White-Box Flex
For Sale
$1,150,000
709 Atlas Avenue, Madison, WI 53714
White-boxed industrial building with new mechanicals and an adaptable interior.
Property Size8,652 SF
Price / SF$132.92
Days on Market330
Property Features for 709 Atlas Avenue
General Information
Standard status
Active
Size
8,652 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$11,087
Amenities
3
Metal
IL
On Site, Gravel.
Building Details
Year Built
1971
Listing Agency:
NextHome Metro
(608) 347-5525
Listed By:
Katie Lichtie · License #6011890
(608) 347-5525
Source:
Xome
Added: Oct 5, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:09PM
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 NextHome Metro
Investment Insights
Based on property information with market context.
This 8,652 SF flex space occupies a 1-acre lot in Madison, WI, with IL zoning supporting an industrial-oriented property profile. The 1971 building has been white-boxed with new mechanical systems and updated utilities, creating an open interior that can be configured for the next occupant’s needs.
The property offers access to major highways and is positioned for trades, light manufacturing, service operations, or flex-office use. A buyer can complete the remaining build-out for its own operations or lease the space to a tenant seeking a customizable industrial setting. On-site gravel parking is included.
The property offers access to major highways and is positioned for trades, light manufacturing, service operations, or flex-office use. A buyer can complete the remaining build-out for its own operations or lease the space to a tenant seeking a customizable industrial setting. On-site gravel parking is included.
Key Highlights
- 8,652 SF light industrial building on a 1‑acre lot
- IL‑zoned property in Madison, WI
- White‑boxed interior with new mechanicals and updated utilities
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
$72,007
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
6.26%
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%
$1,440,140
$1.4M
Cap Rate 7%
$1,028,671
$1.0M
Cap Rate 9%
$800,078
$800.1K
Market Conditions
NOI Build-Up for 8,652 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
$114.2K $13.20/SF
− Vacancy
−$3.4K −$0.40/SF
EGI
$110.8K $12.80/SF
− OpEx
−$38.8K −$4.48/SF
NOI
$72.0K $8.32/SF
Area
Madison, WI
Vacancy
3.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$1,440,140
Cap Rate 7%
$1,028,671
Cap Rate 9%
$800,078
Alternative Uses
Best Use
Flex RnD
$1.03M
$900.1K – $1.20M
NOI $72,007 @ 7.0% cap · market cap 6.26%
Second Best
Industrial
$652.6K
$571.0K – $761.4K
NOI $45,681 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $176,916 @ 7.0% cap · market cap 15.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
523
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53714, WI
16,289
Population
7,975
Households
2
Avg Household Size
40
Median Age
40%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
3,541
Density / Sq Mi
$69,862
Median Household Income
$41,738
Median Earnings
$1,220
Median Rent
$275,000
Median Home Value
Market
Vacancy Rate% for Industrial in Madison, WI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Gaylord Catering Service, Inc. — 709 Atlas Ave, Madison, WI 53714
- Curd Girl Food Cart — 709 Atlas Ave, Madison, WI 53714
Frequently Asked Questions
What type of property is this?
Flex space - White-boxed industrial building with new mechanicals and an adaptable interior.
Where is this flex space located?
The property is located at 709 Atlas Avenue Madison, WI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 8,652 SF light industrial building on a 1‑acre lot; IL‑zoned property in Madison, WI; White‑boxed interior with new mechanicals and updated utilities
