Two-Story Mixed-Use
For Sale
$1,179,900
702 W Wingra Drive, Madison, WI 53715
Business/Comm, Madison, WI
Property Size3,285 SF
Lot Size0.29 Acres
Price / SF$359.18
Days on Market201
Property Features for 702 W Wingra Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CC-T
Lot features
Corner, Free standing, Near public transportatn
Directions
Beltline Hwy to Park St. to rt on Wingra
Subdivision
MADISON - C W15
Standard status
Active
APN
0709-264-0801-8
Size
3,285 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
9078
Building Details
Year built
1948
Number of units
3
Roof type
Flat
Listing Agency:
Keller Williams Realty
(608) 831-0800
Listed By:
Bonita Nunez · License #5191794
(608) 347-4663
Added: Feb 13
Changed: Aug 31
Last Checked: Sep 2 at 12:06AM
MLS# 2016471
Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 702 W Wingra Drive in Madison, this two-story mixed-use property contains 3,285 square feet on a 0.29-acre corner lot. The main level includes commercial space formerly used as a pet clinic, while the second floor has one one-bedroom unit and one three-bedroom unit. The building dates to 1948, has a flat roof, and is offered as-is. CC-T zoning is identified for the property.
The property sits near the Park Street corridor, behind Starbucks, with access to the Beltline, Madison College, UW, hospitals, a library, shops, and bike and walking paths. Its location also places commercial and residential components within the same building, providing a combined-use configuration in Madison.
The property sits near the Park Street corridor, behind Starbucks, with access to the Beltline, Madison College, UW, hospitals, a library, shops, and bike and walking paths. Its location also places commercial and residential components within the same building, providing a combined-use configuration in Madison.
Key Highlights
- 3,285‑square‑foot mixed‑use building on a 0.29‑acre corner lot
- Second floor includes 1‑bedroom and 3‑bedroom residential units
- Ground‑floor commercial space formerly used as a pet clinic
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
Yes
Paved road 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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner-lot property combines ground-floor commercial space with two residential units.
Where is this mixed-use property located?
The property is located at 702 W Wingra Drive 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: 3,285‑square‑foot mixed‑use building on a 0.29‑acre corner lot; Second floor includes 1‑bedroom and 3‑bedroom residential units; Ground‑floor commercial space formerly used as a pet clinic
