Four-Unit Multifamily
For Sale
$2,500,000
128 East Johnson Street, Madison, WI 53703
Mixed-use configuration includes a dental office and three residential units within adjoining buildings.
Property Size6,043 SF
Lot Size0.48 Acres
Price / SF$413.70
Days on Market160
Property Features for 128 East Johnson Street
General Information
Standard status
Active
Size
6,043 SF
Lot size
0.48 Acres
Property subtype
Multi Family / 2 story
Zoning
DR1 / UOR
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$28,259
Amenities
Full, Partial, Other foundation
Natural Gas
Forced air
Personal property of owner & tenants
3 Stoves, 3 refrigerators, 1 washer, 1 dryer
1
3
Vinyl
Building Details
Year Built
999
Units
4
Listing Agency:
First Weber Inc
(608) 276-5233
Listed By:
Dave Mays · License #57206-90
(608) 276-5233
Source:
Compass
Added: Mar 24
Changed: Aug 30
Last Checked: Aug 30 at 8:47AM
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.
This 6,043-square-foot property combines a dental office with two adjoining apartment buildings containing three residential units. The improvements sit on a 21,018-square-foot site, equal to .48 acres, and include three stoves, three refrigerators, one washer, and one dryer. Natural gas and forced-air systems serve the property, with vinyl exterior finishes.
The site is located at 128 East Johnson Street in Madison and is identified as DR1 / UOR zoning. The property information identifies redevelopment potential for a 45+ unit apartment project, subject to all required City of Madison approvals. Existing improvements provide a four-unit configuration while future land use is evaluated.
The site is located at 128 East Johnson Street in Madison and is identified as DR1 / UOR zoning. The property information identifies redevelopment potential for a 45+ unit apartment project, subject to all required City of Madison approvals. Existing improvements provide a four-unit configuration while future land use is evaluated.
Key Highlights
- 21,018‑square‑foot site comprising .48 acres
- 6,043 square feet of property size
- Existing four‑unit configuration with a dental office and three residential 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
$101,943
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
4.08%
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%
$2,038,860
$2.0M
Cap Rate 7%
$1,456,329
$1.5M
Cap Rate 9%
$1,132,700
$1.1M
Market Conditions
NOI Build-Up for 6,043 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
$159.5K $26.40/SF
− Vacancy
−$23.6K −$3.91/SF
EGI
$135.9K $22.49/SF
− OpEx
−$34.0K −$5.62/SF
NOI
$101.9K $16.87/SF
Area
Madison, WI
Vacancy
14.80%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,038,860
Cap Rate 7%
$1,456,329
Cap Rate 9%
$1,132,700
Alternative Uses
Best Use
Office B
$1.46M
$1.27M – $1.70M
NOI $101,943 @ 7.0% cap · market cap 4.08%
Second Best
Healthcare Medical
$1.23M
$1.07M – $1.43M
NOI $85,888 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$1.77M
$1.54M – $2.06M
NOI $123,567 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
4,123
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 Office in Madison, WI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Mixed-use configuration includes a dental office and three residential units within adjoining buildings.
Where is this multifamily property located?
The property is located at 128 East Johnson Street Madison, WI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 21,018‑square‑foot site comprising .48 acres; 6,043 square feet of property size; Existing four‑unit configuration with a dental office and three residential units
