Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1002-1004 Severson Drive Madison, WI 53718

    View on Map
    Claim this Listing
    New
    For Sale
    $1,100,000

    Duplex-side by side - Madison, WI

    Lot size:
    0.51 Acres
    Added:
    Apr 12, 2026
    Days on Market:
    4
    Last Refresh:
    Apr 15 at 7:06 pm

    Property Features for 1002-1004 Severson Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R3
    Bedrooms
    8
    Rooms
    Basement, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking
    4
    Parking features
    Garage
    Basement Y/N
    1
    Appliances
    Dishwasher, Dryer
    Standard status
    Active
    APN
    0710-114-1701-3
    Lot size
    0.51 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    12789

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    2005
    Number of units
    2
    Building materials
    Brick, Stone
    Architectural style
    Other

    We can help!

    Listing Contact
    Jason Berning
    Jason Berning

    Listing agent Jason Berning

    Listing office Realty Executives Cooper Spransy 5940 Seminole Centre Ct Ste 310, Madison, WI

    Listing date Apr 12, 2026

    MLS# 2016361 Listing URL

    Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Spacious Duplex on Madison's East Side

    This spacious duplex is located on Madison’s East Side. Each side features 4 bedrooms and 3 full bathrooms, including a private en-suite with double vanities and walk-in closets in the main bedrooms. The property includes open-concept living and dining areas, with a second living room in the lower level. Both units offer updated kitchens with stainless steel appliances and access to private decks. The walkout lower levels lead to a large backyard and oversized corner lot. Recent updates include newer carpet and wood laminate flooring. The property, with a proven rental history, is located on an approximately 0.51-acre corner lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.271002
    Latitude
    43.084359

    Nearby Similar for Sale

    • $1,499,999

      Turnkey Automotive Facility on Stoughton Road

      State-of-the-art automotive sales and repair facility on Hwy 51.
      2402 S Stoughton Road, Madison, WI 53704
      View Details
    • $699,900

      Versatile Commercial Building Near Park Street

      5,000 sq ft building on .5+ acre lot.
      2440 Perry Street, Madison, WI 53713
      View Details
    • $1,299,000

      Versatile Commercial Space on Madison's West

      Modern 5,250 sqft commercial space with high visibility.
      1225 Greenway Cross, Madison, WI 53713
      View Details
    • $1,600,000

      Restaurant Building Near Maple Bluff

      Turnkey restaurant opportunity near Maple Bluff Country Club.
      1025 N Sherman Avenue, Madison, WI 53704
      View Details
    • $450,000

      Madison Two-Flat with Income Potential

      Well-maintained two-flat with updates, income potential, and convenient location.
      811 North Street, Madison, WI 53704
      View Details
    • $825,000

      Madison Gem Historic District Home

      Charming 3 bed, 2 bath home in historic district.
      1433 Spaight Street, Madison, WI 53703
      View Details
    • $1,600,000

      Historic Office Building in Madison

      Charming office building in downtown Madison, close to Lake Mendota.
      401 Wisconsin Avenue, Madison, WI 53703
      View Details
    • $7,500,000

      Class A Mixed-Use Building

      Versatile mixed-use building suitable for various business operations.
      2801 Marshall Court, Madison, WI 53705
      View Details
    • $1,179,900

      Mixed-Use Building Near Park Street

      Two-story mixed-use property near Madison's Park Street corridor.
      702 W Wingra Drive, Madison, WI 53715
      View Details
    • $1,200,000
      5,880 SF

      6626 Watts Rd, Madison, WI

      West Madison location with flexible HC zoning and redevelopment potential.
      6626 Watts Rd, Madison, WI 53719
      View Details
    • $550,000

      West Side Duplex Opportunity

      Rare duplex with owner occupancy options in Madison, Wisconsin.
      3014-3016 Todd Drive, Madison, WI 53713
      View Details
    • $550,000

      Madison Multifamily Investment Opportunity

      Four-unit apartment building with upside potential in a prime location.
      5710 Russett Road, Madison, WI 53711
      View Details

    FAQs

    What type of property is this?
    Duplex - Well-maintained duplex with proven rental history on Madison's East Side.
    Where is this duplex located?
    The property is located at 1002-1004 Severson Drive Madison, WI.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: Proven rental history makes this a sound investment property.; Each unit features **4 bedrooms and 3 full bathrooms**, including a **private en‑suite with double vanities and walk‑in closets** in the main bedrooms.; Prime East Side location in Madison.
    (608) 571-3906
    We can help!
    Listing Contact
    Jason Berning
    Jason Berning
    Real Estate License ID: 84437-94
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!