Renovated Two-Unit
For Sale
$700,000
219 South Bedford Street, Madison, WI 53703
Updated Madison duplex with two residential units, modernized systems, and a full complement of kitchen appliances.
Property Size1,732 SF
Price / SF$404.16
Days on Market114
Property Features for 219 South Bedford Street
General Information
Standard status
Active
Size
1,732 SF
Property subtype
Multi Family / 2 flat-up and down
Zoning
DR2
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,332
Amenities
Other foundation
Natural Gas
Forced air
Seller and tenants personal property
2 Refrigerators, 2 ovens/ranges, 2 microwaves, 1 dishwasher, 2 water heaters, washer/dryer
1
2
Vinyl, Aluminum/Steel, Wood
Building Details
Year Built
1894
Buildings
1
Units
2
Listing Agency:
@properties-elleven Christie's International
(608) 438-2130
Listed By:
Melissa LeGrand · License #57439-90
(608) 438-2130
Source:
Compass
Added: May 11
Changed: Aug 30
Last Checked: Aug 30 at 5:50AM
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 @properties-elleven Christie's International
Investment Insights
Based on property information with market context.
Located at 219 South Bedford Street in Madison, this 1,732-square-foot duplex contains two residential units, each with two bedrooms and one bathroom. The 1894 property has undergone a comprehensive renovation that includes refinished maple flooring, new paint and trim, upgraded electrical and plumbing, quartz kitchen countertops, new appliances, and refreshed bathrooms.
Mechanical improvements include two new furnaces and AC units installed in 2025, along with water heaters dated 2021 and 2025. A 2025 washer and dryer, two refrigerators, two ovens/ranges, two microwaves, and one dishwasher are included. The property is positioned two blocks from Monona Bay and Brittingham boats and supports either owner occupancy or rental use.
Mechanical improvements include two new furnaces and AC units installed in 2025, along with water heaters dated 2021 and 2025. A 2025 washer and dryer, two refrigerators, two ovens/ranges, two microwaves, and one dishwasher are included. The property is positioned two blocks from Monona Bay and Brittingham boats and supports either owner occupancy or rental use.
Key Highlights
- Two‑unit duplex totaling 1,732 SF
- Both units offer 2 beds and 1 bath
- Renovation includes maple flooring, updated electrical and plumbing, quartz counters, appliances, and bathrooms
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
$22,925
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
3.28%
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%
$458,500
$458.5K
Cap Rate 7%
$327,500
$327.5K
Cap Rate 9%
$254,722
$254.7K
Market Conditions
NOI Build-Up for 1,732 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
$34.3K $19.80/SF
− Vacancy
−$1.5K −$0.89/SF
EGI
$32.8K $18.91/SF
− OpEx
−$9.8K −$5.67/SF
NOI
$22.9K $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%
$458,500
Cap Rate 7%
$327,500
Cap Rate 9%
$254,722
Alternative Uses
Best Use
Multifamily LT 5
$327.5K
$286.6K – $382.1K
NOI $22,925 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$303.5K
$265.6K – $354.1K
NOI $21,245 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$505.9K
$442.7K – $590.3K
NOI $35,416 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,396
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 - Updated Madison duplex with two residential units, modernized systems, and a full complement of kitchen appliances.
Where is this duplex located?
The property is located at 219 South Bedford Street Madison, WI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,732 SF; Both units offer 2 beds and 1 bath; Renovation includes maple flooring, updated electrical and plumbing, quartz counters, appliances, and bathrooms
