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

    2517 Advance Rd Madison, WI 53718-6775

    • Office buildings
    • 6,201 SF
    • 0.46 lot acres
    OFF-MARKET
    Last Sale
    Jun 18, 2021
    $825,000
    Value Estimations
    $1,200,000
    Show details
    Cap Rate Potential
    8%
    Office buildings
    Location Intelligence
    Property ID
    US92-0992203
    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

    • Madison Heating & Cooling / HVAC Service / General Contractor
    • Advanced Analytical Research - AAR Lab / Agricultural Service / Laboratory
    • Fowler Heating & Air Conditioning, L.L.C. / HVAC Service / General Contractor

    Property Details for 2517 Advance Rd

    Year built
    1992
    Lot size
    0.46 lot acres
    Property size
    6,201 SF
    Zone code
    IL
    Property type
    Office buildings
    APN
    0710-222-0103-3
    APU
    71022201033

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,395,000
      ML approach
      $1,315,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,122,000
      Market price range: $836k - $2.08M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,435,000
      Current use
      COMMERCIAL (GENERAL)
      $1,825,000
      Change: +27% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,750,000
      Change: +22% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,190,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.3027
    Latitude
    43.0615
    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
    $8,238
    $65,000
    $355,000
    $420,000
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $4,520,000
      27,076 SF

      4721 Biltmore Ln

      PROFESSIONAL BUILDING (MULTI-STORY) • 27,076 SF
      4721 Biltmore Ln, Madison, WI 53718-2107
      View Details
    • Value Estimation
      $10,540,000
      70,577 SF

      4602 Biltmore Ln

      PROFESSIONAL BUILDING (MULTI-STORY) • 70,577 SF
      4602 Biltmore Ln, Madison, WI 53718-2154
      View Details
    • Value Estimation
      $11,910,000
      87,312 SF

      2418 Xrds Dr

      PROFESSIONAL BUILDING (MULTI-STORY) • 87,312 SF
      2418 Xrds Dr, Madison, WI 53718-7995
      View Details
    • Value Estimation
      $9,810,000
      70,310 SF

      2310 Xrds Dr

      PROFESSIONAL BUILDING (MULTI-STORY) • 70,310 SF
      2310 Xrds Dr, Madison, WI 53718-7316
      View Details
    • Value Estimation
      $9,800,000
      69,956 SF

      2810 Xrds Dr

      PROFESSIONAL BUILDING (MULTI-STORY) • 69,956 SF
      2810 Xrds Dr, Madison, WI 53718-7942
      View Details
    • Value Estimation
      $9,495,000
      66,386 SF

      5100 Eastpark Blvd

      PROFESSIONAL BUILDING (MULTI-STORY) • 66,386 SF
      5100 Eastpark Blvd, Madison, WI 53718-2149
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      31,198 SF

      Madison Office Building For Sale

      Office building with 31,198 square feet of space.
      5407-5459 Fen Oak Dr, Madison, WI 53718
      View Details
    • $4,413,360
      36,778 SF

      Madison Executive Office Building

      Prime Madison Office, 36,778 SF
      2810 City View Dr, Madison, WI 53718
      View Details
    • $550,000
      2.35 Acres

      Madison Industrial Land - $550K

      Prime 2.35-acre industrial lot in Madison, WI.
      4602 Helgesen Dr, Madison, WI 53718
      View Details
    • $745,000
      2.00 Acres

      Two Houses on Wooded Lot

      Two homes on a 2-acre lot near Madison.
      5794 Hoepker Rd, Madison, WI 53718
      View Details
    • $1,100,000
      0.51 Acres

      Spacious Duplex in Madison, WI

      Well-maintained duplex with strong rental history on Madison's East Side.
      1002-1004 Severson Dr, Madison, WI 53718
      View Details
    • New
      $1,600,000
      0.39 Acres

      Madison Investment Opportunity: Four Units

      Four-unit property in Madison's Grandview Commons neighborhood.
      6062 Driscoll Dr, Madison, WI 53718
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,214 SF

      Class-A Office in American Center

      Class-A office space for rent in American Center business park.
      4600 American Pkwy, Madison, WI 53718
      View Details
    • Contact for pricing
      2,199 SF

      Two-Story Office Building For Lease

      Two-story office building with ample parking and keycard entry.
      5325 Wall St, Madison, WI 53718
      View Details
    • Contact for pricing
      6,980 SF

      Class A Office Building

      Four-story office building with easy highway access and ample parking.
      5117 W Terrace Dr, Madison, WI 53718
      View Details
    • Contact for pricing
      3,563 SF

      Class A Office Building

      Class A office building with interstate visibility and ample parking.
      4901 Eastpark Blvd, Madison, WI 53718
      View Details
    • Contact for pricing
      2,472 SF

      Madison Office Building For Lease

      Class B office space available in a two-story building.
      5315 Wall St, Madison, WI 53718
      View Details
    • $11 SF/Yr
      21,590 SF

      Madison Executive Office Space

      Class C Office Suites Available
      2801 Crossroads Dr, Madison, WI 53718
      View Details
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    2517 Advance Rd
    Madison, WI 53718-6775
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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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