Ranch Residential Income
For Sale
$700,000
905 Castle Stone Pass, Verona, WI 53593
Open-plan condo with finished lower level, screened porch, two-car garage, and quartz-finished kitchen.
Property Size2,881 SF
Price / SF$242.97
Days on Market74
Property Features for 905 Castle Stone Pass
General Information
Standard status
Active
Size
2,881 SF
Total Parking Spaces
2
Property subtype
Condo / Ranch-1 Story
Zoning
SR-V2
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$12,356
Amenities
Seller's personal property, Unfinished Basement Refrigerator
Range/Oven, Dishwasher, Microwave, Refrigerator, Beverage Refrigerator, Washer, Dryer, & All Window Coverings
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, Internet - Cable, All Window Coverings
Stucco, Stone
Gas, 1 fireplace
Private Entry, Patio
Building Details
Year Built
2016
Listing Agency:
Compass
(314) 488-3216
Listed By:
Amy Lessing · License #76920-94
(314) 488-3216
Source:
Compass
Added: Jun 18
Changed: Aug 29
Last Checked: Aug 29 at 7:59PM
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 Compass
Investment Insights
Based on property information with market context.
This 2016 ranch condominium offers 2,881 square feet with three bedrooms and 2.5 baths. The main level features an open living arrangement with hand-scraped hardwood floors, a great room fireplace, dining area, office, and screened porch. The kitchen includes stainless steel appliances, quartz countertops, mixed-finish cabinetry, a glass tile backsplash, pantry, and island with breakfast bar. The primary suite has a walk-in closet and private bath with a quartz double vanity and tiled shower.
A laundry and mudroom connect to the two-car garage. The finished, exposed lower level adds a recreation room, two additional bedrooms, a full bath, and substantial storage. Stucco and stone exterior finishes, a private entry, patio, forced-air heat, central air, and a water softener are also included. The property is near Hawk's Landing golf club, shops, and restaurants.
A laundry and mudroom connect to the two-car garage. The finished, exposed lower level adds a recreation room, two additional bedrooms, a full bath, and substantial storage. Stucco and stone exterior finishes, a private entry, patio, forced-air heat, central air, and a water softener are also included. The property is near Hawk's Landing golf club, shops, and restaurants.
Key Highlights
- 2,881‑square‑foot ranch condo built in 2016
- Three bedrooms and 2.5 baths, including two lower‑level bedrooms
- Finished exposed lower level with recreation room, full bath, and storage
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
$23,243
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
3.32%
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%
$464,860
$464.9K
Cap Rate 7%
$332,043
$332.0K
Cap Rate 9%
$258,256
$258.3K
Market Conditions
NOI Build-Up for 2,881 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
$44.3K $15.36/SF
− Vacancy
−$2.0K −$0.69/SF
EGI
$42.3K $14.67/SF
− OpEx
−$19.0K −$6.60/SF
NOI
$23.2K $8.07/SF
Area
Dane County, WI
Vacancy
4.50%
Lease Rate
$15.36 /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%
$464,860
Cap Rate 7%
$332,043
Cap Rate 9%
$258,256
Alternative Uses
Best Use
Apartment 5plus
$332.0K
$290.5K – $387.4K
NOI $23,243 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$669.5K
$585.8K – $781.1K
NOI $46,864 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
74
Businesses Nearby
Explore this area
Business Placement
Demographics for 53593, WI
28,232
Population
12,583
Households
2.2
Avg Household Size
37
Median Age
68%
College-Educated
99%
High-School Grad
76.2 sq mi
ZIP Area
370
Density / Sq Mi
$135,699
Median Household Income
$74,356
Median Earnings
$1,530
Median Rent
$464,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Open-plan condo with finished lower level, screened porch, two-car garage, and quartz-finished kitchen.
Where is this residential income property located?
The property is located at 905 Castle Stone Pass Verona, WI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 2,881‑square‑foot ranch condo built in 2016; Three bedrooms and 2.5 baths, including two lower‑level bedrooms; Finished exposed lower level with recreation room, full bath, and storage
