Two-Unit Duplex with Private
For Sale
$729,900
1120-1122 Artisan Drive, Madison, WI 53704
Well-maintained duplex with identical 3-bedroom units, decks, privacy-fenced yard, and attached oversized two-car garages.
Property Size3,578 SF
Price / SF$203
Days on Market95
Property Features for 1120-1122 Artisan Drive
General Information
Standard status
Active
Size
3,578 SF
Total Parking Spaces
2
Property subtype
Multi Family / Duplex-side by side
Zoning
R-3
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,771
Amenities
gas fireplace
counter islands
stove
refrigerator
dishwasher
microwave
patio doors
decks with pergolas
privacy-fenced yard
Full, Partially finished, Poured concrete foundatn, Sump pump, Lower basement laundry
Natural Gas
Forced air
2 stoves, 2 refrigerators, 2 dishwashers, 2 microwaves, 2 washers, 2 dryers, 2 water softeners, 2 garage door openers
2
Vinyl, Wood, Aluminum Trim, Asphalt/Composite
Building Details
Year Built
1993
Units
2
Tenancy
Multi
Listing Agency:
Stark Company, REALTORS
Listed By:
Kathy DePrey · License #39600-90
(608) 212-7355
Source:
Compass
Added: Jun 4
Changed: Aug 8
Last Checked: Jul 23 at 10:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Stark Company, REALTORS
Investment Insights
Based on property information with market context.
Well-maintained two-unit duplex featuring identical layouts in each unit. Both sides offer three bedrooms, vaulted ceilings in the main bedroom, large double closets, and a private full bath, along with a living room with a gas fireplace. Kitchens include counter islands and come equipped with a stove, refrigerator, dishwasher, and microwave, with each unit also providing 2 1/2 bathrooms. Lower levels are nicely finished and include storage and a dedicated laundry room with washers and dryers. Exterior living includes sunlit patio doors opening to large decks with pergolas, overlooking a beautifully landscaped, privacy-fenced yard. Each unit also benefits from attached oversized two-car garages with openers.
Set in a quiet residential neighborhood on Madison’s east side, the property is described as steps from a large city park with a dog park, bike and walking trails, sport fields, and a playground. Convenience is highlighted by proximity to Target, Starbucks, shopping, restaurants, and a grocery store, with easy access to Hwy 30 and I 90/94.
Reported updates include some updated Anderson windows and Lennox high-efficiency furnaces.
Set in a quiet residential neighborhood on Madison’s east side, the property is described as steps from a large city park with a dog park, bike and walking trails, sport fields, and a playground. Convenience is highlighted by proximity to Target, Starbucks, shopping, restaurants, and a grocery store, with easy access to Hwy 30 and I 90/94.
Reported updates include some updated Anderson windows and Lennox high-efficiency furnaces.
Key Highlights
- Well‑maintained 2‑unit duplex built in 1993 with identical 3‑bedroom units
- Each unit features vaulted ceilings in the main bedroom, large double closets, a private full bath, and a gas fireplace in the living room
- Lower levels include partially finished full basements with laundry; sump pump and lower basement laundry are included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,359
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$947,180
$947.2K
Cap Rate 7%
$676,557
$676.6K
Cap Rate 9%
$526,211
$526.2K
Market Conditions
NOI Build-Up for 3,578 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$70.8K $19.80/SF
− Vacancy
−$3.2K −$0.89/SF
EGI
$67.7K $18.91/SF
− OpEx
−$20.3K −$5.67/SF
NOI
$47.4K $13.24/SF
Area
Madison, WI
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$947,180
Cap Rate 7%
$676,557
Cap Rate 9%
$526,211
Alternative Uses
Best Use
Multifamily LT 5
$676.6K
$592.0K – $789.3K
NOI $47,359 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$627.0K
$548.6K – $731.5K
NOI $43,889 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$1.05M
$914.5K – $1.22M
NOI $73,163 @ 7.0% cap · market cap 10.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
201
Businesses Nearby
Explore this area
Business Placement
Demographics for 53704, WI
47,066
Population
22,740
Households
2.1
Avg Household Size
38
Median Age
49%
College-Educated
96%
High-School Grad
21.9 sq mi
ZIP Area
2,149
Density / Sq Mi
$75,007
Median Household Income
$47,665
Median Earnings
$1,231
Median Rent
$289,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with identical 3-bedroom units, decks, privacy-fenced yard, and attached oversized two-car garages.
Where is this duplex located?
The property is located at 1120-1122 Artisan Drive Madison, WI.
What is the asking price?
The asking price for this property is $729,900.
What are key features of this property?
This property features: Well‑maintained 2‑unit duplex built in 1993 with identical 3‑bedroom units; Each unit features vaulted ceilings in the main bedroom, large double closets, a private full bath, and a gas fireplace in the living room; Lower levels include partially finished full basements with laundry; sump pump and lower basement laundry are included
