Medical Office
For Sale
$775,000
3514 Monroe Street, Madison, WI 53711
Business/Comm, Madison, WI
Property Size2,000 SF
Lot Size594.00 Acres
Price / SF$387.50
Days on Market24
Property Features for 3514 Monroe Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Lot features
Business district, Free standing, Near public transportatn
Directions
Glenway Street and Monroe Street
Subdivision
MADISON - C W12
Standard status
Active
APN
0709-283-1006-3
Size
2,000 SF
Lot size
594.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12388
Building Details
Year built
1925
Number of units
2
Roof type
Composition
Listing Agency:
Restaino & Associates
(608) 833-7777
Listed By:
James Olmsted
(608) 575-7562
Added: Sep 4
Changed: Sep 18
Last Checked: Sep 27 at 9:06AM
MLS# 2032061
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.
Investment Insights
Based on property information with market context.
This medical office property provides approximately 2,000 square feet in a building constructed in 1925. The current configuration supports veterinary clinic operations, while the property previously served as an insurance office. A composition roof is in place, and the parcel carries Commercial zoning.
The building is located at 3514 Monroe Street in Madison, near the Monroe Street and Glenway Street intersection. Its established street presence and existing professional-service use provide a practical setting for continued medical, veterinary, or office operations, subject to applicable approvals.
The building is located at 3514 Monroe Street in Madison, near the Monroe Street and Glenway Street intersection. Its established street presence and existing professional-service use provide a practical setting for continued medical, veterinary, or office operations, subject to applicable approvals.
Key Highlights
- Approximately 2,000 square feet of building area
- Currently configured as a veterinary clinic
- Previously occupied by an insurance company
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
$33,739
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
4.35%
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%
$674,780
$674.8K
Cap Rate 7%
$481,986
$482.0K
Cap Rate 9%
$374,878
$374.9K
Market Conditions
NOI Build-Up for 2,000 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
$52.8K $26.40/SF
− Vacancy
−$7.8K −$3.91/SF
EGI
$45.0K $22.49/SF
− OpEx
−$11.2K −$5.62/SF
NOI
$33.7K $16.87/SF
Area
Madison, WI
Vacancy
14.80%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$674,780
Cap Rate 7%
$481,986
Cap Rate 9%
$374,878
Alternative Uses
Best Use
Office B
$482.0K
$421.7K – $562.3K
NOI $33,739 @ 7.0% cap · market cap 4.35%
Second Best
Healthcare Medical
$406.1K
$355.3K – $473.8K
NOI $28,426 @ 7.0% cap · market cap 3.67%
Theoretical Best
Office A
$584.2K
$511.2K – $681.6K
NOI $40,896 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53711, WI
51,448
Population
23,500
Households
2.2
Avg Household Size
37
Median Age
66%
College-Educated
97%
High-School Grad
26.0 sq mi
ZIP Area
1,979
Density / Sq Mi
$101,236
Median Household Income
$55,284
Median Earnings
$1,357
Median Rent
$387,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Madison, WI
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Commercially zoned building currently configured for veterinary clinic use.
Where is this medical office space located?
The property is located at 3514 Monroe Street Madison, WI.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Approximately 2,000 square feet of building area; Currently configured as a veterinary clinic; Previously occupied by an insurance company
