Industrial Building with 24-Foot
For Sale
$2,400,000
401 CONDE ST, Janesville, WI 53546
Industrial building combining office/lab space with a 22,594 sq ft warehouse and 24-foot ceilings, docks, and secured site features.
Property Size30,000 SF
Lot Size3.00 Acres
Price / SF$80
Days on Market392
Property Features for 401 CONDE ST
General Information
Standard status
Active
Size
30,000 SF
Total Parking Spaces
38
Lot size
3.00 Acres
Property subtype
General Commercial
Zoning
M-1
Lease Type
NNN
Site & Location
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
24 ft
Dock-High Doors
2
Heavy Power
Yes
Sprinkler System
Yes
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$28,095
Amenities
security system
automatic gate
fiber optic
Central Air
3
Metal
M2
On Site.
Building Details
Year Built
1995
Listing Agency:
American, REALTORS
(608) 213-6686
Listed By:
David Baehr · License #5260990
(608) 213-6686
Source:
Xome
Added: Jul 16, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:23AM
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 American, REALTORS
Investment Insights
Based on property information with market context.
This premier industrial building offers a mixed layout with 7,406 sq ft of office/lab space and a 22,594 sq ft warehouse component. The warehouse has 24-foot ceilings, two docks, and one overhead door. Building systems include an NFPA 13 sprinkler system, full municipal water/sewer, and power service rated at 1,800 amps with a 300 kVA ABB transformer. The metal roof is reported to be well maintained.
The property is zoned M-1 for industrial, warehouse, and R&D uses, including ethanol processes, and is located within an Opportunity Zone. The site includes 38 parking stalls, secure fencing with razor wire, an automatic gate, and a security system. Power and gas are served by Alliant Energy, with multiple fiber providers available.
Plans are completed for a 26,000 sq ft expansion, and tenant relocation is underway, with the space also offered for lease on a NNN basis (pricing not stated here). The combination of warehouse capacity and heavy-industrial oriented infrastructure supports practical industrial operations.
The property is zoned M-1 for industrial, warehouse, and R&D uses, including ethanol processes, and is located within an Opportunity Zone. The site includes 38 parking stalls, secure fencing with razor wire, an automatic gate, and a security system. Power and gas are served by Alliant Energy, with multiple fiber providers available.
Plans are completed for a 26,000 sq ft expansion, and tenant relocation is underway, with the space also offered for lease on a NNN basis (pricing not stated here). The combination of warehouse capacity and heavy-industrial oriented infrastructure supports practical industrial operations.
Key Highlights
- 30,000 sq ft industrial building on 3 acres in Janesville’s South Side with 7,406 sq ft office/lab space and 22,594 sq ft warehouse
- Warehouse has 24‑ft ceilings with 2 docks and 1 overhead door
- Power includes 1,800 amps and a 300 kVA ABB transformer; NFPA 13 sprinkler system
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
$94,676
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%
$1,893,520
$1.9M
Cap Rate 7%
$1,352,514
$1.4M
Cap Rate 9%
$1,051,956
$1.1M
Market Conditions
NOI Build-Up for 30,000 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
$122.4K $4.08/SF
− Vacancy
−$11.0K −$0.37/SF
EGI
$111.4K $3.71/SF
− OpEx
−$16.7K −$0.56/SF
NOI
$94.7K $3.16/SF
Area
Rock County, WI
Vacancy
9.00%
Lease Rate
$4.08 /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%
$1,893,520
Cap Rate 7%
$1,352,514
Cap Rate 9%
$1,051,956
Alternative Uses
Best Use
Office B
$5.64M
$4.93M – $6.58M
NOI $394,605 @ 7.0% cap · market cap 16.44%
Second Best
Flex RnD
$5.05M
$4.42M – $5.90M
NOI $353,808 @ 7.0% cap · market cap 14.74%
Theoretical Best
Office A
$7.21M
$6.31M – $8.41M
NOI $504,648 @ 7.0% cap · market cap 21.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24 ft
Clear height
2
Dock-high doors
Yes
Heavy power
Yes
Sprinkler system
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53546, WI
31,190
Population
12,816
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
95%
High-School Grad
81.1 sq mi
ZIP Area
385
Density / Sq Mi
$73,430
Median Household Income
$45,481
Median Earnings
$1,076
Median Rent
$220,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial building combining office/lab space with a 22,594 sq ft warehouse and 24-foot ceilings, docks, and secured site features.
Where is this flex space located?
The property is located at 401 CONDE ST Janesville, WI.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 30,000 sq ft industrial building on 3 acres in Janesville’s South Side with 7,406 sq ft office/lab space and 22,594 sq ft warehouse; Warehouse has 24‑ft ceilings with 2 docks and 1 overhead door; Power includes 1,800 amps and a 300 kVA ABB transformer; NFPA 13 sprinkler system
