Fully Remodeled 4-Unit
For Sale
$676,000
2027 East Washington Avenue, Madison, WI 53704
Remodeled four-unit building with one two-bedroom, one one-bedroom, and two studio units plus dedicated rear parking.
Property Size2,550 SF
Price / SF$265.10
Days on Market128
Property Features for 2027 East Washington Avenue
General Information
Standard status
Active
Size
2,550 SF
Property subtype
Multi Family / 2 story
Zoning
TRV1
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,342
Amenities
dedicated parking
on site coin operated laundry
Full
Natural Gas
Radiant
Tenant's personal property
Seller owned, on site, appliances, HVAC, water heater(s), water softener(s)
1
4
3
2
Aluminum/Steel, Other
Building Details
Year Built
1904
Units
4
Tenancy
Multi
Listing Agency:
The Hub Realty
(608) 345-0150
Listed By:
Ryan Schmitz · License #59756-90
(608) 345-0150
Source:
Compass
Added: Apr 24
Changed: Aug 25
Last Checked: Jul 25 at 1:48PM
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 The Hub Realty
Investment Insights
Based on property information with market context.
This fully remodeled four-unit property includes one 2-bedroom unit, one 1-bedroom unit, and two studio units. The building features ample dedicated parking in the rear, on-site coin-operated laundry, and a landlord-paid utilities setup. Published rents include utility and pet fees, supporting a stated in-place annual income of $70,020.
The property is listed for sale and is described as minutes from the Capitol Square. Seller’s preferred closing date is on or before 6/17/2026.
An adjacent property at 2031 E Washington Avenue (a three-unit) is also available for $506,000.
The property is listed for sale and is described as minutes from the Capitol Square. Seller’s preferred closing date is on or before 6/17/2026.
An adjacent property at 2031 E Washington Avenue (a three-unit) is also available for $506,000.
Key Highlights
- Remodeled 4‑unit building built in 1904 with one 2BD, one 1BD, and two studio units
- Published annual income of $70,020 with rents including utility and pet fees
- On‑site coin‑operated laundry on the property
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
$33,753
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
4.99%
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%
$675,060
$675.1K
Cap Rate 7%
$482,186
$482.2K
Cap Rate 9%
$375,033
$375.0K
Market Conditions
NOI Build-Up for 2,550 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
$50.5K $19.80/SF
− Vacancy
−$2.3K −$0.89/SF
EGI
$48.2K $18.91/SF
− OpEx
−$14.5K −$5.67/SF
NOI
$33.8K $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%
$675,060
Cap Rate 7%
$482,186
Cap Rate 9%
$375,033
Alternative Uses
Best Use
Multifamily LT 5
$482.2K
$421.9K – $562.6K
NOI $33,753 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$446.8K
$391.0K – $521.3K
NOI $31,279 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$744.9K
$651.8K – $869.0K
NOI $52,142 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,172
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?
Quadplex - Remodeled four-unit building with one two-bedroom, one one-bedroom, and two studio units plus dedicated rear parking.
Where is this quadplex located?
The property is located at 2027 East Washington Avenue Madison, WI.
What is the asking price?
The asking price for this property is $676,000.
What are key features of this property?
This property features: Remodeled 4‑unit building built in 1904 with one 2BD, one 1BD, and two studio units; Published annual income of $70,020 with rents including utility and pet fees; On‑site coin‑operated laundry on the property
