters, tile backsplash, stainless appliances, and pantry
- Primary suite includes a walk‑in closet and updated full bath with walk‑in shower
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
$9,004
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
3.27%
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%
$180,080
$180.1K
Cap Rate 7%
$128,629
$128.6K
Cap Rate 9%
$100,044
$100.0K
Market Conditions
NOI Build-Up for 1,116 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
$17.1K $15.36/SF
− Vacancy
−$771 −$0.69/SF
EGI
$16.4K $14.67/SF
− OpEx
−$7.4K −$6.60/SF
NOI
$9.0K $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%
$180,080
Cap Rate 7%
$128,629
Cap Rate 9%
$100,044
Alternative Uses
Best Use
Apartment 5plus
$128.6K
$112.6K – $150.1K
NOI $9,004 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$259.3K
$226.9K – $302.6K
NOI $18,153 @ 7.0% cap · market cap 6.60%
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
573
Businesses Nearby
Explore this area
Business Placement
Demographics for 53597, WI
20,729
Population
8,323
Households
2.5
Avg Household Size
41
Median Age
58%
College-Educated
98%
High-School Grad
52.9 sq mi
ZIP Area
392
Density / Sq Mi
$114,542
Median Household Income
$63,700
Median Earnings
$1,336
Median Rent
$462,900
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Single-level condo offers remodeled finishes, an attached garage, in-unit laundry, and access to a private patio.
Where is this residential income property located?
The property is located at 273 Kearney Way Waunakee, WI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with 1,116 SF of living area; Remodeled kitchen with granite counters, tile backsplash, stainless appliances, and pantry; Primary suite includes a walk‑in closet and updated full bath with walk‑in shower
