Residential Income Property with Massage
For Sale
$874,000
229 North Ludington Street, Columbus, WI 53925
Property includes a massage therapy business, a single-family home, and three rental apartments within residential zoning.
Property Size3,650 SF
Price / SF$239.45
Days on Market513
Property Features for 229 North Ludington Street
General Information
Standard status
Active
Size
3,650 SF
Total Parking Spaces
5
Property subtype
Multi Family / 2 story
Zoning
Commercial
Additional Details
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$14,252
Amenities
Partial, Walkout to yard, Block foundation
Natural Gas
Radiant
Tenant(s) personal property
MAIN: stove/oven, fridge, microwave, dishwasher, washer, dryer UNIT 1: stove/oven, fridge, microwave, 2 washers, 2 dryers, freezer UNIT 2: stove/oven, fridge, microwave, washer, dryer COMMERCIAL: washer, dryer
4
3
2
1
Brick
Building Details
Year Built
1868
Units
5
Tenancy
Multi
Listing Agency:
Sprinkman Real Estate
(608) 516-5534
Listed By:
Joanna Janas · License #84866-94
(608) 516-5534
Source:
Compass
Added: Mar 31, 2025
Changed: Aug 23
Last Checked: Aug 24 at 12:17PM
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 Sprinkman Real Estate
Investment Insights
Based on property information with market context.
This residential income property is housed in a historic-style mansion and offers four sources of income. The current configuration includes a successful massage therapy business, a spacious single-family home, and three rental apartments. The property spans more than 6,000 sq ft and features attached 3-car garage space, a detached 2-car garage, and ample outdoor parking.
The home is zoned residential and is positioned near downtown with convenient access to major highways and the Amtrak station.
The layout includes multiple internal partitions, and the property can be reconfigured to convert to a single-family home by changing several interior partitions, while still retaining the existing garage and parking amenities.
The home is zoned residential and is positioned near downtown with convenient access to major highways and the Amtrak station.
The layout includes multiple internal partitions, and the property can be reconfigured to convert to a single-family home by changing several interior partitions, while still retaining the existing garage and parking amenities.
Key Highlights
- 1868 historic mansion on 0.5+ acres with 6,000+ sq ft of living and income space
- Includes a successful massage therapy business plus a spacious single‑family home and 3 rental apartments
- Zoned residential with potential to be reconfigured into a single‑family home by altering internal partitions
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
$33,418
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
3.82%
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%
$668,360
$668.4K
Cap Rate 7%
$477,400
$477.4K
Cap Rate 9%
$371,311
$371.3K
Market Conditions
NOI Build-Up for 3,650 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
$50.4K $13.80/SF
− Vacancy
−$2.6K −$0.72/SF
EGI
$47.7K $13.08/SF
− OpEx
−$14.3K −$3.92/SF
NOI
$33.4K $9.16/SF
Area
Columbia County, WI
Vacancy
5.22%
Lease Rate
$13.80 /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%
$668,360
Cap Rate 7%
$477,400
Cap Rate 9%
$371,311
Alternative Uses
Best Use
Multifamily LT 5
$477.4K
$417.7K – $557.0K
NOI $33,418 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$416.3K
$364.2K – $485.7K
NOI $29,139 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$820.0K
$717.5K – $956.7K
NOI $57,401 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
Explore this area
Business Placement
Demographics for 53925, WI
8,523
Population
3,766
Households
2.3
Avg Household Size
43
Median Age
30%
College-Educated
95%
High-School Grad
127.1 sq mi
ZIP Area
67
Density / Sq Mi
$86,667
Median Household Income
$54,281
Median Earnings
$852
Median Rent
$258,400
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?
Quadplex - Property includes a massage therapy business, a single-family home, and three rental apartments within residential zoning.
Where is this quadplex located?
The property is located at 229 North Ludington Street Columbus, WI.
What is the asking price?
The asking price for this property is $874,000.
What are key features of this property?
This property features: 1868 historic mansion on 0.5+ acres with 6,000+ sq ft of living and income space; Includes a successful massage therapy business plus a spacious single‑family home and 3 rental apartments; Zoned residential with potential to be reconfigured into a single‑family home by altering internal partitions
