This 26 unit, all brick, apt building has been with the same owner for the last 25 years! The property consists of 26 two bedroom apts with uniform floor plans. Current rents range from $1, 075 (legacy tenants) to $1, 350 (latest turn overs). Units should rent for $1, 350+, as is, with just one turn over. Some updates include 2017 driveway/parking lot, 2016 new high efficiency boiler, 2023 new water softener, 2025 new water heater & stairwell carpet, 18 units have new flooring since 2020. $383K current annualized rent roll with clear path to $446K/year. Professionally managed (Prima) and operates efficiently at under $120K/year (2024) in operating expenses. Seller's property manager will be offering renewals for Jul & Aug shortly, so call today to control the future of this great property!
Property Features
Appliances
- # Stoves: 26
- Laundry Features: # Washers: 3, # Dryers: 3
Kitchen and Dining
Heating and Cooling
- Heating Features: Heating Type: Radiant, # Furnaces: 1
- Heating Fuel: Natural Gas
- Water Heaters: 2
Other Rooms
- Basement Description: Full, Full size windows/Exposed, Partially finished
Exterior and Lot Features
Land Info
- Lot Size Acres: 0.917
- Lot Size Square Feet: 39945
Garage and Parking
- Garage Spaces: 1
- Garage Description: 1 space, Outside
- Garage Features: 1 space, Outside
- Parking Total: 30
School Information
- Elementary School: Lapham/Marquette
- High School: East
- Middle School: OKeeffe
- School District: Madison
Multi-Unit Info
- Number of Units In Community: 26
- Number of Units: 26
- Number of 2 Bedroom Units: 26
- Bedrooms in Unit-1: 2
- Bedrooms in Unit-2: 2
- Bedrooms in Unit-3: 2
- Bedrooms in Unit-4: 2
- Full Bathrooms in Unit-1: 1
- Full Bathrooms in Unit-2: 1
- Full Bathrooms in Unit-3: 1
- Full Bathrooms in Unit-4: 1
- Unit-1 Square Feet: 840
- Unit-2 Square Feet: 750
- Unit-3 Square Feet: 750
- Unit-4 Square Feet: 750
- Unit 1 Total Actual Rent: 1350
- Unit 2 Total Actual Rent: 1075
- Unit 3 Total Actual Rent: 1275
- Unit 4 Total Actual Rent: 1080
Rental Info
Other Property Info
- Shared laundry
- Close to bus line
- Annual Tax Amount: 42303
- Source Listing Status: Active
- County: Dane
- Directions: East on East Gorham, Left on Sherman Ave, Right into Property
- Tax Year: 2024
- Source Property Type: Multi Family
- Exclusions: Tenant's personal property, 3 washers (revenue share), 3 dryers (revenue share)
- Inclusions: 26 refrigerators, 26 oven/ranges, 26 in wall A/C's, water heaters, water softener, boiler, fitness equipment.
- Area: MAPLE BLUFF - V
- Source Neighborhood: MAPLE BLUFF - V
- Parcel Number: 070912103177
- Postal City: Madison
- Zoning: TR-V2
- Property Subtype: Apartment building, 2 story
- Source System Name: C2C
Commercial Info
- Net Operating Income: 257857
- Operating Expense: 125007
Building and Construction
- Year Built: 1955
- Property Age: 70
- Levels or Stories: Apartment building, 2 story
Utilities
- Sewer: Municipal sewer
- Separate elec meters
- Water Source: Municipal water
