32-Unit Apartment
New
For Sale
$3,500,000
7502 Westward Way, Madison, WI 53717
Multifamily property with individual PTAC systems, basement storage, surface parking, and on-site laundry.
Property Size21,108 SF
Price / SF$165.81
Days on Market5
Property Features for 7502 Westward Way
General Information
Standard status
Active
Size
21,108 SF
Property subtype
Multi-Family
Occupancy
97%
Units
Unit Mix
24 x efficiency, 8 x 1BR
Multifamily Units
32
Additional Details
Public Transit
Yes
Amenities
on-site laundry
basement storage
Building Details
Year Built
1984
Listing Agency:
(608) 755-5400
Listed By:
Briggs Realty Group
(608) 755-5400
Source:
Thebriggsrealtygroup
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 11:25PM
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 Briggs Realty Group
Investment Insights
Based on property information with market context.
Westward Manor is a 32-unit apartment property totaling 21,108 gross sq. ft. The unit mix includes 24 efficiencies and 8 one-bedroom layouts. Constructed in 1984, the property has a 96.9% occupancy rate and received a roof replacement in 2017. Individual PTAC heating and cooling serve each unit, while basement storage and off-street surface parking support resident use. Coin-operated laundry facilities are located on site.
The property is located at 7502 Westward Way on Madison’s west side, near Research Park, Madison Area Technical College, and local transit. Its existing apartment configuration, resident storage, parking, laundry, and unit-level climate control provide a defined operating setup for multifamily ownership.
The property is located at 7502 Westward Way on Madison’s west side, near Research Park, Madison Area Technical College, and local transit. Its existing apartment configuration, resident storage, parking, laundry, and unit-level climate control provide a defined operating setup for multifamily ownership.
Key Highlights
- 32 units totaling 21,108 gross sq. ft.
- Unit mix includes 24 efficiencies and 8 one‑bedroom layouts
- 96.9% occupancy
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
$258,916
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
7.40%
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%
$5,178,320
$5.2M
Cap Rate 7%
$3,698,800
$3.7M
Cap Rate 9%
$2,876,844
$2.9M
Market Conditions
NOI Build-Up for 21,108 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
$491.4K $23.28/SF
− Vacancy
−$20.6K −$0.98/SF
EGI
$470.8K $22.30/SF
− OpEx
−$211.8K −$10.04/SF
NOI
$258.9K $12.27/SF
Area
Madison, WI
Vacancy
4.20%
Lease Rate
$23.28 /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%
$5,178,320
Cap Rate 7%
$3,698,800
Cap Rate 9%
$2,876,844
Alternative Uses
Best Use
Apartment 5plus
$3.70M
$3.24M – $4.32M
NOI $258,916 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.17M
$5.40M – $7.19M
NOI $431,616 @ 7.0% cap · market cap 12.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
96.9%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,591
Businesses Nearby
Explore this area
Business Placement
Demographics for 53717, WI
12,798
Population
6,404
Households
2
Avg Household Size
40
Median Age
66%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
3,555
Density / Sq Mi
$96,245
Median Household Income
$56,313
Median Earnings
$1,385
Median Rent
$404,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with individual PTAC systems, basement storage, surface parking, and on-site laundry.
Where is this apartment building located?
The property is located at 7502 Westward Way Madison, WI.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 32 units totaling 21,108 gross sq. ft.; Unit mix includes 24 efficiencies and 8 one‑bedroom layouts; 96.9% occupancy
