Convenience Retail Strip
For Sale
Contact for pricing
5-15 N Bird Street, Sun Prairie, WI 53590
Commercially zoned strip center with convenience-oriented retail space at a signalized intersection.
Property Size12,765 SF
Price / SF$123.38
Days on Market15
Property Features for 5-15 N Bird Street
General Information
Standard status
Active
Size
12,765 SF
Property subtype
Retail
Zoning
Commercial
Occupancy
74%
Investment Type
Value Add
Net Operating Income
$118,189
Additional Details
Traffic Count
19,580 vehicles/day
Building Details
Year Built
1976
Units
7
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Cleveland
Listed By:
Scott Wiles · License #OH 2005013197
(216) 264-2000
Source:
Crexi
Added: Aug 20
Changed: Sep 1
Last Checked: Sep 3 at 2:22AM
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 Marcus & Millichap - Cleveland
Investment Insights
Based on property information with market context.
Bird Street Plaza is a 12,765-square-foot convenience retail strip center constructed in 1976. The property is 74% occupied and carries Commercial zoning, offering an established retail configuration for continued commercial use.
The center is positioned at a signalized intersection with reported traffic of 19,580 vehicles per day. Located at 5-15 N Bird Street in Sun Prairie, Wisconsin, the property provides a visible retail setting within the local market.
The center is positioned at a signalized intersection with reported traffic of 19,580 vehicles per day. Located at 5-15 N Bird Street in Sun Prairie, Wisconsin, the property provides a visible retail setting within the local market.
Key Highlights
- 12,765 SF convenience retail strip center
- 74% occupied
- Commercial zoning
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
$122,372
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
7.77%
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%
$2,447,440
$2.4M
Cap Rate 7%
$1,748,171
$1.7M
Cap Rate 9%
$1,359,689
$1.4M
Market Conditions
NOI Build-Up for 12,765 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
$191.5K $15.00/SF
− Vacancy
−$16.7K −$1.31/SF
EGI
$174.8K $13.70/SF
− OpEx
−$52.4K −$4.11/SF
NOI
$122.4K $9.59/SF
Area
Dane County, WI
Vacancy
8.70%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,447,440
Cap Rate 7%
$1,748,171
Cap Rate 9%
$1,359,689
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.04M
NOI $122,372 @ 7.0% cap · market cap 7.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.97M
$2.60M – $3.46M
NOI $207,642 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19,580 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
119k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 54%
Shops & Services 40%
Home Improvements & Furnishings 5%
Kwik Trip
Shops & Services
31,882 visits/mo
0.4 miles
McDonald's
Dining
25,347 visits/mo
0.4 miles
Dunkin' Donuts
Dining
12,696 visits/mo
0.4 miles
Wendy's
Dining
10,847 visits/mo
0.1 miles
Burger King
Dining
7,939 visits/mo
0.4 miles
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Commercially zoned strip center with convenience-oriented retail space at a signalized intersection.
Where is this strip mall located?
The property is located at 5-15 N Bird Street Sun Prairie, WI.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: 12,765 SF convenience retail strip center; 74% occupied; Commercial zoning
