Two-Unit Duplex with Fenced
For Sale
$399,900
2114-2116 Lake Point Dr, Madison, WI 53713
Two residential units feature refreshed finishes, substantial storage, and access to a large fenced outdoor area.
Property Size1,074 SF
Price / SF$372.35
Days on Market12
Property Features for 2114-2116 Lake Point Dr
General Information
Standard status
Active
Size
1,074 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1961
Listing Agency:
Stark Company, REALTORS
(608) 755-5400
Listed By:
Mike Schmidtke
Source:
Soldinmadison
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 14 at 7:42AM
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 Stark Company, REALTORS
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each configured with 2 bedrooms, 1.5 bathrooms, generous living space, and ample storage. The property was built in 1961 and has newer vinyl siding. Unit 2116 has also received a recent refresh. Both units connect to a mature, extra-large fenced backyard that provides additional outdoor space.
Located at 2114-2116 Lake Point Dr in Madison, the property is one block from Lake Monona and offers quick access to the Beltline. Nearby amenities include bike paths, parks, restaurants, and shopping. The two-unit arrangement can accommodate an owner-occupant seeking rental income from the second unit or continued use as a duplex investment property.
Located at 2114-2116 Lake Point Dr in Madison, the property is one block from Lake Monona and offers quick access to the Beltline. Nearby amenities include bike paths, parks, restaurants, and shopping. The two-unit arrangement can accommodate an owner-occupant seeking rental income from the second unit or continued use as a duplex investment property.
Key Highlights
- Two units, each with 2 bedrooms and 1.5 bathrooms
- Unit 2116 recently refreshed; newer vinyl siding across the property
- Mature, extra‑large fenced backyard
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
$14,216
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
3.55%
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%
$284,320
$284.3K
Cap Rate 7%
$203,086
$203.1K
Cap Rate 9%
$157,956
$158.0K
Market Conditions
NOI Build-Up for 1,074 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
$21.3K $19.80/SF
− Vacancy
−$957 −$0.89/SF
EGI
$20.3K $18.91/SF
− OpEx
−$6.1K −$5.67/SF
NOI
$14.2K $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%
$284,320
Cap Rate 7%
$203,086
Cap Rate 9%
$157,956
Alternative Uses
Best Use
Multifamily LT 5
$203.1K
$177.7K – $236.9K
NOI $14,216 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$188.2K
$164.7K – $219.6K
NOI $13,174 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$313.7K
$274.5K – $366.0K
NOI $21,961 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Explore this area
Business Placement
Demographics for 53713, WI
23,291
Population
11,635
Households
2
Avg Household Size
32
Median Age
39%
College-Educated
86%
High-School Grad
9.8 sq mi
ZIP Area
2,377
Density / Sq Mi
$57,833
Median Household Income
$36,998
Median Earnings
$1,173
Median Rent
$259,100
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 - Two residential units feature refreshed finishes, substantial storage, and access to a large fenced outdoor area.
Where is this duplex located?
The property is located at 2114-2116 Lake Point Dr Madison, WI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1.5 bathrooms; Unit 2116 recently refreshed; newer vinyl siding across the property; Mature, extra‑large fenced backyard
