Updated Residential Income
For Sale
$250,000
Pending
93 Craig Avenue, Madison, WI 53705
Stand-alone condominium with refreshed finishes, private outdoor space, and lawn care and snow removal included.
Property Size768 SF
Days on Market213
Property Features for 93 Craig Avenue
General Information
Standard status
Pending
Size
768 SF
Property subtype
Condo / Ranch-1 Story
Zoning
TR-P
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,900
Amenities
rear deck
green space
lawn care
snow removal
Seller's Personal Property, Vivent Security System
Range, Fridge, Dishwasher, Washer, Dryer, Microwave, Water Softener, washer, dryer, disposal, and window coverings
Forced air, Central air
Washer, Dryer, Water softener included, Cable/Satellite Available, Internet - Cable
Vinyl, Aluminum/Steel
Private Entry, Deck/Balcony
Building Details
Year Built
1951
Listing Agency:
Rock Realty
(608) 371-4640
Listed By:
Billy Shipler · License #83618-94
(608) 371-4640
Source:
Compass
Added: Jan 31
Changed: Aug 30
Last Checked: Aug 30 at 2:35AM
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 Rock Realty
Investment Insights
Based on property information with market context.
This 768-square-foot stand-alone condominium was built in 1951 and features a refreshed interior with newer granite kitchen counters, a quartz bathroom counter, updated faucets, a newer garbage disposal, new flooring, and fresh paint throughout the ceilings, walls, doors, and trim. The home includes a private entry, rear deck, green space, forced-air heat, central air, and a water softener. Appliances include a range, refrigerator, dishwasher, washer, dryer, microwave, and disposal. Cable and internet availability, window coverings, and a Vivent security system are also included.
The property is located at 93 Craig Avenue in Madison, near Hilldale Mall, a bus line, and the UW Madison campus. Lawn care and snow removal are provided, adding to the property's operational convenience.
The property is located at 93 Craig Avenue in Madison, near Hilldale Mall, a bus line, and the UW Madison campus. Lawn care and snow removal are provided, adding to the property's operational convenience.
Key Highlights
- 768‑square‑foot stand‑alone condominium built in 1951
- New flooring and fresh paint on ceilings, walls, doors, and trim
- Granite kitchen counters and quartz bathroom counter
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
$9,420
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
3.77%
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%
$188,400
$188.4K
Cap Rate 7%
$134,571
$134.6K
Cap Rate 9%
$104,667
$104.7K
Market Conditions
NOI Build-Up for 768 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
$17.9K $23.28/SF
− Vacancy
−$751 −$0.98/SF
EGI
$17.1K $22.30/SF
− OpEx
−$7.7K −$10.04/SF
NOI
$9.4K $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%
$188,400
Cap Rate 7%
$134,571
Cap Rate 9%
$104,667
Alternative Uses
Best Use
Apartment 5plus
$134.6K
$117.8K – $157.0K
NOI $9,420 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$224.3K
$196.3K – $261.7K
NOI $15,704 @ 7.0% cap · market cap 6.28%
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
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 53705, WI
24,695
Population
12,796
Households
1.9
Avg Household Size
36
Median Age
75%
College-Educated
97%
High-School Grad
6.3 sq mi
ZIP Area
3,920
Density / Sq Mi
$82,315
Median Household Income
$49,173
Median Earnings
$1,322
Median Rent
$446,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Stand-alone condominium with refreshed finishes, private outdoor space, and lawn care and snow removal included.
Where is this residential income property located?
The property is located at 93 Craig Avenue Madison, WI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 768‑square‑foot stand‑alone condominium built in 1951; New flooring and fresh paint on ceilings, walls, doors, and trim; Granite kitchen counters and quartz bathroom counter
