Building Details

Year built 2024

Number of units 1

Roof type Membrane

Listing Agency: American, REALTORS a***@gmail.com Show Phone

Listed By: David Baehr · License #5260990 Show Phone

Added: Jul 15 Changed: Oct 16 Last Checked: Oct 16 at 11:06PM

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MLS# 2025939

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.

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Investment Insights

Based on property information with market context.

Completed in 2024, this 19,211-square-foot flex complex includes a 14,737-square-foot primary building and a detached 4,474-square-foot structure. The property supports a mix of office, showroom, retail, and warehouse functions, with overhead doors, private restrooms, 3-phase electric service, reception space, private offices, internal sprinklers, and a security system. A membrane roof and available signage add to the functional configuration.

The primary building is mostly vacant, while the detached building is fully leased. The improvements occupy 2.27 acres at 645 Sandpiper Trail in Cottage Grove, Wisconsin, within PB zoning. The property is positioned within the Madison-area market and offers a combination of flexible commercial space and an occupied secondary building.

Key Highlights

• 19,211 SF flex complex on 2.27 acres
• 14,737 SF main building plus 4,474 SF detached building
• Detached building is 100% leased

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$265,780

Cap Rate

5.42%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,315,600 $5.3M

Cap Rate 7%

$3,796,857 $3.8M

Cap Rate 9%

$2,953,111 $3.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 19,211 SF

Gross rent

$421.9K $21.96/SF

− Vacancy

−$67.5K −$3.51/SF

EGI

$354.4K $18.45/SF

− OpEx

−$88.6K −$4.61/SF

NOI

$265.8K $13.83/SF

Area

Dane County, WI

Vacancy

16.00%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,315,600

Cap Rate 7%

$3,796,857

Cap Rate 9%

$2,953,111

Alternative Uses

Best Use

Office B

$3.80M

$3.32M – $4.43M (±1% cap)

NOI $265,780 @ 7.0% cap · market cap 5.42%

Second Best

Warehouse

$3.27M

$2.86M – $3.82M (±1% cap)

NOI $229,029 @ 7.0% cap · market cap 4.67%

Theoretical Best

Office A

$4.46M

$3.91M – $5.21M (±1% cap)

NOI $312,496 @ 7.0% cap · market cap 6.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Building Supply Restaurant Law Firm Real Estate Agency Hair Salon Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

156

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 53527, WI

10,994

Population

4,732

Households

2.3

Avg Household Size

40

Median Age

48%

College-Educated

99%

High-School Grad

35.8 sq mi

ZIP Area

307

Density / Sq Mi

$119,808

Median Household Income

$60,027

Median Earnings

$1,531

Median Rent

$402,500

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Newer flex property combines office, showroom, retail, and warehouse areas with separate leased improvements.

Where is this flex space located?

The property is located at 645 Sandpiper Trail Cottage Grove, WI.

What is the asking price?

The asking price for this property is $4,900,000.

What are key features of this property?

This property features: 19,211 SF flex complex on 2.27 acres; 14,737 SF main building plus 4,474 SF detached building; Detached building is 100% leased