Renovated Flex Space with Workshop
For Sale
$474,900
674 County Road O, Mineral Point, WI 53565
Renovated office space includes private offices, kitchen, bathrooms, and adaptable areas for meetings or workstations.
Property Size1,607 SF
Price / SF$295.52
Days on Market35
Property Features for 674 County Road O
General Information
Standard status
Active
Size
1,607 SF
Property subtype
Commercial
Building Details
Year Built
999
Listing Agency:
RE/MAX Preferred
Listed By:
Christina Weitzel · License #8555494
(608) 574-9145
Source:
Madisonareahomelistings
Added: Aug 2
Changed: Sep 4
Last Checked: Sep 4 at 2:27PM
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 RE/MAX Preferred
Investment Insights
Based on property information with market context.
This flex-space property combines a renovated office building with an optional 60-by-100-foot shed. The office component measures 1,607 square feet and features an open arrangement, three private offices, two bathrooms, a full kitchen, and adaptable areas for reception, meetings, or additional workstations. Renovations include new flooring, lighting, plumbing, windows, kitchen components, bathrooms, and appliances.
The 6,000-square-foot shed adds substantial enclosed space for workshop, storage, warehouse, service, trades, or business expansion needs. The property is located at 674 County Road O in Mineral Point, Wisconsin, providing a combined office and operational layout for businesses seeking updated administrative space alongside a large work area.
The 6,000-square-foot shed adds substantial enclosed space for workshop, storage, warehouse, service, trades, or business expansion needs. The property is located at 674 County Road O in Mineral Point, Wisconsin, providing a combined office and operational layout for businesses seeking updated administrative space alongside a large work area.
Key Highlights
- Renovated 1,607‑square‑foot office building
- Open layout with 3 private offices and 2 bathrooms
- Full kitchen plus flexible reception, meeting, and workspace areas
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
$27,109
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
5.71%
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%
$542,180
$542.2K
Cap Rate 7%
$387,271
$387.3K
Cap Rate 9%
$301,211
$301.2K
Market Conditions
NOI Build-Up for 1,607 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
$42.4K $26.40/SF
− Vacancy
−$6.3K −$3.91/SF
EGI
$36.1K $22.49/SF
− OpEx
−$9.0K −$5.62/SF
NOI
$27.1K $16.87/SF
Area
Iowa County, WI
Vacancy
14.80%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$542,180
Cap Rate 7%
$387,271
Cap Rate 9%
$301,211
Alternative Uses
Best Use
Office B
$387.3K
$338.9K – $451.8K
NOI $27,109 @ 7.0% cap · market cap 5.71%
Second Best
Flex RnD
$191.1K
$167.2K – $222.9K
NOI $13,374 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$469.4K
$410.8K – $547.7K
NOI $32,860 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53565, WI
4,899
Population
2,026
Households
2.4
Avg Household Size
45
Median Age
31%
College-Educated
95%
High-School Grad
186.0 sq mi
ZIP Area
26
Density / Sq Mi
$81,362
Median Household Income
$47,060
Median Earnings
$805
Median Rent
$254,200
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?
Flex space - Renovated office space includes private offices, kitchen, bathrooms, and adaptable areas for meetings or workstations.
Where is this flex space located?
The property is located at 674 County Road O Mineral Point, WI.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Renovated 1,607‑square‑foot office building; Open layout with 3 private offices and 2 bathrooms; Full kitchen plus flexible reception, meeting, and workspace areas
