6-Unit Apartment
For Sale
$1,725,000
546 Sunrise Drive, Spring Green, WI 53588
Multi Family, Spring Green, WI
Property Size10,524 SF
Lot Size0.87 Acres
Price / SF$163.91
Days on Market66
Property Features for 546 Sunrise Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Parking features
Open, Garage, Off Street
Accessibility
Accessible Approach with Ramp
Appliances
6
Elementary school
Call School District
Middle school
River Valley
High school
River Valley
Elementary school district
River Valley
Middle school district
River Valley
High school district
River Valley
Directions
Hwy 14 to South on Hwy 14, left onto Sunrise, property on the left.
Subdivision
SPRING GREEN - V
Standard status
Active
APN
182-0864-00000
Lot size
0.87 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Heating system
Forced Air
Building Details
Year built
2024
Number of units
6
Listing Agency:
Century 21 Affiliated · Century 21 Real Estate
(608) 588-7021
Listed By:
Andrea Joo · License #5837290
(608) 574-2092
Added: Jul 17
Changed: Sep 16
Last Checked: Sep 20 at 4:06AM
MLS# 2022358
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.
Completed in 2024, this six-unit apartment property contains 10,524 square feet across six residences. Each 1,754-square-foot unit includes four bedrooms and 2.5 bathrooms, for a total of 24 bedrooms. The property is designed without common areas, supporting a straightforward operating configuration, and includes forced-air heating. Parking consists of open, garage, and off-street options, with an accessible approach and ramp.
Five units are leased, while the remaining residence is operated as a short-term rental. The 0.87-acre parcel is zoned R3 and may accommodate construction of a second mirrored six-unit building, subject to applicable approvals. The existing property offers a defined unit layout, varied occupancy structure, and a potential path for future expansion.
Five units are leased, while the remaining residence is operated as a short-term rental. The 0.87-acre parcel is zoned R3 and may accommodate construction of a second mirrored six-unit building, subject to applicable approvals. The existing property offers a defined unit layout, varied occupancy structure, and a potential path for future expansion.
Key Highlights
- 10,524 total square feet across 6 apartment units
- Each unit measures 1,754 square feet with 4 bedrooms and 2.5 bathrooms
- 24 total bedrooms across the property
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
$87,101
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
5.05%
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%
$1,742,020
$1.7M
Cap Rate 7%
$1,244,300
$1.2M
Cap Rate 9%
$967,789
$967.8K
Market Conditions
NOI Build-Up for 10,524 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
$166.7K $15.84/SF
− Vacancy
−$8.3K −$0.79/SF
EGI
$158.4K $15.05/SF
− OpEx
−$71.3K −$6.77/SF
NOI
$87.1K $8.28/SF
Area
Sauk County, WI
Vacancy
5.00%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
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%
$1,742,020
Cap Rate 7%
$1,244,300
Cap Rate 9%
$967,789
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $87,101 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.13M
$1.86M – $2.49M
NOI $149,121 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Explore this area
Business Placement
Demographics for 53588, WI
4,139
Population
1,944
Households
2.1
Avg Household Size
50
Median Age
32%
College-Educated
95%
High-School Grad
139.9 sq mi
ZIP Area
30
Density / Sq Mi
$88,359
Median Household Income
$47,407
Median Earnings
$956
Median Rent
$273,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Recently built multifamily property with individual residences, varied rental arrangements, and room for additional development.
Where is this apartment building located?
The property is located at 546 Sunrise Drive Spring Green, WI.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: 10,524 total square feet across 6 apartment units; Each unit measures 1,754 square feet with 4 bedrooms and 2.5 bathrooms; 24 total bedrooms across the property
