Residential Income Property with
For Sale
$399,900
6309 Kilpatrick Lane, Madison, WI 53718
Ranch-style condominium with open living areas, private outdoor space, and lower-level flexibility.
Property Size2,229 SF
Price / SF$179.41
Days on Market144
Property Features for 6309 Kilpatrick Lane
General Information
Standard status
Active
Size
2,229 SF
Property subtype
Condo / Ranch-1 Story
Zoning
R
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,325
Amenities
skylights
vaulted ceilings
hardwood floors
fireplace
deck
walkout patio
laundry hook-ups
All personal property of the Seller.
Range/Oven, Refrigerator, Dishwasher, Washer/Dryer, Water Softener, All Window Coverings
Forced air, Central air
Walk-in closet(s), Great room, Vaulted ceiling, Water softener included, At Least 1 tub
Vinyl, Brick, Stone
Private Entry, Deck/Balcony, Patio
Building Details
Year Built
1998
Construction
ranch-style
Listing Agency:
Lauer Realty Group, Inc.
Listed By:
Tom Syring · License #98359-94
(608) 843-2234
Source:
Compass
Added: Apr 15
Changed: Aug 29
Last Checked: Aug 29 at 8:21PM
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 Lauer Realty Group, Inc.
Investment Insights
Based on property information with market context.
This 1998 ranch-style condominium provides 2,229 square feet with three bedrooms and three baths. The main level connects the kitchen, dining area, and living room in an open arrangement, with vaulted ceilings, skylights, and oak flooring in the living and dining areas. The primary bedroom includes a private bath and walk-in closet. Laundry hookups are located near the kitchen, supporting single-level daily living.
The lower level adds a family room with fireplace, a third bedroom, full bath, walkout patio, and storage. Outdoor areas include an upper deck with southern exposure and a lower patio. Interior features include forced-air heat, central air, a water softener, and included window coverings. The property is located at 6309 Kilpatrick Lane in Madison, Wisconsin, with R zoning.
The lower level adds a family room with fireplace, a third bedroom, full bath, walkout patio, and storage. Outdoor areas include an upper deck with southern exposure and a lower patio. Interior features include forced-air heat, central air, a water softener, and included window coverings. The property is located at 6309 Kilpatrick Lane in Madison, Wisconsin, with R zoning.
Key Highlights
- 2,229‑square‑foot condominium with 3 bedrooms and 3 baths
- 1998 construction with ranch‑style layout
- Vaulted ceilings, skylights, and oak flooring in living and dining areas
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
$27,341
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
6.84%
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%
$546,820
$546.8K
Cap Rate 7%
$390,586
$390.6K
Cap Rate 9%
$303,789
$303.8K
Market Conditions
NOI Build-Up for 2,229 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
$51.9K $23.28/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$49.7K $22.30/SF
− OpEx
−$22.4K −$10.04/SF
NOI
$27.3K $12.27/SF
Area
Madison, WI
Vacancy
4.20%
Lease Rate
$23.28 /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%
$546,820
Cap Rate 7%
$390,586
Cap Rate 9%
$303,789
Alternative Uses
Best Use
Apartment 5plus
$390.6K
$341.8K – $455.7K
NOI $27,341 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$651.1K
$569.7K – $759.7K
NOI $45,579 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Explore this area
Business Placement
Demographics for 53718, WI
17,034
Population
8,408
Households
2
Avg Household Size
37
Median Age
49%
College-Educated
96%
High-School Grad
20.8 sq mi
ZIP Area
819
Density / Sq Mi
$94,899
Median Household Income
$60,518
Median Earnings
$1,606
Median Rent
$328,500
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 open living areas, private outdoor space, and lower-level flexibility.
Where is this residential income property located?
The property is located at 6309 Kilpatrick Lane Madison, WI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,229‑square‑foot condominium with 3 bedrooms and 3 baths; 1998 construction with ranch‑style layout; Vaulted ceilings, skylights, and oak flooring in living and dining areas
