Historic Duplex with Renovated
For Sale
$850,000
1433 Spaight Street, Madison, WI 53703
Duplex home in the Marquette Bungalow Historic District with oak floors, distinctive features, and a fenced yard.
Property Size1,840 SF
Price / SF$461.96
Days on Market190
Property Features for 1433 Spaight Street
General Information
Standard status
Active
Size
1,840 SF
Property subtype
Multi Family / 2 story
Zoning
TR-C4,HIS
Taxes and HOA fees
Annual Taxes
$14,019
Amenities
Full, Poured concrete foundatn
Natural Gas
Forced air
All personal property of the seller.
Range/Ovens, 2 Refrigerator, Microwave, Dishwasher, Water Softener, All Window Coverings, Washer, Dryer
1
2
Vinyl, Brick
Building Details
Year Built
1928
Units
2
Listing Agency:
Lauer Realty Group, Inc.
Listed By:
Mark Gladue · License #56190-90
(608) 658-0467
Source:
Compass
Added: Feb 27
Changed: Aug 8
Last Checked: Jul 21 at 1:36PM
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 Lauer Realty Group, Inc.
Investment Insights
Based on property information with market context.
This historic duplex home has been renovated throughout and was originally a 2-flat. The main floor includes two bedrooms and a full bath, with oak hardwood flooring, an ornamental brick fireplace, leaded glass windows, and classic arches. The kitchen features custom hardwood countertops and is equipped with stainless steel appliances, custom cabinetry, and a tile backsplash.
The second floor offers an open space suited for flexible use, along with an updated full bath and a kitchenette. An additional secret playroom adds character to the upper level. The property also includes a fenced-in yard and a two-car garage.
The home is located within the Marquette Bungalow Historic District in Madison, WI. Overall, it combines original architectural details with updated interior improvements and a layout that can support both owner-occupancy and rental flexibility.
The second floor offers an open space suited for flexible use, along with an updated full bath and a kitchenette. An additional secret playroom adds character to the upper level. The property also includes a fenced-in yard and a two-car garage.
The home is located within the Marquette Bungalow Historic District in Madison, WI. Overall, it combines original architectural details with updated interior improvements and a layout that can support both owner-occupancy and rental flexibility.
Key Highlights
- 1928‑built home in the Marquette Bungalow Historic District with vinyl and brick exterior
- Full, poured concrete basement and forced‑air natural gas heating
- Main floor layout includes 2 bedrooms and a full bath; former 2‑flat configuration
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
$24,355
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
2.87%
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%
$487,100
$487.1K
Cap Rate 7%
$347,929
$347.9K
Cap Rate 9%
$270,611
$270.6K
Market Conditions
NOI Build-Up for 1,840 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
$36.4K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$34.8K $18.91/SF
− OpEx
−$10.4K −$5.67/SF
NOI
$24.4K $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%
$487,100
Cap Rate 7%
$347,929
Cap Rate 9%
$270,611
Alternative Uses
Best Use
Multifamily LT 5
$347.9K
$304.4K – $405.9K
NOI $24,355 @ 7.0% cap · market cap 2.87%
Second Best
Apartment 5plus
$322.4K
$282.1K – $376.2K
NOI $22,570 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$537.5K
$470.3K – $627.1K
NOI $37,624 @ 7.0% cap · market cap 4.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,004
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?
Duplex - Duplex home in the Marquette Bungalow Historic District with oak floors, distinctive features, and a fenced yard.
Where is this duplex located?
The property is located at 1433 Spaight Street Madison, WI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 1928‑built home in the Marquette Bungalow Historic District with vinyl and brick exterior; Full, poured concrete basement and forced‑air natural gas heating; Main floor layout includes 2 bedrooms and a full bath; former 2‑flat configuration
