Updated Residential Income
For Sale
$295,000
735 Athletic Way, Sun Prairie, WI 53590
Ranch-style condominium with finished lower-level recreation space, attached garage, deck, and patio.
Property Size1,777 SF
Price / SF$166.01
Days on Market181
Property Features for 735 Athletic Way
General Information
Standard status
Active
Size
1,777 SF
Total Parking Spaces
2
Property subtype
Condo / Ranch-1 Story
Zoning
PUD
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,567
Amenities
sun room
deck
front patio
rec room
bar
laundry
Seller's Personal Property
Refrigerator, Range/Oven, Dishwasher, Microwave, Washer, Dryer, Water Softener
Forced air, Central air
Walk-in closet(s), Vaulted ceiling, Washer, Dryer, Water softener included, Cable/Satellite Available, At Least 1 tub, Split bedrooms, Internet -Fiber Available, Smart doorbell
Vinyl, Brick
Gas, 1 fireplace
Private Entry, Deck/Balcony, Patio, Cul de Sac
Building Details
Year Built
1997
Construction
ranch-style
Listing Agency:
Pinnacle Real Estate Group LLC
Listed By:
Austin Fleer · License #84429-94
(608) 658-5534
Source:
Compass
Added: Mar 12
Changed: Aug 31
Last Checked: Aug 31 at 2:22AM
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 Pinnacle Real Estate Group LLC
Investment Insights
Based on property information with market context.
This updated ranch-style condominium offers 1,777 square feet with two bedrooms and two full bathrooms. The main level combines living and dining areas with a sunroom, while refreshed flooring extends throughout the home. The kitchen includes ample cabinetry and a breakfast bar. The primary bedroom has a private bathroom and walk-in closet, and the second bedroom is paired with a full bath that includes laundry. A finished lower level adds a recreation room and bar for additional living space.
The property includes a two-car attached garage, deck, front patio, private entry, and cul-de-sac setting. Interior features include forced-air heating, central air, a fireplace, vaulted ceilings, fiber internet availability, and a smart doorbell. Built in 1997 and zoned PUD, the condominium is located near parks, schools, shopping, and dining in Sun Prairie, with access to Madison.
The property includes a two-car attached garage, deck, front patio, private entry, and cul-de-sac setting. Interior features include forced-air heating, central air, a fireplace, vaulted ceilings, fiber internet availability, and a smart doorbell. Built in 1997 and zoned PUD, the condominium is located near parks, schools, shopping, and dining in Sun Prairie, with access to Madison.
Key Highlights
- 2‑bedroom, 2‑bath ranch‑style condominium with 1,777 SF
- Finished lower level with recreation room and bar
- Two‑car attached garage, deck, front patio, and private entry
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
$14,337
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
4.86%
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%
$286,740
$286.7K
Cap Rate 7%
$204,814
$204.8K
Cap Rate 9%
$159,300
$159.3K
Market Conditions
NOI Build-Up for 1,777 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
$27.3K $15.36/SF
− Vacancy
−$1.2K −$0.69/SF
EGI
$26.1K $14.67/SF
− OpEx
−$11.7K −$6.60/SF
NOI
$14.3K $8.07/SF
Area
Dane County, WI
Vacancy
4.50%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
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%
$286,740
Cap Rate 7%
$204,814
Cap Rate 9%
$159,300
Alternative Uses
Best Use
Apartment 5plus
$204.8K
$179.2K – $239.0K
NOI $14,337 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$412.9K
$361.3K – $481.8K
NOI $28,906 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Explore this area
Business Placement
Demographics for 53590, WI
43,684
Population
18,292
Households
2.4
Avg Household Size
37
Median Age
52%
College-Educated
97%
High-School Grad
65.9 sq mi
ZIP Area
663
Density / Sq Mi
$96,497
Median Household Income
$57,711
Median Earnings
$1,375
Median Rent
$354,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Ranch-style condominium with finished lower-level recreation space, attached garage, deck, and patio.
Where is this residential income property located?
The property is located at 735 Athletic Way Sun Prairie, WI.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bath ranch‑style condominium with 1,777 SF; Finished lower level with recreation room and bar; Two‑car attached garage, deck, front patio, and private entry
