6-Unit Mixed-Use Condo
For Sale
Contact for pricing
Pending
6629 University Ave, Middleton, WI 53562
Fully leased commercial condo portfolio with varied professional and personal-service tenants in Middleton.
Property Size6,191 SF
Days on Market1046
Property Features for 6629 University Ave
General Information
Standard status
Pending
Size
6,191 SF
Property subtype
Retail, Office
Building Details
Units
5
Listing Agency:
Plato Commercial Real Estate, LLC
(608) 698-6833
Listed By:
Kent Yan · License #WI 52374-090
Source:
Crexi
Added: Oct 20, 2023
Changed: Aug 30
Last Checked: Aug 30 at 7:55AM
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 Plato Commercial Real Estate, LLC
Investment Insights
Based on property information with market context.
This offering includes six commercial condominium units totaling 6,191 square feet at 6629 University Ave in Middleton, Wisconsin. The units are currently leased, with tenant uses spanning an insurance agency, massage practice, barbershop, jewelry business, and therapy practice. Lease terms vary across the portfolio.
The property is positioned on University Ave within Middleton and combines retail-oriented and office-oriented occupancy in a single ownership offering. Seller-reported figures reflect a 7.9% cap rate as of 5/10/25.
The property is positioned on University Ave within Middleton and combines retail-oriented and office-oriented occupancy in a single ownership offering. Seller-reported figures reflect a 7.9% cap rate as of 5/10/25.
Key Highlights
- Six commercial condo units totaling 6,191 square feet
- All units currently leased
- 7.9% cap rate reflected in seller’s figures as of 5/10/25
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
$75,221
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
8.85%
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%
$1,504,420
$1.5M
Cap Rate 7%
$1,074,586
$1.1M
Cap Rate 9%
$835,789
$835.8K
Market Conditions
NOI Build-Up for 6,191 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
$133.7K $21.60/SF
− Vacancy
−$13.4K −$2.16/SF
EGI
$120.4K $19.44/SF
− OpEx
−$45.1K −$7.29/SF
NOI
$75.2K $12.15/SF
Area
Dane County, WI
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,504,420
Cap Rate 7%
$1,074,586
Cap Rate 9%
$835,789
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.43M
NOI $85,651 @ 7.0% cap · market cap 10.08%
Second Best
Mixed Use
$1.07M
$940.3K – $1.25M
NOI $75,221 @ 7.0% cap · market cap 8.85%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,706 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
784
Businesses Nearby
Explore this area
Business Placement
Demographics for 53562, WI
29,092
Population
13,617
Households
2.1
Avg Household Size
40
Median Age
65%
College-Educated
96%
High-School Grad
31.1 sq mi
ZIP Area
935
Density / Sq Mi
$97,241
Median Household Income
$60,688
Median Earnings
$1,394
Median Rent
$495,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased commercial condo portfolio with varied professional and personal-service tenants in Middleton.
Where is this mixed-use property located?
The property is located at 6629 University Ave Middleton, WI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Six commercial condo units totaling 6,191 square feet; All units currently leased; 7.9% cap rate reflected in seller’s figures as of 5/10/25
