Flex Space Condo with Overhead
New
For Sale
Under Contract
$219,900
7645 Grinde Road, De Forest, WI 53532
Business/Comm, DeForest, WI
Property Size1,500 SF
Lot Size0.12 Acres
Price / SF$146.60
Days on Market2
Property Features for 7645 Grinde Road
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
Commercial
Security features
Security Lighting
Interior features
Overhead doors, Truck dr(s) 15ft or lower, Security lighting
Lot features
Industrial park
Directions
WI 19 W, Rt on US 51, Exit CRV to left on E North St, to Rt on Stevenson St - turns into Grinde Road.
Subdivision
WINDSOR - V
Standard status
Active Under Contract
APN
0910-054-6032-1
Size
1,500 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Building Details
Year built
2025
Number of units
4
Roof type
Composition
Listing Agency:
Realty Executives Cooper Spransy · Realty Executives International
(608) 661-7900
Listed By:
Kim Elton · License #3724294
(608) 512-7836
Added: Aug 31
Last Checked: Sep 1 at 6:06AM
MLS# 2007912
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 under-construction flex space condominium project offers 1,500-square-foot units designed for storage and workspace uses. Each unit is 60 feet deep and includes insulated walls, an LP SmartSide exterior, a 12' x 14' motorized overhead door, security lighting, and a composition roof. Optional office, bathroom, and mezzanine build-outs provide additional configuration flexibility, while combining units can create up to 4,500 square feet. The property was built in 2025 and is zoned Commercial.
Located at 7645 Grinde Road in DeForest, Wisconsin, the property includes truck doors 15 feet or lower. The offering is part of Phases 3 and 4 of the development and is suited to commercial storage and workspace requirements, including contractor, hobby, RV, and boat storage applications supported by the unit design.
Located at 7645 Grinde Road in DeForest, Wisconsin, the property includes truck doors 15 feet or lower. The offering is part of Phases 3 and 4 of the development and is suited to commercial storage and workspace requirements, including contractor, hobby, RV, and boat storage applications supported by the unit design.
Key Highlights
- 1,500 SF flex space units, each 60 feet deep
- 12' x 14' motorized overhead door in each unit
- Insulated walls with LP SmartSide exterior
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
$17,883
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
8.13%
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%
$357,660
$357.7K
Cap Rate 7%
$255,471
$255.5K
Cap Rate 9%
$198,700
$198.7K
Market Conditions
NOI Build-Up for 1,500 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
$21.6K $14.40/SF
− Vacancy
−$562 −$0.37/SF
EGI
$21.0K $14.03/SF
− OpEx
−$3.2K −$2.10/SF
NOI
$17.9K $11.92/SF
Area
Dane County, WI
Vacancy
2.60%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
15.00%
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%
$357,660
Cap Rate 7%
$255,471
Cap Rate 9%
$198,700
Alternative Uses
Best Use
Warehouse
$255.5K
$223.5K – $298.1K
NOI $17,883 @ 7.0% cap · market cap 8.13%
Second Best
Industrial
$210.4K
$184.1K – $245.5K
NOI $14,727 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$348.6K
$305.0K – $406.7K
NOI $24,400 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
44
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53532, WI
15,962
Population
6,375
Households
2.5
Avg Household Size
39
Median Age
43%
College-Educated
97%
High-School Grad
54.2 sq mi
ZIP Area
295
Density / Sq Mi
$110,050
Median Household Income
$56,970
Median Earnings
$1,381
Median Rent
$355,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Under-construction commercial condos offer insulated workspace with optional office, bathroom, and mezzanine build-outs.
Where is this flex space located?
The property is located at 7645 Grinde Road De Forest, WI.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: 1,500 SF flex space units, each 60 feet deep; 12' x 14' motorized overhead door in each unit; Insulated walls with LP SmartSide exterior
