Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Multi-Family Development Opportunity in Windsor Title is generated by Realmo AI

    Lot 1-2 Gray Rd, Windsor, WI 53532

    View on Map
    Claim this Listing
    For Sale
    $1,225,000

    5+ Unit Lot - Windsor, WI

    Lot size:
    9.88 Acres
    Added:
    Feb 5, 2026
    Days on Market:
    115
    Last Refresh:
    May 31 at 9:06 am

    Property Features for Lot 1-2 Gray Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    multifamil
    Exterior features
    None
    Standard status
    Active
    APN
    0910-292-8710-1
    Lot size
    9.88 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    5653

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jim Stopple

    Listing agent Jim Stopple

    Listing office Madison Property Management, Inc. 1202 Regent St, Madison, WI

    Listing date Feb 5, 2026

    MLS# 2008738 Listing URL

    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.

    HighLights

    • City‑approved for a 122‑unit multi‑family complex.
    • 9.883‑acre property ready for development.
    • Strategic location at the intersection of Gray Rd & CTH CV.
    • Approved plans include a mix of studios, one‑bedroom, and two‑bedroom apartments.
    • City approval valid until May 23, 2026, with potential for extension.
    • Convenient parking with 22 garage stalls and 162 surface spaces.

    Overview

    This 9.883-acre property in Windsor, WI, presents a development opportunity for a 122-unit multi-family complex. The city-approved project, situated at the intersection of Gray Rd & CTH CV, includes 12 studios, 48 one-bedroom, and 62 two-bedroom apartments within a 4-story building. Parking accommodations feature 22 garage stalls and 162 surface spaces. City approval is valid until May 23, 2026, with the possibility of an extension. Located 7 miles from Madison's East Side, the property combines suburban and urban accessibility. The seller may consider remaining part of the development entity for the approved plans.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Windsor
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.34267415
    Latitude
    43.22274707

    Nearby Similar for Sale

    • $299,900
      1,200 SF

      Salon in Lake Windsor Center

      Established salon with equipment, inventory, and potential for other uses.
      6562 Lake Road, Windsor, WI 53598
      View Details
    • $214,900

      Versatile Commercial Condo in Windsor

      Premium, adaptable condo for business, recreation, or storage near interstate.
      6580 Lake Road, Windsor, WI 53598
      View Details
    • $310,000
      1,200 SF

      Established Hair Salon For Sale

      Turnkey hair salon with loyal clientele and prime location.
      6562 Lake Road, Windsor, WI 53598
      View Details
    • $417,900
      2,500 SF

      Spacious Commercial Condo with Extras

      Spacious double unit commercial condo with many extras for sale.
      4325 & 4323 Duraform Lane, Windsor, WI 53598
      View Details
    • $2,650,000

      Versatile Commercial Building in Windsor

      Prime commercial building with excellent visibility and flexible layout.
      123 Confidential, Windsor, WI 53598
      View Details
    • $417,900
      2,500 SF

      Spacious Commercial Condo with Extras

      Spacious double unit condo with A/C, office, and smart features.
      4325 & 4323 Duraform Lane, Windsor, WI 53598
      View Details
    • $219,900
      1,250 SF

      Commercial Condo in Windsor, WI

      1,250 sq ft commercial condominium for sale in Windsor.
      6580 Lake Rd, Windsor, WI 53598
      View Details
    • $668,500

      Land For Sale or Lease

      Commercial land available for sale or build to suit.
      6484 Blanchar's Crossing, Windsor, WI 53598
      View Details
    • Contact for pricing

      Land Near Interstate 94/39

      Land in Windsor Crossing development, near Madison.
      6715 Firehouse Dr, Windsor, WI
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 9.88-acre lot approved for 122-unit complex near Madison.
    Where is this residential land & home lot located?
    The property is located at Lot 1-2 Gray Rd Windsor, WI.
    What is the asking price?
    The asking price for this property is $1,225,000.
    What are key features of this property?
    This property features: City‑approved for a **122‑unit multi‑family complex**.; 9.883‑acre property ready for development.; Strategic location at the intersection of Gray Rd & CTH CV.
    (608) 268-4912
    We can help!
    Listing Contact
    Jim Stopple
    Real Estate License ID: WI 90-12003
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    Lot 1-2 Gray Rd, Windsor, WI 53532
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!