32-Unit Apartment
New
For Sale
$3,500,000
7502 Westward Way, Madison, WI 53717
Multi Family, Madison, WI
Property Size21,108 SF
Lot Size0.83 Acres
Price / SF$165.81
Days on Market6
Property Features for 7502 Westward Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
commercial
Parking features
Parking Lot, Off Street
Appliances
32
Elementary school
Muir
Middle school
Jefferson
High school
Memorial
Elementary school district
Madison
Middle school district
Madison
High school district
Madison
Directions
West Beltline head east on Mineral Point, left or North on Randolph Drive and west on Westward Way
Subdivision
MADISON - C W07
Standard status
Active
APN
0708-233-0201-6
Lot size
0.83 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
49534
Amenities
on-site laundry
dedicated basement storage
off-street surface parking
Building Details
Year built
1984
Number of units
32
Listing Agency:
Stark Company, REALTORS
(608) 256-9018
Listed By:
Chris Stark
(608) 443-4824
Added: Aug 24
Changed: Aug 27
Last Checked: Aug 29 at 10:06PM
MLS# 2031155
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.
Westward Manor contains 32 apartment units, including 24 efficiencies and 8 one-bedroom layouts, across 21,108 gross sq. ft. Built in 1984, the property reports 96.9% occupancy. Each unit has an individual PTAC heating and cooling system, along with dedicated basement storage. The improvements also include coin-operated laundry facilities, off-street surface parking, and a roof replaced in 2017.
The 0.83-acre property is located at 7502 Westward Way in Madison, Wisconsin, and carries commercial zoning. Its setting is near Research Park, Madison Area Technical College, and local transit.
The 0.83-acre property is located at 7502 Westward Way in Madison, Wisconsin, and carries commercial zoning. Its setting is near Research Park, Madison Area Technical College, and local transit.
Key Highlights
- 32 apartment units across 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
1,409
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - West-side property includes individual climate control, basement storage, on-site laundry, and surface parking.
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 apartment units across 21,108 gross sq. ft.; Unit mix includes 24 efficiencies and 8 one‑bedroom layouts; 96.9% occupancy
