Listing Agency: RE/MAX Preferred f***@remaxwisconsin.com Show Phone

Listed By: Justin Witkins · License #58265-90 Show Phone

Source: Exprealty

Added: Oct 8 Changed: Oct 11 Last Checked: Oct 12 at 11:24PM

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Investment Insights

Based on property information with market context.

A planned 16-unit flex space condo development is projected to break ground in Spring 2027. Each non-residential unit is 1,163 square feet, measuring 25 feet by 46.5 feet, with 18-foot clear height. Standard features include a Modine heater, private bathroom, overhead garage door, service door, and 100-amp electrical service. Mezzanine, air conditioning, and upgraded power are available as options, and multiple units may be combined.

The property is in Waunakee near downtown, with access to Highways 113 and 19 a few minutes away. I-1 zoning applies to each unit. The condo fee covers snow removal, lawn care, trash, water and sewer, and parking.

Key Highlights

• Planned 16‑unit commercial condo development, with groundbreaking projected for Spring 2027
• Each unit offers 1,163 sq ft and measures 25' x 46.5'
• 18' clear height, 100‑amp service, Modine heater, private bathroom, overhead garage door, and service door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,865

Cap Rate

5.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$277,300 $277.3K

Cap Rate 7%

$198,071 $198.1K

Cap Rate 9%

$154,056 $154.1K

Market Conditions

NOI Build-Up for 1,163 SF

Gross rent

$16.7K $14.40/SF

− Vacancy

−$435 −$0.37/SF

EGI

$16.3K $14.03/SF

− OpEx

−$2.4K −$2.10/SF

NOI

$13.9K $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 Rate 5%

$277,300

Cap Rate 7%

$198,071

Cap Rate 9%

$154,056

Alternative Uses

Best Use

Warehouse

$198.1K

$173.3K – $231.1K (±1% cap)

NOI $13,865 @ 7.0% cap · market cap 5.33%

Second Best

Industrial

$163.1K

$142.7K – $190.3K (±1% cap)

NOI $11,418 @ 7.0% cap · market cap 4.39%

Theoretical Best

Office A

$270.3K

$236.5K – $315.3K (±1% cap)

NOI $18,918 @ 7.0% cap · market cap 7.28%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Auto Repair Shop Kitchen & Bath Showroom Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18 ft

Clear height

Location Intelligence

Trade Area within ½ mile

381

Businesses Nearby

Under-served

Demand for This Use

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

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - I-1-zoned commercial condo units include private bathrooms, overhead doors, and options for added mezzanine space or upgraded power.

Where is this flex space located?

The property is located at 4-811 S Division St Waunakee, WI.

What is the asking price?

The asking price for this property is $260,000.

What are key features of this property?

This property features: Planned 16‑unit commercial condo development, with groundbreaking projected for Spring 2027; Each unit offers 1,163 sq ft and measures 25' x 46.5'; 18' clear height, 100‑amp service, Modine heater, private bathroom, overhead garage door, and service door