Ranch-Style Condo with Finished
For Sale
$275,000
602 East Madison Avenue Unit 19, Milton, WI 53563
Ranch-style condo with zero-entry 2-car garage and finished basement offering flexible third-bedroom option.
Property Size2,388 SF
Price / SF$115.16
Days on Market207
Property Features for 602 East Madison Avenue Unit 19
General Information
Standard status
Active
Size
2,388 SF
Total Parking Spaces
2
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Taxes and HOA fees
Annual Taxes
$3,435
Amenities
private community
cul-de-sac
stone gas fireplace
kitchen island
zero-entry access
all appliances included
Fridge, Stove, Microwave, Dishwasher, Washer, Dryer
Forced air, Central air
Walk-in closet(s), Vaulted ceiling, Washer, Dryer, Water softener included, Cable/Satellite Available, At Least 1 tub, Split bedrooms, Internet - Cable
Vinyl
Gas, 1 fireplace
Private Entry, Deck/Balcony, Cul de Sac
Building Details
Year Built
2004
Construction
ranch-style
Listing Agency:
Kim Colby Homes
Listed By:
Kimberly Colby · License #59199-90
(608) 436-4511
Source:
Compass
Added: Feb 11
Changed: Aug 8
Last Checked: Jul 22 at 6:12AM
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 Kim Colby Homes
Investment Insights
Based on property information with market context.
This spacious ranch-style condo is located in a private community on a quiet cul-de-sac. The unit offers 2 bedrooms and 2 full baths, with a finished basement that provides a potential third-bedroom option. Inside, the open main level features a stone gas fireplace and a kitchen island, and all appliances are included.
Convenience is built into the layout with a 2-car garage that provides zero-entry access directly into the condo. The home is designed for low-maintenance living, with a $100/month condo fee.
With approximately 2,388 square feet of comfortable living space, this setup combines main-level openness with additional finished basement area for flexible use within a peaceful, private setting.
Convenience is built into the layout with a 2-car garage that provides zero-entry access directly into the condo. The home is designed for low-maintenance living, with a $100/month condo fee.
With approximately 2,388 square feet of comfortable living space, this setup combines main-level openness with additional finished basement area for flexible use within a peaceful, private setting.
Key Highlights
- Ranch‑style condo in a private community on a quiet cul‑de‑sac
- 2 bedrooms, 2 full baths; finished basement provides a potential third‑bedroom option
- 2,388 sq ft of living space with an open main level
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
$19,367
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
7.04%
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%
$387,340
$387.3K
Cap Rate 7%
$276,671
$276.7K
Cap Rate 9%
$215,189
$215.2K
Market Conditions
NOI Build-Up for 2,388 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
$36.7K $15.36/SF
− Vacancy
−$1.5K −$0.61/SF
EGI
$35.2K $14.75/SF
− OpEx
−$15.8K −$6.64/SF
NOI
$19.4K $8.11/SF
Area
Rock County, WI
Vacancy
4.00%
Lease Rate
$15.36 /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%
$387,340
Cap Rate 7%
$276,671
Cap Rate 9%
$215,189
Alternative Uses
Best Use
Apartment 5plus
$276.7K
$242.1K – $322.8K
NOI $19,367 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$573.9K
$502.1K – $669.5K
NOI $40,170 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
162
Businesses Nearby
Explore this area
Business Placement
Demographics for 53563, WI
11,503
Population
4,672
Households
2.5
Avg Household Size
42
Median Age
31%
College-Educated
96%
High-School Grad
67.0 sq mi
ZIP Area
172
Density / Sq Mi
$89,397
Median Household Income
$47,742
Median Earnings
$972
Median Rent
$270,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Ranch-style condo with zero-entry 2-car garage and finished basement offering flexible third-bedroom option.
Where is this residential income property located?
The property is located at 602 East Madison Avenue Unit 19 Milton, WI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Ranch‑style condo in a private community on a quiet cul‑de‑sac; 2 bedrooms, 2 full baths; finished basement provides a potential third‑bedroom option; 2,388 sq ft of living space with an open main level
