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    Property profile & analytics

    923 Applegate Rd Madison, WI 53713

    • Showrooms
    • 36,681 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-3476230
    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

    • Showrooms

    Property Details for 923 Applegate Rd

    Year built
    2024
    Property size
    36,681 SF
    Property type
    Showrooms
    Property subtype
    Distribution centers

    Description

    This exceptional Class A, 36,681 square foot building, situated on the Beltline Highway, offers a unique blend of executive office, warehouse, and showroom space. Completed in 2024, this single-tenant property boasts 8,297 square feet of immediately available space. The building features three stories, three drive-in bays for convenient loading and unloading, and ample parking with 21 stalls. High-speed elevators ensure efficient vertical transportation. The property is zoned IL-Industrial, making it ideal for a variety of businesses. Enjoy excellent visibility and the opportunity for prominent building signage based on the leased space. A significant advantage is the shared access agreement facilitating easy semi-truck deliveries. Further enhancing the appeal is an on-site event and recreation room, complete with a golf simulator and stunning Capitol views, available for tenant use. This new development presents a rare opportunity to secure a modern, functional, and highly visible space in a prime location. The building's design and amenities cater to businesses seeking a high-quality, efficient, and attractive workspace. Don't miss this chance to establish your business in this exceptional property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.3984997
    Latitude
    43.0341306

    Comparable in this City

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      Madison Warehouse Space For Rent

      Well-kept warehousing space in south-central Madison, near the beltline.
      902-906 Watson Ave, Madison, WI 53713
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    • $2,150,000
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      Madison Industrial Building with Manufacturing

      20,000 SF industrial building with food manufacturing build-out.
      3301 Latham Dr, Madison, WI 53713
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    Similar Nearby for Sale

    • $1,095,000
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      Madison Industrial Property: Office & Warehouse

      14,476 SF Office/Warehouse, $1.09M
      913 Watson Ave, Madison, WI 53713
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    • $1,225,000
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      Madison Industrial Property

      13,900 SF Flex Space, $1.225M
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    • $1,595,000
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      Madison Industrial Property with Showroom

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      Madison Retail and Warehouse Building

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      Versatile Commercial Space on Madison's West

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    Similar Nearby for Lease

    • $7 SF/Yr
      14,476 SF

      Madison Industrial Space For Sale/Lease

      14,476 SF Office/Warehouse, Excellent Location
      913 Watson Ave, Madison, WI 53713
      View Details
    • $7 SF/Yr
      13,900 SF

      Madison Warehouse: Showroom Included

      13,900 SF Industrial Space, Madison, WI
      814 Post Rd, Madison, WI 53713
      View Details
    • $6 SF/Yr
      25,880 SF

      Madison Warehouse Space Available

      Industrial warehouse, multiple tenants, ample space.
      906 Watson Ave, Madison, WI 53713
      View Details
    • $25 SF/Yr
      2,909 SF

      Prime Office or Retail Space

      Class A office/retail space in central location with ample parking.
      2424 Rimrock Rd, Madison, WI 53713
      View Details
    • $6 SF/Yr
      6,116 SF

      Madison Warehouse Space For Rent

      Well-kept warehousing space in south-central Madison, near the beltline.
      902-906 Watson Ave, Madison, WI 53713
      View Details
    • $2,150,000
      20,000 SF

      Madison Industrial Building with Manufacturing

      20,000 SF industrial building with food manufacturing build-out.
      3301 Latham Dr, Madison, WI 53713
      View Details
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    923 Applegate Rd
    Madison, WI 53713
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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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