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Property profile & analytics
OFF-MARKET
Estimated value
$515,000
Warehouses
2602 Progress Rd Madison, WI 53716-3301
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US92-1037467
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1989
Total area
5,000 SF
Lot
0.73 ac (31,662 SF)
Zoning code
IL
APN
0710-222-0208-1
UPID
US92-1037467
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
Current use
Occupant on record · Public records
-
Custom Car Care Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$385k
CAP Approach
CAP
$495k
Comparable Approach
Comparable
$488k
Blend (final)
Blend
$515k
Owner & transaction history
Notlem Holdings LLC · 1 yrs held
Notlem Holdings LLC
since 2025
Last sale
$600,000
7 recorded transactions
Zoning & alternative use
IL · Madison, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
by Request
ML approach
$385,000
CAP Approach
CAP Return
Estimation
6%
$535,000
6.5%
$495,000
7%
$460,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$680,000
Current use
Blend value · Realmo final
$515k
Range $464k – $567k · ±10% · vs last sale $600k (Feb 2 2025)
Last sale anchor
$600k
Feb 2 2025
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
$103 / 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
$9,677
Tax year 2022
Assessed value
$413,000
Assessed 2023
Previous assessed
$393,000
+5.1% YoY
Effective rate
2.34%
On assessed value
Assessed land
$126,000
Assessed improvement
$287,000
Applied tax rate
3,269.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1989
Heating
NONE
Stories
1
Total area
5,000 SF
Lot
0.73 ac (31,662 SF)
Zoning code
IL
APN
0710-222-0208-1
UPID
US92-1037467
Jurisdiction
DANE
Zoning & alternative use
IL · Madison, WI
Zoning IL · permitted uses
IL · 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
WAREHOUSE, STORAGE Current
Est. value
$680,000
WAREHOUSE, STORAGE Current
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
1989
Heating
NONE
Stories
1
Lot
0.73 ac
Current owner
From public records · entity-resolved
Notlem Holdings LLC
Entity
Mailing address
3781 N FAIR OAK RD, DEERFIELD, WI 53531-9571
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 2, 2025
$600,000
Notlem Holdings LLC
Scott Miller Properties LLC
Warranty Deed
$300,000 · Bank First National
Oct 31, 2024
—
Scott Miller Properties LLC
—
Deed
related
$15,000 · One Community Bank
Feb 1, 2021
—
Scott Miller Properties LLC
—
Deed
related
$275,000 · One Community Bank
Dec 16, 2019
—
Scott Miller Properties LLC
—
Deed
related
$389,000 · Mcfarland State Bank
Nov 5, 2019
—
Scott Miller Properties LLC
—
Deed
related
$349,761 · Mcfarland State Bank
Jan 23, 2017
$320,000
Scott Miller Properties LLC
Reimer Properties LLC
Warranty Deed
$350,000 · First Bank Financial Centre
Apr 19, 2013
—
Reimer Properties LLC
Reimer Irene T Trust
Quit Claim Deed
related
—
Jun 1, 2004
$216,000
Reimer Properties LLC
Reimer,irene T
Grant Deed
related
—
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.
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