32-Unit Apartment
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 Market52
Property Features for 7502 Westward Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
commercial
Parking features
Off Street, Parking Lot
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
individual PTAC Heating & Cooling units
dedicated basement storage
off-street surface parking
on-site coin-operated laundry
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: Oct 7
Last Checked: Oct 14 at 4:06AM
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.
This 32-unit apartment property contains 24 efficiency units and 8 one-bedroom units across 21,108 gross square feet. Built in 1984, the building has individual PTAC heating and cooling in each apartment, dedicated basement storage, off-street surface parking, and coin-operated laundry. The roof was replaced in 2017, and occupancy is 96.9%. The property is zoned commercial.
At 7502 Westward Way in Madison, the property is near Research Park, Madison Area Technical College, and local transit. The site comprises 0.83 acres.
At 7502 Westward Way in Madison, the property is near Research Park, Madison Area Technical College, and local transit. The site comprises 0.83 acres.
Key Highlights
- 32 apartments: 24 efficiencies and 8 one‑bedroom units
- 21,108 gross square feet on 0.83 acres
- 96.9% occupancy; built in 1984
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
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
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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Individual PTAC systems, basement storage, and coin-operated laundry serve the apartments.
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 apartments: 24 efficiencies and 8 one‑bedroom units; 21,108 gross square feet on 0.83 acres; 96.9% occupancy; built in 1984
