Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    2402 Springs Dr Madison, WI 53704

    Property Lookup

    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2402 Springs Dr Madison, WI 53704

    View on Map
    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Agrace Thrift Store | Madison East / (Bike/Boat/Book/etc) Store
    • Plan 5Z Shops LLC / Shopping Center & Mall
    • On The Go Mobile Repair LLC. / Computer & Electronic Repair / Tech Support Center
    • Wisco Kidz Place LLC / Family Recreation Center
    • Johnson Fitness & Wellness Store / Gym & Fitness Center / (Bike/Boat/Book/etc) Store

    Property Details for 2402 Springs Dr

    Property type
    Retail properties & Spaces

    Description

    This exceptional retail space, located near East Towne Mall in Dane County, offers 3,520 square feet of recently renovated inline space. The property boasts new flooring throughout and features a flexible floor plan including a large open area, two private offices, ample storage, and two restrooms. Its ideal for a variety of retail uses, including showrooms. The property benefits from abundant on-site parking and a strong tenant mix, including Johnson Fitness & Wellness Store, Agrace resale, Focus Boardshop, and Phenix Salons. Currently available as a sublet with a lease expiring July 31, 2026, this presents a fantastic short-term opportunity with the potential for a long-term direct lease. The property's convenient location near East Towne Mall ensures high visibility and accessibility for customers. This is a rare opportunity to secure a well-maintained, versatile retail space in a thriving commercial area. The existing lease provides immediate occupancy, allowing for a quick start to operations. Don't miss this chance to establish your business in a prime location with excellent co-tenants.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.2964
    Latitude
    43.1302

    Comparable in this City

    • Value Estimation
      $4,560,000
      40,000 SF

      1760 Eagan Rd

      DEPARTMENT STORE • 40,000 SF
      1760 Eagan Rd, Madison, WI 53704-3736
      View Details
    • Value Estimation by Request
      27,495 SF

      4261 Lien Rd

      Retail properties & Spaces • 27,495 SF
      4261 Lien Rd, Madison, WI 53704
      View Details
    • Value Estimation
      $5,100,000
      26,475 SF

      2216 Spgs Dr

      DEPARTMENT STORE • 26,475 SF
      2216 Spgs Dr, Madison, WI 53704-7425
      View Details
    • Value Estimation by Request
      1,300 SF

      1111 Sherman Ave

      Retail properties & Spaces • 1,300 SF
      1111 Sherman Ave, Madison, WI 53704
      View Details
    • Value Estimation
      $14,410,000
      119,943 SF

      4301 Lien Rd

      DEPARTMENT STORE • 119,943 SF
      4301 Lien Rd, Madison, WI 53704-3608
      View Details
    • Value Estimation by Request
      216,732 SF

      2117 Zeier Rd

      Retail properties & Spaces • 216,732 SF
      2117 Zeier Rd, Madison, WI 53704
      View Details

    Similar Nearby for Sale

    • $1,195,000

      Mixed-Use Building in Emerson East

      Corner lot property with retail and apartment units in Madison.
      2350 E Washington Ave, Madison, WI 53704
      View Details
    • Contact for pricing
      5,221 SF

      Versatile Commercial Land Opportunity

      3.26-acre property with diverse development potential in Madison, WI.
      2501 E Springs Dr, Madison, WI 53704
      View Details
    • Contact for pricing
      3,806 SF

      Popeyes Restaurant Investment Opportunity

      Popeyes location on Madison’s East Side with minimal landlord responsibilities.
      4002 E Washington Ave, Madison, WI 53704
      View Details
    • $5,495,000
      55,996 SF

      East Pointe Plaza Retail Center

      55,996 SF Class A shopping center for sale.
      1601-1735 Thierer Rd, Madison, WI 53704
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Flexible Retail & Office Spaces

      Retail and office spaces available in a prime location.
      1765 Thierer Rd, Madison, WI 53704
      View Details
    • Contact for pricing

      Retail Space Near East Towne

      Retail space adjacent to East Towne Mall and East Prairie Commons.
      4303 E Towne Way, Madison, WI 53704
      View Details
    • $13 SF/Yr
      2,040 SF

      Open Retail Space Available

      2,760 SF open retail space, shared parking.
      4013-4017 Lien Rd, Madison, WI 53704
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in Madison, Wisconsin.
      2608 E Washington Ave, Madison, WI 53704
      View Details
    • $20 SF/Yr
      3,800 SF

      Retail Space in High-Traffic Area

      Highly visible retail space near UW Medical Clinic and Downtown.
      2801-2835 E Washington Ave, Madison, WI 53704
      View Details
    • $18 SF/Yr
      1,340 SF

      Retail and Office Spaces Available

      Flexible retail and office spaces near East Towne Mall.
      1777-1791 Thierer Rd, Madison, WI 53704
      View Details
    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.
    2402 Springs Dr
    Madison, WI 53704
    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

    2402 Springs Dr, Madison, WI, 53704

    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!