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

    2321 Mustang Way Madison, WI 53718-6744

    • Warehouses
    • 9,986 SF
    • 2.39 lot acres
    OFF-MARKET
    Value Estimations
    $460,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0860476
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Legacy Exteriors / Contractor / Deck Builder
    • Badger Poultry Plus / Poultry Farm

    Property Details for 2321 Mustang Way

    Year built
    1980
    Lot size
    2.39 lot acres
    Property size
    9,986 SF
    Zone code
    IL
    Property type
    Warehouses
    APN
    0710-154-0201-0
    APU
    71015402010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $485,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $431,000
      Market price range: $298k - $1.00M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.2946
    Latitude
    43.0646
    CBSA code
    31540
    CBSA name
    MADISON, WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $11,309
    $315,000
    $260,000
    $575,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,190,000
      221,410 SF

      2730 Daniels St

      WAREHOUSE, STORAGE • 221,410 SF
      2730 Daniels St, Madison, WI 53718-3808
      View Details
    • Value Estimation
      $750,000
      7,777 SF

      4707 Pflaum Rd

      WAREHOUSE, STORAGE • 7,777 SF
      4707 Pflaum Rd, Madison, WI 53718-6721
      View Details
    • Value Estimation
      $1,225,000
      32,773 SF

      6603 Femrite Dr

      WAREHOUSE, STORAGE • 32,773 SF
      6603 Femrite Dr, Madison, WI 53718-6801
      View Details
    • Value Estimation
      $910,000
      33,750 SF

      4510 Helgesen Dr

      WAREHOUSE, STORAGE • 33,750 SF
      4510 Helgesen Dr, Madison, WI 53718-6746
      View Details
    • Value Estimation by Request
      52,730 SF

      4725 Tradewinds Pkwy

      Distribution properties • 52,730 SF
      4725 Tradewinds Pkwy, Madison, WI 53718
      View Details
    • Value Estimation
      $925,000
      11,650 SF

      14 Marsh Ct

      WAREHOUSE, STORAGE • 11,650 SF
      14 Marsh Ct, Madison, WI 53718-8805
      View Details

    Similar Nearby for Sale

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      Industrial Property with Fenced Yard

      Industrial property featuring a main building and rear storage building.
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    • $2,500,000
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      Versatile Flex Industrial Building

      16,000 SF clear-span flex building suitable for various uses.
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    • $365,000
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      Madison Industrial Land - $365K

      2.55-acre industrial lot, buildable land available.
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    • $550,000
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      Madison Industrial Land - $550K

      Prime 2.35-acre industrial lot in Madison, WI.
      4602 Helgesen Dr, Madison, WI 53718
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    • Contact for pricing
      13.00 Acres

      Madison Industrial Land - 13 Acres

      Prime industrial land, Madison, WI. Excellent location & utilities.
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    • $3,300,000
      22,500 SF

      Madison Flex Space Investment Opportunity

      22,500 SF Multi-Tenant Industrial Building
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    Similar Nearby for Lease

    • $8 SF/Yr
      21,106 SF

      Madison Warehouse - 21,106 SF

      New build-to-suit warehouse, Fall 2025 delivery.
      4846 Tradewinds Pkwy, Madison, WI 53718
      View Details
    • $13 SF/Yr
      1,776 SF

      Flex/Warehouse Space with Office

      1,776 SF flex/warehouse space with office and heated warehouse.
      1-25 Marsh Ct, Madison, WI 53718
      View Details
    • $11 SF/Yr
      11,068 SF

      Industrial Space with Flexible Options

      Industrial space available from 3,000 to 17,068 square feet.
      5401 Voges Rd, Madison, WI 53718
      View Details
    • $7 SF/Yr
      2,900 SF

      Office and Warehouse Space Available

      Office and warehouse space featuring showroom and radiant heat.
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      View Details
    • $13 SF/Yr
      12,000 SF

      World Dairy Center Single Tenant

      12,000 SF building with office and warehouse space available.
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      View Details
    • $2,000 /Mo
      1,776 SF

      Flex/Warehouse Space with Office

      1,776 SF flex/warehouse space with office and heated warehouse.
      21 Marsh Ct, Madison, WI 53718
      View Details
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    2321 Mustang Way
    Madison, WI 53718-6744
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    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
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