Finished Warehouse Storage
For Sale
$304,900
644 Liberty Drive, Verona, WI 53593
COMMERCIAL - Verona, WI
Property Size1,250 SF
Lot Size2.40 Acres
Price / SF$243.92
Days on Market116
Property Features for 644 Liberty Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
SI
Rooms
Family Room
Security features
Security System
Interior features
Overhead doors, Shared Restrooms, Shared conference room, Security system, Inside storage, Recreation facilities
Lot features
Industrial park, Near Major Highway
Directions
Whalen Rd or County Rd. M to Liberty Drive.
Subdivision
VERONA - C
Standard status
Active
APN
0608-234-2256-2
Size
1,250 SF
Lot size
2.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2764424
Amenities
clubhouse
Building Details
Year built
2025
Number of units
15
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Great Rock Realty LLC
(608) 492-2272
Listed By:
Keith Schulz · License #5725690
(608) 492-2272
Added: Apr 17
Changed: Aug 10
Last Checked: Aug 10 at 7:06PM
MLS# 2018092
Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction warehouse storage condo provides 1,250 square feet within a 25' x 50' nominal unit. The property includes an overhead door, metal roofing, an individual furnace, a 125-amp electrical panel, separate utility metering, and bathroom rough-ins. Owners can customize the interior with features such as mezzanines, lifts, and epoxy flooring. Zoning is SI, and the building was constructed in 2025.
Ownership includes access to a finished clubhouse with two bathrooms, a kitchen and bar area, conference table, lounge seating, and recreation space. Shared amenities also include restrooms, a conference room, security system, interior storage, and recreation facilities. The property is located at 644 Liberty Drive in Verona, Wisconsin.
Ownership includes access to a finished clubhouse with two bathrooms, a kitchen and bar area, conference table, lounge seating, and recreation space. Shared amenities also include restrooms, a conference room, security system, interior storage, and recreation facilities. The property is located at 644 Liberty Drive in Verona, Wisconsin.
Key Highlights
- 1,250‑square‑foot warehouse storage condo with 25' x 50' nominal dimensions
- Individual furnace, 125‑amp electrical panel, and separate utility metering
- Bathroom rough‑ins and overhead door included
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
$14,902
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
4.89%
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%
$298,040
$298.0K
Cap Rate 7%
$212,886
$212.9K
Cap Rate 9%
$165,578
$165.6K
Market Conditions
NOI Build-Up for 1,250 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
$18.0K $14.40/SF
− Vacancy
−$468 −$0.37/SF
EGI
$17.5K $14.03/SF
− OpEx
−$2.6K −$2.10/SF
NOI
$14.9K $11.92/SF
Area
Dane County, WI
Vacancy
2.60%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
15.00%
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%
$298,040
Cap Rate 7%
$212,886
Cap Rate 9%
$165,578
Alternative Uses
Best Use
Warehouse
$212.9K
$186.3K – $248.4K
NOI $14,902 @ 7.0% cap · market cap 4.89%
Second Best
Self Storage
$155.1K
$135.7K – $181.0K
NOI $10,857 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$290.5K
$254.2K – $338.9K
NOI $20,333 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53593, WI
28,232
Population
12,583
Households
2.2
Avg Household Size
37
Median Age
68%
College-Educated
99%
High-School Grad
76.2 sq mi
ZIP Area
370
Density / Sq Mi
$135,699
Median Household Income
$74,356
Median Earnings
$1,530
Median Rent
$464,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Under-construction storage condo with dedicated utilities, customization options, and access to a shared finished clubhouse.
Where is this warehouse located?
The property is located at 644 Liberty Drive Verona, WI.
What is the asking price?
The asking price for this property is $304,900.
What are key features of this property?
This property features: 1,250‑square‑foot warehouse storage condo with 25' x 50' nominal dimensions; Individual furnace, 125‑amp electrical panel, and separate utility metering; Bathroom rough‑ins and overhead door included
