Residential Income Property with Private
For Sale
$340,000
605 Nightingale Lane, Cottage Grove, WI 53527
Condominium residence with a screened porch, gas fireplace, vaulted ceilings, and a private entry.
Property Size2,033 SF
Price / SF$167.24
Days on Market198
Property Features for 605 Nightingale Lane
General Information
Standard status
Active
Size
2,033 SF
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Taxes and HOA fees
Annual Taxes
$5,769
Amenities
Owners personal property, some garage/utility room shelving
Refrigerator, Range/oven, dishwasher, microwave, washer, dryer, water softener, all window coverings, some garage/utility room shelving
Forced air, Central air
Wood or sim. wood floors, Great room, Vaulted ceiling, Washer, Dryer, Air cleaner, Water softener included, Jetted bathtub, Cable/Satellite Available, At Least 1 tub, Split bedrooms, Internet - Cable, Internet - DSL, Internet -Fiber Available
Vinyl, Brick, Stone
Gas, 1 fireplace
Private Entry, Deck/Balcony
Building Details
Year Built
2004
Listing Agency:
The Kruse Company, REALTORS
(608) 225-4832
Listed By:
Kelly Maly · License #51313-90
(608) 225-4832
Source:
Compass
Added: Feb 13
Changed: Aug 29
Last Checked: Aug 29 at 2:34PM
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 The Kruse Company, REALTORS
Investment Insights
Based on property information with market context.
This 2,033-square-foot residential income property was built in 2004 and offers condominium living with a private entry and private garage. The interior includes hardwood or comparable wood flooring, vaulted ceilings, a great room, and a kitchen with a breakfast bar and space for a dining table. The owner’s suite has double closets, a soaking tub, and a separate stand-up shower. First-floor laundry, extensive cabinetry, closet storage, and a cedar closet add practical utility.
Additional features include a screened porch, deck or balcony, gas fireplace, forced-air heating, central air, a jetted bathtub, water softener, and included kitchen and laundry appliances. The roof was replaced in 2022. Located at 605 Nightingale Lane in Cottage Grove, Wisconsin, the property is zoned Res.
Additional features include a screened porch, deck or balcony, gas fireplace, forced-air heating, central air, a jetted bathtub, water softener, and included kitchen and laundry appliances. The roof was replaced in 2022. Located at 605 Nightingale Lane in Cottage Grove, Wisconsin, the property is zoned Res.
Key Highlights
- 2,033‑square‑foot condominium residence built in 2004
- Private entry and private garage
- Screened porch plus deck or balcony
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
$16,402
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
4.82%
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%
$328,040
$328.0K
Cap Rate 7%
$234,314
$234.3K
Cap Rate 9%
$182,244
$182.2K
Market Conditions
NOI Build-Up for 2,033 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
$31.2K $15.36/SF
− Vacancy
−$1.4K −$0.69/SF
EGI
$29.8K $14.67/SF
− OpEx
−$13.4K −$6.60/SF
NOI
$16.4K $8.07/SF
Area
Dane County, WI
Vacancy
4.50%
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%
$328,040
Cap Rate 7%
$234,314
Cap Rate 9%
$182,244
Alternative Uses
Best Use
Apartment 5plus
$234.3K
$205.0K – $273.4K
NOI $16,402 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$472.4K
$413.4K – $551.2K
NOI $33,070 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
133
Businesses Nearby
Explore this area
Business Placement
Demographics for 53527, WI
10,994
Population
4,732
Households
2.3
Avg Household Size
40
Median Age
48%
College-Educated
99%
High-School Grad
35.8 sq mi
ZIP Area
307
Density / Sq Mi
$119,808
Median Household Income
$60,027
Median Earnings
$1,531
Median Rent
$402,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with a screened porch, gas fireplace, vaulted ceilings, and a private entry.
Where is this residential income property located?
The property is located at 605 Nightingale Lane Cottage Grove, WI.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 2,033‑square‑foot condominium residence built in 2004; Private entry and private garage; Screened porch plus deck or balcony
