55+ Residential Income
For Sale
$279,900
616 Reena Avenue, Fort Atkinson, WI 53538
Barrier-free, single-level condo with community amenities and association-maintained exterior services.
Property Size1,340 SF
Price / SF$208.88
Days on Market284
Property Features for 616 Reena Avenue
General Information
Standard status
Active
Size
1,340 SF
Property subtype
Condo / Ranch-1 Story
Zoning
R-1
Taxes and HOA fees
Annual Taxes
$2,996
Amenities
Sellers personal property
Refrigerator, Stove/oven, Microwave, Dishwasher, Washer, Dryer, Water Softener, Garbage disposal, Garage door opener w/1 remote, Freezer in garage
Forced air, Central air
Wood or sim. wood floors, Great room, Washer, Dryer, Air exchanger, Water softener included, Split bedrooms, Internet - Cable
Vinyl, Brick
Patio, Private Entry
Building Details
Year Built
2004
Listing Agency:
First Weber Inc
(608) 575-7965
Listed By:
Nancy Barth · License #87634-94
(608) 575-7965
Source:
Compass
Added: Nov 20, 2025
Changed: Aug 30
Last Checked: Aug 30 at 9:23AM
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 First Weber Inc
Investment Insights
Based on property information with market context.
This 1,340-square-foot condominium, built in 2004, provides barrier-free living for residents age 55 and older. The single-level layout includes split bedrooms, a great room, breakfast bar, pantry, sun room, and abundant closet storage. A laundry and pantry area offers room for future reconfiguration into a guest restroom. The property also includes a private entry, patio, garage storage cabinets, and an attached garage with freezer and opener.
Interior features include wood or simulated wood flooring, forced-air heat, central air, an air exchanger, cable access, water softener, and a full appliance package with washer and dryer. Vinyl and brick exterior finishes complement the home. Residents have access to a community clubhouse, while the association handles lawn care and snow removal. The property is located in Fort Atkinson near downtown shops, restaurants, cultural attractions, parks, walking trails, the Rock River, and Lake Koshkonong.
Interior features include wood or simulated wood flooring, forced-air heat, central air, an air exchanger, cable access, water softener, and a full appliance package with washer and dryer. Vinyl and brick exterior finishes complement the home. Residents have access to a community clubhouse, while the association handles lawn care and snow removal. The property is located in Fort Atkinson near downtown shops, restaurants, cultural attractions, parks, walking trails, the Rock River, and Lake Koshkonong.
Key Highlights
- 1,340 SF 55+ condominium built in 2004
- Barrier‑free, single‑level layout with split bedrooms
- Sun room, breakfast bar, pantry, patio, and private entry
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
$12,576
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
4.49%
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%
$251,520
$251.5K
Cap Rate 7%
$179,657
$179.7K
Cap Rate 9%
$139,733
$139.7K
Market Conditions
NOI Build-Up for 1,340 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
$24.1K $18.00/SF
− Vacancy
−$1.3K −$0.94/SF
EGI
$22.9K $17.06/SF
− OpEx
−$10.3K −$7.68/SF
NOI
$12.6K $9.39/SF
Area
Jefferson County, WI
Vacancy
5.20%
Lease Rate
$18.00 /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%
$251,520
Cap Rate 7%
$179,657
Cap Rate 9%
$139,733
Alternative Uses
Best Use
Apartment 5plus
$179.7K
$157.2K – $209.6K
NOI $12,576 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$314.5K
$275.2K – $367.0K
NOI $22,017 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
Explore this area
Business Placement
Demographics for 53538, WI
18,643
Population
8,444
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
92%
High-School Grad
97.1 sq mi
ZIP Area
192
Density / Sq Mi
$80,784
Median Household Income
$44,995
Median Earnings
$967
Median Rent
$228,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Barrier-free, single-level condo with community amenities and association-maintained exterior services.
Where is this residential income property located?
The property is located at 616 Reena Avenue Fort Atkinson, WI.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 1,340 SF 55+ condominium built in 2004; Barrier‑free, single‑level layout with split bedrooms; Sun room, breakfast bar, pantry, patio, and private entry
