Residential Income Property with
For Sale
$380,000
9 Oak Grove Drive, Madison, WI 53717
Two-bedroom condo with private outdoor space, shared recreation amenities, and a two-car garage.
Property Size1,703 SF
Price / SF$223.14
Days on Market190
Property Features for 9 Oak Grove Drive
General Information
Standard status
Active
Size
1,703 SF
Property subtype
Condo / Ranch-1 Story
Zoning
PD
Taxes and HOA fees
Annual Taxes
$5,932
Amenities
Seller's personal Items
Refrigerator, Range/Oven, Dishwasher, Microwave, window coverings, entertainment center in living room
Forced air, Central air
Wood or sim. wood floors, Walk-in closet(s), Washer, Dryer, Water softener included, Cable/Satellite Available, At Least 1 tub, Smart doorbell
Vinyl
Wood, Gas, 2 fireplaces
Private Entry, Deck/Balcony, Patio
Building Details
Year Built
1982
Listing Agency:
The McGrady Group, LLC
Listed By:
Seth Pfaehler · License #58575-90
(608) 338-4812
Source:
Compass
Added: Feb 27
Changed: Aug 31
Last Checked: Aug 31 at 1:11AM
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 The McGrady Group, LLC
Investment Insights
Based on property information with market context.
This 1,703-square-foot condominium offers two bedrooms, two full bathrooms, two living areas, hardwood or similar wood flooring, and abundant natural light through wall-to-wall windows. The residence includes a private entry, patio, deck, two fireplaces, central air, forced-air heating, a washer and dryer, refrigerator, range/oven, dishwasher, microwave, and water softener. A two-car garage adds storage and everyday convenience. Built in 1982 and zoned PD, the property also includes a walk-in closet, cable/satellite availability, window coverings, an entertainment center, and a smart doorbell.
Shared on-site amenities include a pool, clubhouse, and tennis court. The home is near a public park and overlooks a landscaped lawn with trees. The property is located at 9 Oak Grove Drive in Madison, Wisconsin.
Shared on-site amenities include a pool, clubhouse, and tennis court. The home is near a public park and overlooks a landscaped lawn with trees. The property is located at 9 Oak Grove Drive in Madison, Wisconsin.
Key Highlights
- 1,703 SF condominium with 2 bedrooms and 2 full bathrooms
- Two‑car garage provides parking and additional storage
- Private entry with both patio and deck outdoor space
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
$20,889
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
5.50%
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%
$417,780
$417.8K
Cap Rate 7%
$298,414
$298.4K
Cap Rate 9%
$232,100
$232.1K
Market Conditions
NOI Build-Up for 1,703 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
$39.6K $23.28/SF
− Vacancy
−$1.7K −$0.98/SF
EGI
$38.0K $22.30/SF
− OpEx
−$17.1K −$10.04/SF
NOI
$20.9K $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%
$417,780
Cap Rate 7%
$298,414
Cap Rate 9%
$232,100
Alternative Uses
Best Use
Apartment 5plus
$298.4K
$261.1K – $348.2K
NOI $20,889 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$497.5K
$435.3K – $580.4K
NOI $34,823 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
237
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with private outdoor space, shared recreation amenities, and a two-car garage.
Where is this residential income property located?
The property is located at 9 Oak Grove Drive Madison, WI.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 1,703 SF condominium with 2 bedrooms and 2 full bathrooms; Two‑car garage provides parking and additional storage; Private entry with both patio and deck outdoor space
