Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$4,215,000
Community centers
2402 Spgs Dr Madison, WI 53704-7420
Entity Owned
3-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US92-1092644
Property profile
Verified
Property type
Community centers
Use group
MINI-MALL
Year built
2003
Total area
14,515 SF
Lot
1.53 ac (66,690 SF)
Zoning code
CC
APN
0810-272-0621-9
UPID
US92-1092644
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.53M
CAP Approach
CAP
$3.63M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.22M
Owner & transaction history
East Springs Dr LLC · 3 yrs held
East Springs Dr LLC
since 2022
Last sale
$4.2M
1 recorded transaction
Zoning & alternative use
CC · Madison, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$5.1M
+82.9%
Restaurant
$4.8M
+73.6%
Commercial (general)
$4.1M
+48.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Madison submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Madison submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$4,555,000
ML approach
$4,530,000
CAP Approach
CAP Return
Estimation
6%
$3,930,000
6.5%
$3,630,000
7%
$3,370,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$2,785,000
Current use
RETAIL STORES
$5,095,000
Change: +83% · Conversion: Easy
RESTAURANT
$4,835,000
Change: +74% · Conversion: Difficult
COMMERCIAL (GENERAL)
$4,135,000
Change: +48% · Conversion: Easy
AUTO REPAIR, GARAGE
$4,090,000
Change: +47% · Conversion: Difficult
OFFICE BUILDING
$3,355,000
Change: +20% · Conversion: Moderate
Blend value · Realmo final
$4.22M
Range $3.79M – $4.64M · ±10% · vs last sale $4.18M (Sep 9 2022)
Last sale anchor
$4.18M
Sep 9 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$290 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$46,932
Tax year 2022
Assessed value
$2,040,000
Assessed 2023
Previous assessed
$2,040,000
+0.0% YoY
Effective rate
2.30%
On assessed value
Assessed land
$490,000
Assessed improvement
$1,550,000
Applied tax rate
5,656.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Community centers
Use group
MINI-MALL
Status
Off-Market
Year built
2003
Heating
NONE
Stories
1
Total area
14,515 SF
Lot
1.53 ac (66,690 SF)
Zoning code
CC
APN
0810-272-0621-9
UPID
US92-1092644
Jurisdiction
DANE
Zoning & alternative use
CC · Madison, WI
Zoning CC · permitted uses
CC · Madison, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Madison. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$2.8M
RETAIL STORES
Est. value
$5.1M
RESTAURANT
Est. value
$4.8M
COMMERCIAL (GENERAL)
Est. value
$4.1M
AUTO REPAIR, GARAGE
Est. value
$4.1M
OFFICE BUILDING
Est. value
$3.4M
NEIGHBORHOOD: SHOPPING CENTER Current
RETAIL STORES
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2003
Heating
NONE
Stories
1
Lot
1.53 ac
Current owner
From public records · entity-resolved
East Springs Dr LLC
Entity
Mailing address
1050 LILLIAN ST STE #300, WAUNAKEE, WI 53597-8842
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 9, 2022
$4,175,000
East Springs Dr LLC
Plan 5z Shops LLC
Warranty Deed
$3,340,000 · One Community Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2402 Spgs Dr?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
