Renovated Office Condominium
For Sale
Contact for pricing
781 Lois Drive, Sun Prairie, WI 53590
A 3,600 SF office condo built in 2001, renovated in 2024 with recent roof and common-area LED improvements.
Property Size3,600 SF
Price / SF$159.72
Days on Market118
Property Features for 781 Lois Drive
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Office
Investment Type
Stabilized
Net Operating Income
$35,562
Building Details
Year Built
2001
Year Renovated
2024
Stories
1
Tenancy
Multi
Listing Agency:
Cresa Madison
Listed By:
Matt Apter · License #WI 53452-90
(608) 852-3001
Source:
Crexi
Added: May 13
Changed: Aug 25
Last Checked: Sep 6 at 9:16PM
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 Cresa Madison
Investment Insights
Based on property information with market context.
This for-sale office condominium unit offers 3,600 SF in a building constructed in 2001 and renovated in 2024. The property includes two tenants, with the landlord responsible for HOA fees, utilities, taxes, and cleaning. Recent capital and interior work includes a new roof installed in 2023, remodeled common areas with LED lighting, and a complete remodel of one tenant space in 2024.
Per the provided information, the unit also reflects net operating income of $35,562. The condominium structure includes shared common areas that have been updated with LED lighting as part of the recent renovations.
Per the provided information, the unit also reflects net operating income of $35,562. The condominium structure includes shared common areas that have been updated with LED lighting as part of the recent renovations.
Key Highlights
- 3,600 SF office condominium unit in Sun Prairie, WI, built in 2001
- Renovated in 2024, including complete remodel of 1 tenant space
- New roof installed in 2023
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
$49,805
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
8.66%
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%
$996,100
$996.1K
Cap Rate 7%
$711,500
$711.5K
Cap Rate 9%
$553,389
$553.4K
Market Conditions
NOI Build-Up for 3,600 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
$79.1K $21.96/SF
− Vacancy
−$12.6K −$3.51/SF
EGI
$66.4K $18.45/SF
− OpEx
−$16.6K −$4.61/SF
NOI
$49.8K $13.83/SF
Area
Dane County, WI
Vacancy
16.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$996,100
Cap Rate 7%
$711,500
Cap Rate 9%
$553,389
Alternative Uses
Best Use
Office B
$711.5K
$622.6K – $830.1K
NOI $49,805 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$836.6K
$732.0K – $976.0K
NOI $58,560 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Explore this area
Business Placement
Demographics for 53590, WI
43,684
Population
18,292
Households
2.4
Avg Household Size
37
Median Age
52%
College-Educated
97%
High-School Grad
65.9 sq mi
ZIP Area
663
Density / Sq Mi
$96,497
Median Household Income
$57,711
Median Earnings
$1,375
Median Rent
$354,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - A 3,600 SF office condo built in 2001, renovated in 2024 with recent roof and common-area LED improvements.
Where is this office units located?
The property is located at 781 Lois Drive Sun Prairie, WI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,600 SF office condominium unit in Sun Prairie, WI, built in 2001; Renovated in 2024, including complete remodel of 1 tenant space; New roof installed in 2023
