Building Details

Year Built 1948

Stories 2

Listing Agency: Keller Williams Realty

Listed By: Bonita Nunez · License #5191794 Show Phone

Source: Holtrealestateteam

Added: Mar 13 Changed: Oct 7 Last Checked: Oct 7 at 1:17PM

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Investment Insights

Based on property information with market context.

Located at 702 West Wingra Drive in Madison, this two-story mixed-use property occupies a corner lot near the Park Street corridor. The building includes two residential units on the upper floor: one with one bedroom and another with three bedrooms. The main level provides commercial space that was formerly used as a pet clinic and can accommodate a range of commercial uses, subject to applicable requirements.

The property offers access to the Beltline, Madison College, UW, hospitals, a library, shops, and nearby bike and walking paths. Built in 1948, the structure features brick and stone exteriors, forced-air heating, and CC-T zoning. Measurements are approximate, and the property is being sold as-is.

Key Highlights

• CC‑T zoning on a corner‑lot mixed‑use property
• Two‑story building constructed in 1948
• Upper level includes 1‑bedroom and 3‑bedroom residential units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,333

Cap Rate

3.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$906,660 $906.7K

Cap Rate 7%

$647,614 $647.6K

Cap Rate 9%

$503,700 $503.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,285 SF

Gross rent

$78.8K $24.00/SF

− Vacancy

−$6.3K −$1.92/SF

EGI

$72.5K $22.08/SF

− OpEx

−$27.2K −$8.28/SF

NOI

$45.3K $13.80/SF

Area

Madison, WI

Vacancy

8.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$906,660

Cap Rate 7%

$647,614

Cap Rate 9%

$503,700

Alternative Uses

Best Use

Mixed Use

$647.6K

$566.7K – $755.6K (±1% cap)

NOI $45,333 @ 7.0% cap · market cap 3.84%

Second Best

Apartment 5plus

$575.6K

$503.7K – $671.6K (±1% cap)

NOI $40,295 @ 7.0% cap · market cap 3.42%

Theoretical Best

Office A

$959.6K

$839.7K – $1.12M (±1% cap)

NOI $67,172 @ 7.0% cap · market cap 5.69%

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

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Big Box & Wholesale Store Building Supply HVAC Service

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

Lease Details

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,209

Businesses Nearby

Explore this area Business Placement

Demographics for 53715, WI

16,517

Population

5,640

Households

2.9

Avg Household Size

24

Median Age

66%

College-Educated

95%

High-School Grad

1.3 sq mi

ZIP Area

12,705

Density / Sq Mi

$37,598

Median Household Income

$8,819

Median Earnings

$1,533

Median Rent

$436,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-story building combines upper-level residences with a flexible commercial area and CC-T zoning.

Where is this mixed-use property located?

The property is located at 702 W Wingra Dr Madison, WI.

What is the asking price?

The asking price for this property is $1,179,900.

What are key features of this property?

This property features: CC‑T zoning on a corner‑lot mixed‑use property; Two‑story building constructed in 1948; Upper level includes 1‑bedroom and 3‑bedroom residential units