Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    654-698 W Washington Ave Madison, WI 53703

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Office space available for lease in Madison, Wisconsin.

    Property size:
    3,684 SF
    Lot size:
    2.41 Acres

    Property Features for 654-698 W Washington Ave

    General Information

    Size
    3,684 SF
    Lot size
    2.41 Acres

    We can help!

    Listing Contact
    Andrew Schmidt
    Source: Moodyscre

    Listing Agency: Alexander RE Listing Agent: Andrew Schmidt

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Madison Office Space For Rent

    This commercial property offers office space for rent, encompassing a total area of 6,348 square feet. Located in Madison, Wisconsin, the property is suitable for office use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.3955845
    Latitude
    43.0676687

    Nearby Similar for Lease

    • New
      $110,925

      Versatile Commercial Space in Madison

      Expansive mixed-use property with office, retail, and warehouse potential.
      1342 Dewey Ct, Madison, WI 53703
      View Details
    • $600 /Mo

      Functional Lower-Level Office Space

      Inexpensive office space near campus on Regent Street.
      1050 Regent St, Madison, WI 53715
      View Details
    • New
      $11,214 /Mo

      Versatile Commercial Space in Madison

      Adaptable commercial space in a desirable east-side Madison location.
      195-209 Cottage Grove Rd, Madison, WI 53716
      View Details
    • $169,900
      2,300 SF

      Turn Key Restaurant Opportunity

      Operating restaurant for rent in the heart of Madison.
      605 E Washington Ave, Madison, WI 53703
      View Details
    • $18,000 /Mo

      Versatile Retail, Office, Warehouse Space

      Affordable space with parking near East Washington Street in Madison.
      2645 Milwaukee St, Madison, WI 53704
      View Details
    • New
      $29 SF/Yr

      The Saddlery

      Downtown Madison Retail, Restaurant, Office Space for Lease
      329-331 E Wilson St, Madison, WI 53703
      View Details
    • Contact for pricing

      Park Bank Plaza

      Flexible workspace in San Jose Airport
      2810 Crossroads Dr, Madison, WI 53718
      View Details
    • Contact for pricing

      Spaces East Washington

      Discover many ways to work your way in AZ, Tempe - Hayden Ferry Lake
      811 Floors, Madison, WI 53703
      View Details
    • Sponsored
      Contact for pricing

      WI, Madison - Heartland Trl

      Discover many ways to work your way in Greenwich
      708 Heartland Trl, Madison, WI 53717
      View Details
    • Contact for pricing

      WI, Madison - W. Broadway

      Workspaces, services and support to help you work better in John Hancock Center
      1574 Broadway, Madison, WI 53713
      View Details
    • Contact for pricing

      WI, Madison - Corporate Dr

      Discover many ways to work your way in San Antonio Airport
      258 Corporate Dr, Madison, WI 53714
      View Details
    • Contact for pricing

      WI, Madison - Eastpark Blvd

      Discover many ways to work your way in San Antonio Airport
      4901 Eastpark Blvd, Madison, WI 53718
      View Details

    FAQs

    What type of property is this?
    Office units - Office space available for lease in Madison, Wisconsin.
    Where is this office units located?
    The property is located at 654-698 W Washington Ave Madison, WI.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: - Office space available for lease; - Located in Madison, Wisconsin
    (608) 268-8116 Call to check price and availability
    Request Owner's contact information
    654-698 W Washington Ave Madison, WI 53703
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    654-698 W Washington Ave
    Madison, WI 53703
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    654-698 W Washington Ave Madison, WI 53703
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Andrew Schmidt
    (608) 268-8116
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!