Mixed-Use Building with
For Sale
$1,195,000
Pending
2350 E Washington, Madison, WI 53704
Corner property combining ground-floor retail suites, upstairs apartments, basement laundry, and storage.
Property Size8,909 SF
Days on Market531
Property Features for 2350 E Washington
General Information
Standard status
Pending
Size
8,909 SF
Property subtype
Commercial
Site & Location
Corner Location
Yes
Public Transit
Yes
Units
Unit Mix
2 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Amenities
coin operated laundry
Building Details
Year Built
1924
Buildings
1
Listing Agency:
Howard and Williams, INC.
(608) 213-4687
Listed By:
Mark Williams · License #5415190
Source:
Madisonareahomesforsale
Added: Mar 18, 2025
Changed: Aug 30
Last Checked: Aug 25 at 7:07AM
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 Howard and Williams, INC.
Investment Insights
Based on property information with market context.
This 8,909-square-foot mixed-use building, constructed in 1924, combines three ground-floor retail spaces with three upper-level apartments. The residential component includes two one-bedroom, one-bath apartments and a three-bedroom, one-bath apartment with hardwood floors. The lower-level spaces are currently used for a custom frame shop, work space, and art supplies store.
A full basement provides coin-operated laundry, two 50-gallon water heaters, and substantial storage area. Two mural walls face 6th Street. The corner-lot property is near Madison Technical College, Dane County Airport, the downtown district, and a Madison transit bus line at 2350 E Washington Avenue in Madison, Wisconsin.
A full basement provides coin-operated laundry, two 50-gallon water heaters, and substantial storage area. Two mural walls face 6th Street. The corner-lot property is near Madison Technical College, Dane County Airport, the downtown district, and a Madison transit bus line at 2350 E Washington Avenue in Madison, Wisconsin.
Key Highlights
- 8,909‑square‑foot mixed‑use building on a corner lot
- Three ground‑floor retail spaces and three upstairs apartments
- Apartment mix includes two 1‑bedroom, 1‑bath units and one 3‑bedroom, 1‑bath unit
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
$109,280
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
9.14%
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%
$2,185,600
$2.2M
Cap Rate 7%
$1,561,143
$1.6M
Cap Rate 9%
$1,214,222
$1.2M
Market Conditions
NOI Build-Up for 8,909 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
$207.4K $23.28/SF
− Vacancy
−$8.7K −$0.98/SF
EGI
$198.7K $22.30/SF
− OpEx
−$89.4K −$10.04/SF
NOI
$109.3K $12.27/SF
Area
Madison, WI
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$2,185,600
Cap Rate 7%
$1,561,143
Cap Rate 9%
$1,214,222
Alternative Uses
Best Use
Retail
$1.82M
$1.59M – $2.12M
NOI $127,430 @ 7.0% cap · market cap 10.66%
Second Best
Mixed Use
$1.76M
$1.54M – $2.05M
NOI $122,944 @ 7.0% cap · market cap 10.29%
Theoretical Best
Office A
$2.60M
$2.28M – $3.04M
NOI $182,171 @ 7.0% cap · market cap 15.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,190
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner property combining ground-floor retail suites, upstairs apartments, basement laundry, and storage.
Where is this mixed-use property located?
The property is located at 2350 E Washington Madison, WI.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 8,909‑square‑foot mixed‑use building on a corner lot; Three ground‑floor retail spaces and three upstairs apartments; Apartment mix includes two 1‑bedroom, 1‑bath units and one 3‑bedroom, 1‑bath unit
