Residential Income Property with
For Sale
$499,900
602 East Madison Avenue Unit 35, Milton, WI 53563
Three-bedroom condominium with a screened porch, private entry, and association-maintained lawn and snow care.
Property Size2,440 SF
Price / SF$204.88
Days on Market141
Property Features for 602 East Madison Avenue Unit 35
General Information
Standard status
Active
Size
2,440 SF
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Additional Details
Road Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,265
Amenities
Sellers Personal Property
Washer, Dryer, Stove, Refrigerator, Microwave
Forced air
Washer, Dryer
Vinyl
Gas
Private Entry, Deck/Balcony, Porch
Building Details
Year Built
2025
Listing Agency:
Pavelec Realty
(608) 332-2407
Listed By:
Jackie Meddaugh · License #52666-90
(608) 332-2407
Source:
Compass
Added: Apr 14
Changed: Aug 30
Last Checked: Aug 31 at 10:11PM
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 Pavelec Realty
Investment Insights
Based on property information with market context.
This 2025 condominium offers 2,440 square feet with three bedrooms and three bathrooms. The finished walk-out basement contains the third bedroom, while the main living area includes a gas fireplace, luxury flooring, upgraded fixtures, marble countertops, and ample closet storage. The primary bedroom features a walk-in closet. A 12-by-12 screened porch provides additional outdoor space and may be converted to a three-season porch. The unit also includes a washer, dryer, stove, refrigerator, and microwave.
The property is located at 602 East Madison Avenue, Unit 35, in Milton, Wisconsin, on a cul-de-sac at the end of the road. Shopping and dining are nearby. The community is designated for residents age 55 and older, with residents age 18 and older permitted subject to HOA approval. Association services include lawn and snow care. Zoning is Res.
The property is located at 602 East Madison Avenue, Unit 35, in Milton, Wisconsin, on a cul-de-sac at the end of the road. Shopping and dining are nearby. The community is designated for residents age 55 and older, with residents age 18 and older permitted subject to HOA approval. Association services include lawn and snow care. Zoning is Res.
Key Highlights
- 2,440‑square‑foot condominium with three bedrooms and three bathrooms
- Finished walk‑out basement includes the third bedroom
- 12‑by‑12 screened porch with potential three‑season conversion
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
$19,789
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
3.96%
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%
$395,780
$395.8K
Cap Rate 7%
$282,700
$282.7K
Cap Rate 9%
$219,878
$219.9K
Market Conditions
NOI Build-Up for 2,440 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
$37.5K $15.36/SF
− Vacancy
−$1.5K −$0.61/SF
EGI
$36.0K $14.75/SF
− OpEx
−$16.2K −$6.64/SF
NOI
$19.8K $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%
$395,780
Cap Rate 7%
$282,700
Cap Rate 9%
$219,878
Alternative Uses
Best Use
Apartment 5plus
$282.7K
$247.4K – $329.8K
NOI $19,789 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$586.4K
$513.1K – $684.1K
NOI $41,045 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Paved road access
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 - Three-bedroom condominium with a screened porch, private entry, and association-maintained lawn and snow care.
Where is this residential income property located?
The property is located at 602 East Madison Avenue Unit 35 Milton, WI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,440‑square‑foot condominium with three bedrooms and three bathrooms; Finished walk‑out basement includes the third bedroom; 12‑by‑12 screened porch with potential three‑season conversion
