Residential Income Property with
For Sale
$596,900
Unit 8.1 Bellflower, De Forest, WI 53532
New ranch-style condominium offering four bedrooms, three baths, and a private covered entry.
Property Size2,971 SF
Price / SF$200.91
Days on Market276
Property Features for Unit 8.1 Bellflower
General Information
Standard status
Active
Size
2,971 SF
Property subtype
Condo / Ranch-1 Story
Zoning
Res
Amenities
Stove, refrigerator, dishwasher, microwave, water softener
Forced air, Central air
Wood or sim. wood floors, Walk-in closet(s), Water softener included, Cable/Satellite Available, At Least 1 tub, Internet - Cable
Fiber cement, Stone
Gas, 1 fireplace
Private Entry, Deck/Balcony
Building Details
Year Built
2026
Listing Agency:
First Weber Inc
(608) 825-9553
Listed By:
Kelly Bennett · License #40540-94
(608) 825-9553
Source:
Compass
Added: Nov 27, 2025
Changed: Aug 30
Last Checked: Aug 30 at 11:32AM
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 First Weber Inc
Investment Insights
Based on property information with market context.
Scheduled for completion in spring or summer 2026, this ranch-style condominium offers nearly 1,700 square feet with four bedrooms and three baths. The interior includes an open arrangement connecting the kitchen and dining area, a great room with a gas fireplace, an owners suite with a large walk-in closet, main-level laundry, and a sunroom. Kitchen selections include quartz or granite countertops, Amish custom cabinetry, and stainless steel appliances. Forced-air heating, central air, wood or simulated wood flooring, and a water softener are also specified.
The residence includes a covered private entrance, deck or balcony, and an attached two-car garage. Fiber cement and stone are planned for the exterior. The property is positioned near the Upper Yahara River bike and walking trails and Sunfish Pond. Zoning is Res.
The residence includes a covered private entrance, deck or balcony, and an attached two-car garage. Fiber cement and stone are planned for the exterior. The property is positioned near the Upper Yahara River bike and walking trails and Sunfish Pond. Zoning is Res.
Key Highlights
- Nearly 1,700 sq ft with 4 bedrooms and 3 baths
- Estimated spring/summer 2026 completion
- Open kitchen and dining layout with quartz or granite countertop options
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
$23,970
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
4.02%
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%
$479,400
$479.4K
Cap Rate 7%
$342,429
$342.4K
Cap Rate 9%
$266,333
$266.3K
Market Conditions
NOI Build-Up for 2,971 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
$45.6K $15.36/SF
− Vacancy
−$2.1K −$0.69/SF
EGI
$43.6K $14.67/SF
− OpEx
−$19.6K −$6.60/SF
NOI
$24.0K $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%
$479,400
Cap Rate 7%
$342,429
Cap Rate 9%
$266,333
Alternative Uses
Best Use
Apartment 5plus
$342.4K
$299.6K – $399.5K
NOI $23,970 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$690.4K
$604.1K – $805.5K
NOI $48,328 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Explore this area
Business Placement
Demographics for 53532, WI
15,962
Population
6,375
Households
2.5
Avg Household Size
39
Median Age
43%
College-Educated
97%
High-School Grad
54.2 sq mi
ZIP Area
295
Density / Sq Mi
$110,050
Median Household Income
$56,970
Median Earnings
$1,381
Median Rent
$355,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - New ranch-style condominium offering four bedrooms, three baths, and a private covered entry.
Where is this residential income property located?
The property is located at Unit 8.1 Bellflower De Forest, WI.
What is the asking price?
The asking price for this property is $596,900.
What are key features of this property?
This property features: Nearly 1,700 sq ft with 4 bedrooms and 3 baths; Estimated spring/summer 2026 completion; Open kitchen and dining layout with quartz or granite countertop options
