Ranch-Style Residential Income
For Sale
$369,900
3024 Edmonton Drive, Sun Prairie, WI 53590
Three-bedroom condo with flexible living areas, a finished lower level, attached garage, and low-maintenance exterior services.
Property Size2,159 SF
Price / SF$171.33
Days on Market174
Property Features for 3024 Edmonton Drive
General Information
Standard status
Active
Size
2,159 SF
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Taxes and HOA fees
Annual Taxes
$6,683
Amenities
sellers personal property
Refrigerator, Dishwasher, Oven/Range, Microwave, Bar Stools, Washer, Dryer, Water Softener, All window coverings
Forced air, Central air
Walk-in closet(s), Vaulted ceiling, Skylight(s), Washer, Dryer, Water softener included, At Least 1 tub
Vinyl, Stone
Gas, 1 fireplace
Private Entry, Deck/Balcony
Building Details
Year Built
1999
Listing Agency:
Keller Williams Realty
(608) 535-9909
Listed By:
Andrew Willits · License #58571-90
(608) 535-9909
Source:
Compass
Added: Mar 10
Changed: Aug 29
Last Checked: Aug 29 at 7:53PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This ranch-style residential income property is a 2,159-square-foot condominium with an open main level, vaulted ceilings, and skylights. The primary suite has a walk-in closet and private bath with a walk-in shower, while a second bedroom and full bath are also located on the main floor. The layout includes a sun room, composite deck, breakfast bar, and main-level laundry.
The finished lower level adds a family room with a gas fireplace, third bedroom, full bath, and substantial storage. A 2-car attached garage and level entry support everyday convenience. Features include forced-air heat, central air, a water softener, and a mix of vinyl and stone exterior materials. Condo management covers lawn care and snow removal. The property is near shopping, restaurants, parks, and walking and biking trails, with access to the broader Sun Prairie area.
The finished lower level adds a family room with a gas fireplace, third bedroom, full bath, and substantial storage. A 2-car attached garage and level entry support everyday convenience. Features include forced-air heat, central air, a water softener, and a mix of vinyl and stone exterior materials. Condo management covers lawn care and snow removal. The property is near shopping, restaurants, parks, and walking and biking trails, with access to the broader Sun Prairie area.
Key Highlights
- 2,159‑square‑foot ranch condo with open‑plan main level and finished lower level
- Three bedrooms and three full baths, including a main‑level primary suite
- Finished lower level with family room, gas fireplace, bedroom, bath, and storage
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
$17,418
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
4.71%
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%
$348,360
$348.4K
Cap Rate 7%
$248,829
$248.8K
Cap Rate 9%
$193,533
$193.5K
Market Conditions
NOI Build-Up for 2,159 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
$33.2K $15.36/SF
− Vacancy
−$1.5K −$0.69/SF
EGI
$31.7K $14.67/SF
− OpEx
−$14.3K −$6.60/SF
NOI
$17.4K $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%
$348,360
Cap Rate 7%
$248,829
Cap Rate 9%
$193,533
Alternative Uses
Best Use
Apartment 5plus
$248.8K
$217.7K – $290.3K
NOI $17,418 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$501.7K
$439.0K – $585.3K
NOI $35,119 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Explore this area
Business Placement
Demographics for 53590, WI
43,684
Population
18,292
Households
2.4
Avg Household Size
37
Median Age
52%
College-Educated
97%
High-School Grad
65.9 sq mi
ZIP Area
663
Density / Sq Mi
$96,497
Median Household Income
$57,711
Median Earnings
$1,375
Median Rent
$354,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom condo with flexible living areas, a finished lower level, attached garage, and low-maintenance exterior services.
Where is this residential income property located?
The property is located at 3024 Edmonton Drive Sun Prairie, WI.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: 2,159‑square‑foot ranch condo with open‑plan main level and finished lower level; Three bedrooms and three full baths, including a main‑level primary suite; Finished lower level with family room, gas fireplace, bedroom, bath, and storage
