Residential Income
For Sale
$373,000
Pending
631 Cardinal Way, Sun Prairie, WI 53590
Built in 2001 with central air, forced-air heating, and private entry.
Property Size2,233 SF
Days on Market167
Property Features for 631 Cardinal Way
General Information
Standard status
Pending
Size
2,233 SF
Property subtype
Condo / Ranch-1 Story
Zoning
UR-12
Taxes and HOA fees
Annual Taxes
$5,345
Amenities
Seller's personal property, some outdoor flowers & plants
Refrigerator, Oven/Range, Microwave, Dishwasher, Washer, Dryer, Water Softener (owned)
Forced air, Central air
Wood or sim. wood floors, Walk-in closet(s), Great room, Vaulted ceiling, Skylight(s), Washer, Dryer, Water softener included, Cable/Satellite Available, At Least 1 tub
Vinyl, Brick, Stone
Gas
Private Entry, Deck/Balcony
Building Details
Year Built
2001
Listing Agency:
Compass Real Estate Wisconsin
Listed By:
Jonathan Gaspero · License #93127-94
(608) 852-5656
Source:
Compass
Added: Mar 25
Changed: Sep 7
Last Checked: Sep 7 at 11:34AM
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 Compass Real Estate Wisconsin
Investment Insights
Based on property information with market context.
This residential income property was built in 2001 and includes forced-air heating, central air, and a water softener. Interior features include wood or simulated wood floors, a great room, vaulted ceilings, skylights, walk-in closet space, and at least one tub. The kitchen is equipped with a refrigerator, oven/range, microwave, dishwasher, washer, and dryer.
Exterior materials include brick, stone, and vinyl, with gas service, a deck or balcony, and private entry. The property is located at 631 Cardinal Way in Sun Prairie, Wisconsin, and carries UR-12 zoning.
Exterior materials include brick, stone, and vinyl, with gas service, a deck or balcony, and private entry. The property is located at 631 Cardinal Way in Sun Prairie, Wisconsin, and carries UR-12 zoning.
Key Highlights
- 2,233 property‑size designation
- Built in 2001
- UR‑12 zoning in Sun Prairie, WI
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
$18,015
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
4.83%
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%
$360,300
$360.3K
Cap Rate 7%
$257,357
$257.4K
Cap Rate 9%
$200,167
$200.2K
Market Conditions
NOI Build-Up for 2,233 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
$34.3K $15.36/SF
− Vacancy
−$1.5K −$0.69/SF
EGI
$32.8K $14.67/SF
− OpEx
−$14.7K −$6.60/SF
NOI
$18.0K $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%
$360,300
Cap Rate 7%
$257,357
Cap Rate 9%
$200,167
Alternative Uses
Best Use
Apartment 5plus
$257.4K
$225.2K – $300.3K
NOI $18,015 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$518.9K
$454.0K – $605.4K
NOI $36,323 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 53590, WI
43,684
Population
18,292
Households
2.4
Avg Household Size
37
Median Age
52%
College-Educated
97%
High-School Grad
65.9 sq mi
ZIP Area
663
Density / Sq Mi
$96,497
Median Household Income
$57,711
Median Earnings
$1,375
Median Rent
$354,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Built in 2001 with central air, forced-air heating, and private entry.
Where is this residential income property located?
The property is located at 631 Cardinal Way Sun Prairie, WI.
What is the asking price?
The asking price for this property is $373,000.
What are key features of this property?
This property features: 2,233 property‑size designation; Built in 2001; UR‑12 zoning in Sun Prairie, WI
