Building Details

Year Built 1984

Listed By: Briggs Realty Group Show Phone

Source: Thebriggsrealtygroup

Added: Aug 26 Changed: Oct 6 Last Checked: Oct 14 at 11:21PM

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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.

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 / Yr

$258,916

Cap Rate

7.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,178,320 $5.2M

Cap Rate 7%

$3,698,800 $3.7M

Cap Rate 9%

$2,876,844 $2.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 21,108 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $431,616 @ 7.0% cap · market cap 12.33%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Westward Manor Apartment Building

Suggested Use

Top Pick Parking Lot & Garage HVAC Service (Bike/Boat/Book/etc) Store Food Market Grocery & Convenience Store Travel Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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