2302-2348 east springs drive madison, wi 53713
TRANSCRIPT
www.ngkf.com
2302-2348 East Springs Drive
Madison, WI 53713
Dan Holvick
Partner/ Managing Broker
608-828-8803
Asking Price: $10,600,000 Cap Rate: 7.7%
www.ngkf.com
Table of Contents
1. Property Overview
2. Building Details
3. Tax Assessment
4. Maps/Site Plan
5. Current Tenants
6. Community Overview
www.ngkf.com
Property Overview
Rare opportunity to own prime 6+ acre parcel near East Towne Mall in Madison, Wisconsin. Recent building expansion and a 10 year lease with Ashley Furniture and great co-tenancy including; The Tile Shop and Old Navy. Potential for additional development in existing parking lot. Investment lends itself to substantial upside, as existing tenants have low rents and can be adjusted at lease turnover. Located right off of U.S. Interstate 90/94 and East Washington Ave. Densely populated trade area with over 2 million square feet.
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Building Details
Year Built: 1998
Location: 2302-2348 East Springs Drive, Madison, WI
Stories 1
No. of Docks 3
Zoning: C3- Commercial
Asking Price: $10,600,000
Parcel ID 0810-272-0622-7
Cap Rate 7.7%
Parcel: 284,017 SF
Building Size: 75,108 SF
Parking: 4.61/1,000 SF
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2019 Tax & Assessments
2302-2348 East Springs Drive
2019 Taxes: $186,890.08
2019 Assessments: Land $1,874,500.00
Improvements $5,964,400.00
Total: $7,838,900.00
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Map
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Parcel
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Site Plan
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Current Tenants
Ashley Furniture
For more than 70 years, we’ve set out to prove furniture can be made a better way. We design and craft timeless styles that are comfortable and livable. For our guests, living the American dream is as affordable as it is priceless.
2
The Tile Shop
Shop our extensive selection of tile for kitchens, bathrooms & more. Also available are free design consultations & easy financing options for consumers and Trade Professionals.
Old Navy
Old Navy provides the latest fashions at great prices for the whole family. Shop Men's, Women's and Kids'; departments, Women’s Plus, and clothing for baby and maternity wear.
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Madison, WI
Madison is the state capitol of Wisconsin and home to the University of Wisconsin-
Madison, a state university with an enrollment of approximately 43,000 (endowment
of $1.87B). Madison is located 75-miles west of Milwaukee, the most populous city in
the state and 120 miles northwest of Chicago. Madison’s population was 248,951 as
of 7/1/2015 making it the second largest city in Wisconsin. Dane County is the fastest
growing County in the state of Wisconsin; the growth is fueled by the sprawl of the
surrounding communities - Verona, Fitchburg, Sun Prairie, and Middleton. The
Madison, WI MSA has current population of 569,000 and is projected to grow by 27%
to over 740,000 over the next 30 years.
Madison’s economy has proved to be very stable through the past several
recessions. This is due mostly to the concentration of government jobs in the capitol
city as well as the presence of the University. In addition, there is a large bio-tech
presence which is driven by firms’ desire to be close to the University and the talented
young workforce that it churns out year after year
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Accolades
Ranked #1 “Most Secure Place to Live in America”- Farmers Insurance Group, Dec. 2010
Ranked #1 “Best City for Young Adults”- Kiplinger, July 2012
Ranked #2 “Best Small Metro College Towns”- AIER.org, October 2012
Ranked #2 “Best-Run City in America” - 24/7 Wall Street, January 2013
Ranked #3 “City for Young Professionals” - Forbes 2012
Ranked #4 “Best Cities for Health Care” - The Daily Beast, January 2011
Ranked #4 “Brainiest City” - Atlantic Cities, June 2012
Ranked #5 “Top 100 Places to Live in America” - Livability 2014
Ranked #5 “City to Ride Out a Depression” - Business Week, 2011
Ranked #5 “Best Cities for High-Tech jobs” - 24/7 Wall Street 2013
Ranked #6 “Bike Friendly City” - Bicycling Magazine, June 2012
Ranked #8 “Happiest, Healthiest Cities in America”- Prevention.com. Sept. 2011
Ranked #8 “Best places to live in America (Middleton)” - Money Magazine 2007 & 2011
Ranked #15 “Most Socially Networked City in the U.S.”- Men’s Health, March 2011
UW-Madison: “Top 20 Universities in the World” - Times Higher Education 2013
“City with Best Job Market” - Portfolio.com, July 2011
“Best College Sports Town” - Sports Illustrated 2003
“Best City for Men” - Men’s Health 2011
“Safest Places to Live” - Washington Post, August 2012
State Street is Top 8 Shopping Districts in America - MSN, January 2012
According to Men’s Health Magazine, Madison is the most educated city in America with
53.3% of adults over 25 having a bachelor’s degree and 22.6% having a master’s or
doctorate degree.
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By The Numbers