Corner Mixed-Use
For Sale
$1,179,900
702 W Wingra Dr, Madison, WI 53715
Two-story building combines upper-level residences with a flexible commercial area and CC-T zoning.
Property Size3,285 SF
Price / SF$359.18
Days on Market171
Property Features for 702 W Wingra Dr
General Information
Standard status
Active
Size
3,285 SF
Units
Unit Mix
1 x 1BR, 1 x 3BR
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1948
Stories
2
Listing Agency:
Keller Williams Realty
(608) 347-4663
Listed By:
Bonita Nunez · License #5191794
Source:
Holtrealestateteam
Added: Mar 13
Changed: Aug 30
Last Checked: Aug 25 at 4:51AM
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 Keller Williams Realty
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.
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 = 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
$45,333
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
3.84%
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%
$906,660
$906.7K
Cap Rate 7%
$647,614
$647.6K
Cap Rate 9%
$503,700
$503.7K
Market Conditions
NOI Build-Up for 3,285 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
$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 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%
$906,660
Cap Rate 7%
$647,614
Cap Rate 9%
$503,700
Alternative Uses
Best Use
Mixed Use
$647.6K
$566.7K – $755.6K
NOI $45,333 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$575.6K
$503.7K – $671.6K
NOI $40,295 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$959.6K
$839.7K – $1.12M
NOI $67,172 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
