Updated Condo Unit with Walkout
For Sale
$299,900
3027 Providence Street Unit 4, Sun Prairie, WI 53590
Move-in ready condo featuring a walkout patio overlooking green space and a walking path.
Property Size1,463 SF
Price / SF$204.99
Days on Market261
Property Features for 3027 Providence Street Unit 4
General Information
Standard status
Active
Size
1,463 SF
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Taxes and HOA fees
Annual Taxes
$4,689
Amenities
Seller's personal property.
Bosch Dishwasher, refrigerator, stove, washer, dryer, all window coverings.
Forced air, Central air
Wood or sim. wood floors, Walk-in closet(s), Washer, Dryer, Water softener included, Cable/Satellite Available, Storage Unit Inc, At Least 1 tub
Vinyl, Brick
Gas
Patio
Building Details
Year Built
2003
Listing Agency:
First Weber Inc
Listed By:
Paula Woodward · License #46801-94
(608) 712-6733
Source:
Compass
Added: Dec 21, 2025
Changed: Aug 8
Last Checked: Jul 22 at 5:52PM
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 First Weber Inc
Investment Insights
Based on property information with market context.
This updated condo offers a move-in ready interior with a walkout patio that looks out to green space and a walking path. The kitchen includes soft-closing cabinets and updated surfaces, including Cambria quartz countertops. Appliances were refreshed in 2024, with LG appliances new in 2024 and a Bosch dishwasher. A new washer and dryer were installed in 2024.
Additional recent improvements include new carpet in the bedrooms in 2023 and wood flooring added in 2024. The A/C was replaced in summer 2025. Measurements are approximate, and the buyer should verify any material.
Additional recent improvements include new carpet in the bedrooms in 2023 and wood flooring added in 2024. The A/C was replaced in summer 2025. Measurements are approximate, and the buyer should verify any material.
Key Highlights
- Move‑in ready condo with a walkout patio overlooking green space and a walking path
- Newer appliances: LG appliances new in 2024; includes Bosch dishwasher, refrigerator, stove, washer, and dryer
- Kitchen updates include Cambria quartz countertops and soft‑close cabinets
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
$11,803
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
3.94%
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%
$236,060
$236.1K
Cap Rate 7%
$168,614
$168.6K
Cap Rate 9%
$131,144
$131.1K
Market Conditions
NOI Build-Up for 1,463 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
$22.5K $15.36/SF
− Vacancy
−$1.0K −$0.69/SF
EGI
$21.5K $14.67/SF
− OpEx
−$9.7K −$6.60/SF
NOI
$11.8K $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%
$236,060
Cap Rate 7%
$168,614
Cap Rate 9%
$131,144
Alternative Uses
Best Use
Apartment 5plus
$168.6K
$147.5K – $196.7K
NOI $11,803 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$340.0K
$297.5K – $396.6K
NOI $23,798 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
178
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 - Move-in ready condo featuring a walkout patio overlooking green space and a walking path.
Where is this residential income property located?
The property is located at 3027 Providence Street Unit 4 Sun Prairie, WI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Move‑in ready condo with a walkout patio overlooking green space and a walking path; Newer appliances: LG appliances new in 2024; includes Bosch dishwasher, refrigerator, stove, washer, and dryer; Kitchen updates include Cambria quartz countertops and soft‑close cabinets
