Updated Residential Income Property with
For Sale
$199,500
6402 Milwaukee Street Unit 107, Madison, WI 53718
Open-concept condo with a flexible den, private outdoor space, underground parking, and community fitness amenities.
Property Size850 SF
Price / SF$234.71
Days on Market208
Property Features for 6402 Milwaukee Street Unit 107
General Information
Standard status
Active
Size
850 SF
Property subtype
Condo / Ranch-1 Story
Zoning
PD
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,478
Amenities
fitness center
community room
Seller & Tenants Personal Property
Range/Oven,Refrigerator,Dishwasher,Microwave,Disposal,Washer,Dryer,TV Mounts in Bedroom & Living Room,All Window Coverings,Above & Below Cabinet Lighting
Forced air, Central air
Walk-in closet(s), Washer, Dryer, Cable/Satellite Available, Storage Unit Inc, At Least 1 tub, Internet - DSL
Vinyl, Brick, Stone
Deck/Balcony
Building Details
Year Built
2005
Listing Agency:
EXP Realty, LLC
Listed By:
Deanna Prochaska · License #29513-94
(608) 575-7565
Source:
Compass
Added: Feb 7
Changed: Aug 31
Last Checked: Aug 30 at 2:26AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
Unit 107 is an 850-square-foot condo in a residential income property built in 2005. The open living area is complemented by a den or flex room, walk-in closet, storage unit, in-unit washer and dryer, and a private deck with access to green space. Recent updates include a remodeled pantry, custom closet shelving, refreshed bathroom cabinetry, a quartz bathroom countertop, interior paint, and a new HVAC and air-conditioning combination installed in 2025. The kitchen includes a range, refrigerator, dishwasher, microwave, disposal, cabinet lighting, and window coverings.
The property is located at 6402 Milwaukee Street in Madison, near parks, bike paths, restaurants, grocery stores, and interstate access. Building amenities include underground parking, a fitness center, and a community room. The building is pet-friendly, and the property is zoned PD.
The property is located at 6402 Milwaukee Street in Madison, near parks, bike paths, restaurants, grocery stores, and interstate access. Building amenities include underground parking, a fitness center, and a community room. The building is pet-friendly, and the property is zoned PD.
Key Highlights
- 850 SF condo in a 2005‑built residential income property
- New HVAC/AC combo installed in 2025
- Private deck with direct access to green 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
$10,426
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
5.23%
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%
$208,520
$208.5K
Cap Rate 7%
$148,943
$148.9K
Cap Rate 9%
$115,844
$115.8K
Market Conditions
NOI Build-Up for 850 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
$19.8K $23.28/SF
− Vacancy
−$831 −$0.98/SF
EGI
$19.0K $22.30/SF
− OpEx
−$8.5K −$10.04/SF
NOI
$10.4K $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%
$208,520
Cap Rate 7%
$148,943
Cap Rate 9%
$115,844
Alternative Uses
Best Use
Apartment 5plus
$148.9K
$130.3K – $173.8K
NOI $10,426 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$248.3K
$217.3K – $289.7K
NOI $17,381 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
68
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 - Open-concept condo with a flexible den, private outdoor space, underground parking, and community fitness amenities.
Where is this residential income property located?
The property is located at 6402 Milwaukee Street Unit 107 Madison, WI.
What is the asking price?
The asking price for this property is $199,500.
What are key features of this property?
This property features: 850 SF condo in a 2005‑built residential income property; New HVAC/AC combo installed in 2025; Private deck with direct access to green space
