Renovated Triplex with Original
For Sale
$1,050,000
Pending
1250-1252 Spaight Street, Madison, WI 53703
Three flat-style units combine tall ceilings, spacious interiors, and one fully updated apartment.
Property Size4,202 SF
Days on Market216
Property Features for 1250-1252 Spaight Street
General Information
Standard status
Pending
Size
4,202 SF
Total Parking Spaces
2
Property subtype
Multi Family / Apartment building
Zoning
HIS-TL
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$14,695
Amenities
coin-operated laundry
Full
Natural Gas
Forced air
Seller/Tenants personal property.
1
3
2
Other
Building Details
Year Built
1899
Buildings
1
Units
3
Listing Agency:
First Weber Inc
(608) 234-1824
Listed By:
Jon Vanden Brook · License #58551-90
(608) 234-1824
Source:
Compass
Added: Jan 28
Changed: Aug 30
Last Checked: Aug 30 at 10:44PM
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 First Weber Inc
Investment Insights
Based on property information with market context.
Built in 1899, this three-unit flat contains three 3-bedroom, 1-bath apartments. Units 1 and 2 are nearly 1,600 square feet each and feature tall ceilings, generous room proportions, original doors, trim, and woodwork. Unit 3 has undergone a complete renovation with modern finishes. The property totals 4,202 square feet and includes a coin-operated washer and dryer, forced-air heat, and natural gas service.
Located at 1250-1252 Spaight Street on Madison’s isthmus in the Willy Street/Marquette neighborhood, the property carries HIS-TL zoning. Recent capital work includes a new roof completed in 2024 and removal of all knob-and-tube wiring. Separate utility metering includes four electric meters—one for each unit and one house meter—as well as separate gas meters. An off-street driveway provides parking for approximately two vehicles.
Located at 1250-1252 Spaight Street on Madison’s isthmus in the Willy Street/Marquette neighborhood, the property carries HIS-TL zoning. Recent capital work includes a new roof completed in 2024 and removal of all knob-and-tube wiring. Separate utility metering includes four electric meters—one for each unit and one house meter—as well as separate gas meters. An off-street driveway provides parking for approximately two vehicles.
Key Highlights
- Three 3‑bedroom, 1‑bath units in a flat‑style triplex
- 4,202‑square‑foot property built in 1899
- Units 1 and 2 are nearly 1,600 square feet each
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
$55,619
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
5.30%
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%
$1,112,380
$1.1M
Cap Rate 7%
$794,557
$794.6K
Cap Rate 9%
$617,989
$618.0K
Market Conditions
NOI Build-Up for 4,202 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
$83.2K $19.80/SF
− Vacancy
−$3.7K −$0.89/SF
EGI
$79.5K $18.91/SF
− OpEx
−$23.8K −$5.67/SF
NOI
$55.6K $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%
$1,112,380
Cap Rate 7%
$794,557
Cap Rate 9%
$617,989
Alternative Uses
Best Use
Multifamily LT 5
$794.6K
$695.2K – $927.0K
NOI $55,619 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$736.3K
$644.3K – $859.1K
NOI $51,543 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,922 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,041
Businesses Nearby
Explore this area
Business Placement
Demographics for 53703, WI
38,512
Population
21,025
Households
1.8
Avg Household Size
27
Median Age
69%
College-Educated
98%
High-School Grad
1.8 sq mi
ZIP Area
21,396
Density / Sq Mi
$46,618
Median Household Income
$27,923
Median Earnings
$1,445
Median Rent
$472,000
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?
Triplex - Three flat-style units combine tall ceilings, spacious interiors, and one fully updated apartment.
Where is this triplex located?
The property is located at 1250-1252 Spaight Street Madison, WI.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Three 3‑bedroom, 1‑bath units in a flat‑style triplex; 4,202‑square‑foot property built in 1899; Units 1 and 2 are nearly 1,600 square feet each
