Flex Building With
For Sale
$599,900
3345 Highway 151, Sun Prairie, WI 53590
Two-level commercial building with office-ready areas, insulated interiors, and a concrete main floor.
Property Size3,800 SF
Price / SF$154.30
Days on Market19
Property Features for 3345 Highway 151
General Information
Standard status
Active
Size
3,800 SF
Property Condition
Severity
Repairs Needed
Evidence
not hooked up needs boiler and copper
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1990
Buildings
1
Stories
2
Building Size
3,800 SF
Listing Agency:
Keller Williams Realty
(608) 215-4300
Listed By:
Jeffrey Wood · License #4749694
Source:
Holtrealestateteam
Added: Aug 10
Changed: Aug 28
Last Checked: Aug 28 at 12:52PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This flex property includes a 36-by-108-foot Cleary building constructed in 1990, arranged across two levels. The main floor has a concrete slab, insulated walls and ceiling, and interior walls in place for office space. A stairway leads to the vaulted upper level, providing additional storage capacity. In-floor heat is installed on the main level but requires a boiler and copper before operation.
The property encompasses almost 1 acre in the Town of Burke, with access to Highway 151 and nearby interstate routes. Its highway-oriented setting places the building within a commercial corridor extending between Madison and Sun Prairie.
The property encompasses almost 1 acre in the Town of Burke, with access to Highway 151 and nearby interstate routes. Its highway-oriented setting places the building within a commercial corridor extending between Madison and Sun Prairie.
Key Highlights
- Almost 1 acre in the Town of Burke
- 36x108 Cleary building with 2 levels
- Constructed in 1990
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
$46,352
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
7.73%
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%
$927,040
$927.0K
Cap Rate 7%
$662,171
$662.2K
Cap Rate 9%
$515,022
$515.0K
Market Conditions
NOI Build-Up for 3,888 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
$56.0K $14.40/SF
− Vacancy
−$1.5K −$0.37/SF
EGI
$54.5K $14.03/SF
− OpEx
−$8.2K −$2.10/SF
NOI
$46.4K $11.92/SF
Area
Dane County, WI
Vacancy
2.60%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
15.00%
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%
$927,040
Cap Rate 7%
$662,171
Cap Rate 9%
$515,022
Alternative Uses
Best Use
Warehouse
$662.2K
$579.4K – $772.5K
NOI $46,352 @ 7.0% cap · market cap 7.73%
Second Best
Industrial
$545.3K
$477.2K – $636.2K
NOI $38,172 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$903.5K
$790.6K – $1.05M
NOI $63,244 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level commercial building with office-ready areas, insulated interiors, and a concrete main floor.
Where is this flex space located?
The property is located at 3345 Highway 151 Sun Prairie, WI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Almost 1 acre in the Town of Burke; 36x108 Cleary building with 2 levels; Constructed in 1990
