Updated Duplex with Covered
For Sale
$695,000
116-118 Proudfit Street, Madison, WI 53715
Two residential units feature refreshed kitchens, newer windows, appliances, and rear parking in a central Madison setting.
Property Size2,186 SF
Price / SF$317.93
Days on Market111
Property Features for 116-118 Proudfit Street
General Information
Standard status
Active
Size
2,186 SF
Total Parking Spaces
2
Property subtype
Multi Family / 2 story
Zoning
TR-C4
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,262
Amenities
Full, Laundry facilities, Unfinished
Natural Gas
Forced air
Tenant personal items
All appliances
1
2
Wood
Building Details
Year Built
1925
Buildings
1
Units
2
Listing Agency:
Bruner Realty & Management
(608) 333-5301
Listed By:
Matt Lindholm · License #89947-94
(608) 333-5301
Source:
Compass
Added: May 12
Changed: Aug 29
Last Checked: Aug 29 at 4:34PM
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 Bruner Realty & Management
Investment Insights
Based on property information with market context.
This duplex at 116-118 Proudfit Street contains 2,186 square feet across an upper three-bedroom unit and a lower two-bedroom unit. Improvements include newer windows, refreshed kitchen finishes, dishwashers, and all appliances. The property also includes laundry facilities, forced-air heating, natural gas service, and wood exterior construction. Built in 1925, it is zoned TR-C4.
Rear parking includes two covered garage spaces. The property is located minutes from Madison’s Capitol Square, UW–Madison, Brittingham Park, and Lake Monona, placing both units near major civic, academic, recreational, and waterfront destinations.
Rear parking includes two covered garage spaces. The property is located minutes from Madison’s Capitol Square, UW–Madison, Brittingham Park, and Lake Monona, placing both units near major civic, academic, recreational, and waterfront destinations.
Key Highlights
- 2,186‑square‑foot duplex with upper 3‑bedroom and lower 2‑bedroom units
- Two covered garage spaces provide rear parking
- Newer windows and refreshed kitchen finishes in both units
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
$28,935
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
4.16%
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%
$578,700
$578.7K
Cap Rate 7%
$413,357
$413.4K
Cap Rate 9%
$321,500
$321.5K
Market Conditions
NOI Build-Up for 2,186 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
$43.3K $19.80/SF
− Vacancy
−$1.9K −$0.89/SF
EGI
$41.3K $18.91/SF
− OpEx
−$12.4K −$5.67/SF
NOI
$28.9K $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%
$578,700
Cap Rate 7%
$413,357
Cap Rate 9%
$321,500
Alternative Uses
Best Use
Multifamily LT 5
$413.4K
$361.7K – $482.3K
NOI $28,935 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$383.1K
$335.2K – $446.9K
NOI $26,814 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$638.6K
$558.7K – $745.0K
NOI $44,699 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,686
Businesses Nearby
Explore this area
Business Placement
Demographics for 53715, WI
16,517
Population
5,640
Households
2.9
Avg Household Size
24
Median Age
66%
College-Educated
95%
High-School Grad
1.3 sq mi
ZIP Area
12,705
Density / Sq Mi
$37,598
Median Household Income
$8,819
Median Earnings
$1,533
Median Rent
$436,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature refreshed kitchens, newer windows, appliances, and rear parking in a central Madison setting.
Where is this duplex located?
The property is located at 116-118 Proudfit Street Madison, WI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2,186‑square‑foot duplex with upper 3‑bedroom and lower 2‑bedroom units; Two covered garage spaces provide rear parking; Newer windows and refreshed kitchen finishes in both units
