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Property profile & analytics
OFF-MARKET
Estimated value
$930,000
Office buildings
3220 Syene Rd Madison, WI 53713-4618
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US92-0789893
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING (MULTI-STORY)
Year built
1948
Total area
5,404 SF
Lot
1.59 ac (69,260 SF)
Zoning code
IG
APN
0609-022-0901-9
UPID
US92-0789893
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
-
Advocate MD Direct Primary Care Physician
-
GMK Architecture, Inc. Architect
-
KEE Architecture Inc Architect
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$930k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.21M
Blend (final)
Blend
$930k
Owner & transaction history
Nicole Hemkes Md LLC · 2 yrs held
Nicole Hemkes Md LLC
since 2024
Last sale
$930,000
5 recorded transactions
Zoning & alternative use
IG · Madison, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
This district accommodates areas of heavy and concentrated fabrication and manufacturing and industrial uses
Zone name
Industrial General District
General category
INDUSTRIAL
Zone area
604.44 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$1.5M
+21.9%
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
$930,000
ML approach
$930,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,250,000
Current use
AUTO REPAIR, GARAGE
$1,525,000
Change: +22% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,035,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$930k
Range $837k – $1.02M · ±10% · vs last sale $930k (Apr 16 2024)
Last sale anchor
$930k
Apr 16 2024
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
$172 / 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
$11,785
Tax year 2022
Assessed value
$605,000
Assessed 2023
Previous assessed
$599,000
+1.0% YoY
Effective rate
1.95%
On assessed value
Assessed land
$135,000
Assessed improvement
$470,000
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
Office buildings
Use group
PROFESSIONAL BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1948
Heating
NONE
Stories
2
Total area
5,404 SF
Lot
1.59 ac (69,260 SF)
Zoning code
IG
APN
0609-022-0901-9
UPID
US92-0789893
Jurisdiction
DANE
Zoning & alternative use
IG · Madison, WIZoning IG · permitted uses
IG · Madison, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
This district accommodates areas of heavy and concentrated fabrication and manufacturing and industrial uses
Zone name
Industrial General District
General category
INDUSTRIAL
Zone area
604.44 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.0M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
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
1948
Heating
NONE
Stories
2
Lot
1.59 ac
Current owner
From public records · entity-resolved
Nicole Hemkes Md LLC
Entity
Mailing address
1815 SMT AVE, MADISON, WI 53726-4038
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 25, 2024
—
Nicole Hemkes Md LLC
—
Deed
related
$328,000 · Wbd INC
Apr 16, 2024
$930,000
Nicole Hemkes Md LLC
Windswept Field LLC
Warranty Deed
$472,000 · Settlers Best Cu
Feb 1, 2017
—
Windswept Field LLC
—
Deed
related
$425,000 · Capitol Bank
—
—
Windswept Field LLC
—
Deed Of Trust
related
$500,000 · Starion Financial
—
—
Windswept Field LLC
—
Deed Of Trust
related
$685,865 · Bank Of New Glarus
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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