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    Property profile & analytics

    3002 Progress Rd Madison, WI 53716-3336

    • Showrooms
    • 122,500 SF
    • 9.99 lot acres
    OFF-MARKET
    Value Estimations
    $12,155,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0463533
    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

    • Stress Photonics Inc / Engineer
    • Glass Photonics / (Bike/Boat/Book/etc) Store / Corporate Office

    Property Details for 3002 Progress Rd

    Year built
    1996
    Lot size
    9.99 lot acres
    Property size
    122,500 SF
    Zone code
    IL
    Property type
    Showrooms
    APN
    0710-223-0107-3
    APU
    71022301073

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $13,789,000
      Market price range: $13.8M - $65.9M
      AI Estimate
      $7,518,000
      Market price range: $6.44M - $33.1M

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

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.3055
    Latitude
    43.0541
    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
    $131,569
    $957,500
    $6,039,000
    $6,996,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      2.86 Acres

      1040 Lumbermans Trl

      SHOW ROOM, WAREHOUSE • 2.86 Acres
      1040 Lumbermans Trl, Madison, WI 53716-1244
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    • Value Estimation
      $970,000
      3,840 SF

      4906 Femrite Dr

      SHOW ROOM, WAREHOUSE • 3,840 SF
      4906 Femrite Dr, Madison, WI 53716-4130
      View Details
    • Value Estimation
      $7,495,000
      74,000 SF

      3202 Progress Rd

      SHOW ROOM, WAREHOUSE • 74,000 SF
      3202 Progress Rd, Madison, WI 53716-3345
      View Details
    • Value Estimation
      $5,175,000
      1,200 SF

      4617 Femrite Dr

      SHOW ROOM, WAREHOUSE • 1,200 SF
      4617 Femrite Dr, Madison, WI 53716-4125
      View Details
    • Value Estimation
      $9,060,000
      84,714 SF

      3201 Progress Rd

      SHOW ROOM, WAREHOUSE • 84,714 SF
      3201 Progress Rd, Madison, WI 53716-3346
      View Details
    • Value Estimation
      $1,730,000
      576 SF

      2233 Stoughton Rd

      SHOW ROOM, WAREHOUSE • 576 SF
      2233 Stoughton Rd, Madison, WI 53716-2853
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Retail Building Near Beltline Interchange

      New construction retail building adjacent to Beltline interchange in Monona.
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      13,975 SF

      Retail/Industrial Building on South Stoughton

      13,975 SF retail/industrial building available for rent.
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    • $1,162,500
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      4201 Monona Dr, Monona, WI 53716

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    • $995,000
      8,589 SF

      Madison Office Building - Great Visibility!

      Prime Madison location, high visibility, excellent income potential.
      4706 Cottage Grove Rd, Madison, WI 53716
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    • $340,000
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      Prime Madison Commercial Land

      High-visibility lot, ideal for fast food or car wash.
      4302 Broadway Ave, Madison, WI 53716
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    • $1,499,999

      Turnkey Automotive Sales and Repair

      State-of-the-art automotive facility on Hwy 51, endless business possibilities.
      2402 S Stoughton Rd, Madison, WI 53716
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      2,499 SF

      Retail Space in Mixed-Use Development

      Retail spaces available in a mixed-use development.
      4601 Monona Dr, Monona, WI 53716
      View Details
    • $8 SF/Yr
      1,600 SF

      Madison Flex Space For Rent

      1,600 sq ft flex space suitable for retail or industrial.
      3025-3037 S Stoughton Rd, Madison, WI 53716
      View Details
    • $19 SF/Yr

      Retail Spaces on Monona Drive

      Retail spaces available with frontage and dedicated parking.
      4504-4506 Monona Dr, Madison, WI 53716
      View Details
    • $8 SF/Yr

      Flex Space on Stoughton Road

      1,600 sq ft flex space available for lease.
      3031 S Stoughton Rd, Madison, WI 53716
      View Details
    • Contact for pricing
      4,356 SF

      Monona Retail Center: Prime Location

      Free-standing retail/office, high visibility.
      6501 Monona Dr, Monona, WI 53716
      View Details
    • $14 SF/Yr
      4,906 SF

      Retail Space in Lake Edge

      4,906 sq. ft. retail space in Lake Edge Shopping Center.
      4100-4126 Monona Dr, Madison, WI 53716
      View Details
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    3002 Progress Rd
    Madison, WI 53716-3336
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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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