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    Property profile & analytics

    406 Science Dr Madison, WI 53711

    • Office buildings
    • 11,500 SF
    • 5.43 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Last Sale
    Mar 25, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0414030
    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

    • Prosthetic Dental Associates - Dr. Kelly A. Beck, Dr. Paul J. Correll & Dr. Alicia Estrella / Dental Office / Physician
    • American College-Prsthdntsts: Correll Paul J DDS / Dental Office
    • Rogers Behavioral Health / Crisis Center / Medical Clinic
    • Celena D​​​​​​​​​​​​um​​​​​​​​​​​​​​​ps​​​​​​​​​​​tе​​​​​​​​​​​​​​​rs / General Contractor / Waste Management Facility
    • Medical Art Resources,Inc. / Medical Clinic

    Property Details for 406 Science Dr

    Year built
    1989
    Lot size
    5.43 lot acres
    Property size
    11,500 SF
    Zone code
    RMX
    Property type
    Office buildings
    APN
    0709-301-0701-0
    APU
    70930107010

    Description

    Park West I, a Class A office building located at 406 Science Dr, Madison, WI 53711, offers exceptional office space in the University Research Park. This four-story building, totaling 52,353 square feet, boasts a park-like setting on 5.4 acres of land, providing ample free parking for 222 vehicles. Built in 1989, the property features two elevators and is conveniently situated at the corner of Mineral Point Road and Whitney Way. Suites range from a minimum of 1,979 square feet to a maximum contiguous space of 6,033 square feet, catering to various business needs. The building is undergoing continuous improvements to enhance service, performance, and energy efficiency. Its location offers easy access to numerous restaurants and shopping options, and is within a 15-minute drive of downtown Madison, Greenway Station, Middleton, Verona, and Cross Plains. The property is ideal for businesses seeking a prestigious address in a thriving, amenity-rich environment. The building accommodates multiple tenants and is suitable for executive, traditional, and medical office uses. This is a rare opportunity to secure space in a highly sought-after location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,450,000
      6.5%
      $3,185,000
      7%
      $2,955,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,606,000
      Market price range: $364k - $1.61M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,660,000
      Current use
      RESTAURANT
      $3,830,000
      Change: +44% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $3,380,000
      Change: +27% Conversion: Easy
      AUTO REPAIR, GARAGE
      $3,240,000
      Change: +22% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $2,210,000
      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
    -89.4706
    Latitude
    43.0602
    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
    $119,204
    $1,250,000
    $5,272,600
    $6,522,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,950,000
      27,261 SF

      2 Science Ct

      PROFESSIONAL BUILDING (MULTI-STORY) • 27,261 SF
      2 Science Ct, Madison, WI 53711-1088
      View Details
    • Value Estimation
      $1,390,000
      7,150 SF

      2702 Monroe St

      PROFESSIONAL BUILDING (MULTI-STORY) • 7,150 SF
      2702 Monroe St, Madison, WI 53711-1888
      View Details
    • Value Estimation
      $1,240,000
      6,973 SF

      15 Ellis Potter Ct

      PROFESSIONAL BUILDING (MULTI-STORY) • 6,973 SF
      15 Ellis Potter Ct, Madison, WI 53711-2456
      View Details
    • Value Estimation
      $10,860,000
      56,000 SF

      1 Exact Ln

      PROFESSIONAL BUILDING (MULTI-STORY) • 56,000 SF
      1 Exact Ln, Madison, WI 53711-9106
      View Details
    • Value Estimation
      $5,440,000
      35,487 SF

      730 Ray O Vac Dr

      PROFESSIONAL BUILDING (MULTI-STORY) • 35,487 SF
      730 Ray O Vac Dr, Madison, WI 53711-2472
      View Details
    • Value Estimation
      $1,955,000
      10,434 SF

      6510 Schroeder Rd

      PROFESSIONAL BUILDING (MULTI-STORY) • 10,434 SF
      6510 Schroeder Rd, Madison, WI 53711-2426
      View Details

    Similar Nearby for Sale

    • $1,450,000
      10,088 SF

      Professional Office Building For Sale

      Multi-tenant office building on 1+ acre near Exact Science.
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      Residential Lot in Fitchburg Community

      Residential lot in planned community with trails and green space.
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      Fitchburg Lot for Dream Home

      Residential lot in Fitchburg community with mature trees and trails.
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      Residential Land in Swan Creek

      Residential land for sale in the Swan Creek neighborhood.
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      Residential Land in Swan Creek

      Residential land in a well-established, amenity-rich Fitchburg neighborhood.
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      Residential Land in Fitchburg, WI

      Residential land in Swan Creek neighborhood, Fitchburg, WI. Approved and permitted.
      5225 Sassafras Dr, Fitchburg, WI 53711
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      39,941 SF

      Madison Office Space for Lease

      Prime Madison Office: Flexible Suites Available
      700 Ray O Vac Dr, Madison, WI 53711
      View Details
    • Contact for pricing
      2,266 SF

      Madison Office Space For Rent

      Office space for rent on Madison's westside with Beltline access.
      25 Kessel Ct, Madison, WI 53711
      View Details
    • $15 SF/Yr
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      Fitchburg Technology Campus Office Space

      Modern office space in Fitchburg Technology Campus available for rent.
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      View Details
    • $36 SF/Yr
      210 SF

      Iconic Office Building on Monroe

      Office suites with off-street parking near UW and Edgewood Campus.
      1930 Monroe St, Madison, WI 53711
      View Details
    • Contact for pricing
      2,239 SF

      Madison Office Space Available

      Office space available for lease in Madison, Wisconsin.
      440 Science Dr, Madison, WI 53711
      View Details
    • $18,000 /Mo

      Office and Garage Space Available

      Office and garage space for rent in Madison, Wisconsin.
      4211 W Beltline Hwy, Madison, WI 53711
      View Details
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    406 Science Dr
    Madison, WI 53711
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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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