Golf Course Residential Income
For Sale
$255,000
623 Saddle Ridge, Portage, WI 53901
Ranch-style condominium with flexible lower-level space, private entry, and a one-car garage.
Property Size975 SF
Price / SF$261.54
Days on Market143
Property Features for 623 Saddle Ridge
General Information
Standard status
Active
Size
975 SF
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Taxes and HOA fees
Annual Taxes
$1,358
Amenities
Seller's Personal Property
Range/Oven, Refrigerator, Dishwasher, Disposal, Clothes Washer and Dryer, All Window Treatments, Water Softener, Garage Door Opener
Forced air, Central air
Wood or sim. wood floors, Great room, Vaulted ceiling, Washer, Dryer, Water softener included, At Least 1 tub, Split bedrooms
Vinyl
Private Entry
Building Details
Year Built
1986
Listing Agency:
First Weber Inc
(608) 575-7307
Listed By:
Jeff Lange · License #26890-90 979-4
(608) 575-7307
Source:
Compass
Added: Apr 10
Changed: Aug 30
Last Checked: Aug 30 at 10:47AM
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 residential income property is configured as a ranch-style condominium with two bedrooms and one and one-half baths. The interior includes an open great-room layout, vaulted ceiling, wood or simulated wood flooring, split bedrooms, and a primary suite with a private bath and double closets. A sunroom adds flexible living space and features newer windows with insulated walls. Forced-air heat, central air, and a water softener are included, along with a range/oven, refrigerator, dishwasher, disposal, washer, dryer, window treatments, and garage door opener.
The condominium backs to a golf course and has a private entry. A full basement provides additional room for storage, hobbies, or future living space, while the generous one-car garage includes added storage capacity. The property was built in 1986 and is identified with Res zoning.
The condominium backs to a golf course and has a private entry. A full basement provides additional room for storage, hobbies, or future living space, while the generous one-car garage includes added storage capacity. The property was built in 1986 and is identified with Res zoning.
Key Highlights
- Two‑bedroom, 1.5‑bath ranch condominium
- Backs up to a golf course
- Full basement for storage, hobbies, or future living space
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
$7,784
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
3.05%
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%
$155,680
$155.7K
Cap Rate 7%
$111,200
$111.2K
Cap Rate 9%
$86,489
$86.5K
Market Conditions
NOI Build-Up for 975 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
$15.0K $15.36/SF
− Vacancy
−$824 −$0.84/SF
EGI
$14.2K $14.52/SF
− OpEx
−$6.4K −$6.53/SF
NOI
$7.8K $7.98/SF
Area
Columbia County, WI
Vacancy
5.50%
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%
$155,680
Cap Rate 7%
$111,200
Cap Rate 9%
$86,489
Alternative Uses
Best Use
Apartment 5plus
$111.2K
$97.3K – $129.7K
NOI $7,784 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$219.0K
$191.7K – $255.6K
NOI $15,333 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 53901, WI
14,924
Population
6,550
Households
2.3
Avg Household Size
42
Median Age
20%
College-Educated
91%
High-School Grad
147.3 sq mi
ZIP Area
101
Density / Sq Mi
$72,244
Median Household Income
$40,914
Median Earnings
$969
Median Rent
$214,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Ranch-style condominium with flexible lower-level space, private entry, and a one-car garage.
Where is this residential income property located?
The property is located at 623 Saddle Ridge Portage, WI.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Two‑bedroom, 1.5‑bath ranch condominium; Backs up to a golf course; Full basement for storage, hobbies, or future living space
