Updated Gas Station with
For Sale
Under Contract
$264,900
510 S Madison Street, Evansville, WI 53536
Business/Comm, Evansville, WI
Property Size1,956 SF
Lot Size0.23 Acres
Price / SF$135.43
Days on Market18
Property Features for 510 S Madison Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B1
Interior features
Overhead doors, Public rest rooms
Lot features
Corner, Free standing
Directions
East Main Street to left on South Madison Street.
Subdivision
EVANSVILLE - C
Standard status
Active Under Contract
APN
6-27-983A.
Size
1,956 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2399
Amenities
massive outside deck
large 2+ car garage
office area
retail area
Building Details
Year built
1932
Number of units
1
Roof type
Composition
Listing Agency:
Century 21 Affiliated · Century 21 Real Estate
(608) 882-5216
Listed By:
Chris Helgesen · License #4516290
(608) 692-6542
Added: Aug 15
Changed: Aug 31
Last Checked: Sep 1 at 2:06PM
MLS# 2021796
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.
Built in 1932, this 1,956-square-foot gas station property combines an updated building with period architectural details and a nostalgic setting. The layout includes a sizable office or retail area, public restrooms, overhead doors, and a composition roof. A large garage accommodates more than two cars, while the exterior deck adds additional functional space. The property is being sold as-is.
The site encompasses 0.23 acres at 510 S Madison Street in Evansville, Wisconsin. B1 zoning applies, and a leased tenant is already in place. Additional property features include the existing garage, office or retail component, and deck configuration.
The site encompasses 0.23 acres at 510 S Madison Street in Evansville, Wisconsin. B1 zoning applies, and a leased tenant is already in place. Additional property features include the existing garage, office or retail component, and deck configuration.
Key Highlights
- 1,956‑square‑foot gas station property built in 1932
- 0.23‑acre site at 510 S Madison Street, Evansville, WI 53536
- B1 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
$23,610
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
8.91%
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%
$472,200
$472.2K
Cap Rate 7%
$337,286
$337.3K
Cap Rate 9%
$262,333
$262.3K
Market Conditions
NOI Build-Up for 1,956 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
$35.2K $18.00/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$33.7K $17.24/SF
− OpEx
−$10.1K −$5.17/SF
NOI
$23.6K $12.07/SF
Area
Rock County, WI
Vacancy
4.20%
Lease Rate
$18.00 /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%
$472,200
Cap Rate 7%
$337,286
Cap Rate 9%
$262,333
Alternative Uses
Best Use
Specialty Retail
$440.9K
$385.8K – $514.4K
NOI $30,863 @ 7.0% cap · market cap 11.65%
Second Best
Retail
$337.3K
$295.1K – $393.5K
NOI $23,610 @ 7.0% cap · market cap 8.91%
Theoretical Best
Office A
$470.0K
$411.3K – $548.4K
NOI $32,903 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 53536, WI
9,051
Population
4,092
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
96%
High-School Grad
88.9 sq mi
ZIP Area
102
Density / Sq Mi
$83,944
Median Household Income
$54,046
Median Earnings
$927
Median Rent
$274,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Gas station - B1-zoned property with a deck, office or retail area, and an existing leased tenant.
Where is this gas station located?
The property is located at 510 S Madison Street Evansville, WI.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: 1,956‑square‑foot gas station property built in 1932; 0.23‑acre site at 510 S Madison Street, Evansville, WI 53536; B1 zoning
