Residential Income Property with Massage
For Sale
$849,999
229 N Ludington, Columbus, WI 53925
Property includes a massage therapy business, a single-family home, and three rental apartments within residential zoning.
Property Size6,019 SF
Price / SF$141.22
Days on Market239
Property Features for 229 N Ludington
General Information
Standard status
Active
Size
6,019 SF
Total Parking Spaces
5
Property subtype
Commercial
Zoning
Residential
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1868
Tenancy
Multi
Listing Agency:
Sprinkman Real Estate
Listed By:
Joanna Janas · License #8486694
(608) 516-5534
Source:
Madisonareahomesforsale
Added: Feb 27
Changed: Oct 1
Last Checked: Oct 23 at 7:41AM
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 Sprinkman Real Estate
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Investment Insights
Based on property information with market context.
This residential income property is housed in a historic-style mansion and offers four sources of income. The current configuration includes a successful massage therapy business, a spacious single-family home, and three rental apartments. The property spans more than 6,000 sq ft and features attached 3-car garage space, a detached 2-car garage, and ample outdoor parking.
The home is zoned residential and is positioned near downtown with convenient access to major highways and the Amtrak station.
The layout includes multiple internal partitions, and the property can be reconfigured to convert to a single-family home by changing several interior partitions, while still retaining the existing garage and parking amenities.
The home is zoned residential and is positioned near downtown with convenient access to major highways and the Amtrak station.
The layout includes multiple internal partitions, and the property can be reconfigured to convert to a single-family home by changing several interior partitions, while still retaining the existing garage and parking amenities.
Key Highlights
- 1868 historic mansion on 0.5+ acres with 6,000+ sq ft of living and income space
- Includes a successful massage therapy business plus a spacious single‑family home and 3 rental apartments
- Zoned residential with potential to be reconfigured into a single‑family home by altering internal partitions
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,108
Cap Rate
6.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,102,160
$1.1M
Cap Rate 7%
$787,257
$787.3K
Cap Rate 9%
$612,311
$612.3K
Market Conditions
NOI Build-Up for 6,019 SF
Gross rent
$83.1K $13.80/SF
− Vacancy
−$4.3K −$0.72/SF
EGI
$78.7K $13.08/SF
− OpEx
−$23.6K −$3.92/SF
NOI
$55.1K $9.16/SF
Area
Columbia County, WI
Vacancy
5.22%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,102,160
Cap Rate 7%
$787,257
Cap Rate 9%
$612,311
Alternative Uses
Best Use
Multifamily LT 5
$787.3K
$688.9K – $918.5K
NOI $55,108 @ 7.0% cap · market cap 6.48%
Second Best
Apartment 5plus
$686.5K
$600.7K – $800.9K
NOI $48,052 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,656 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
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Business Placement
Demographics for 53925, WI
8,523
Population
3,766
Households
2.3
Avg Household Size
43
Median Age
30%
College-Educated
95%
High-School Grad
127.1 sq mi
ZIP Area
67
Density / Sq Mi
$86,667
Median Household Income
$54,281
Median Earnings
$852
Median Rent
$258,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Property includes a massage therapy business, a single-family home, and three rental apartments within residential zoning.
Where is this quadplex located?
The property is located at 229 N Ludington Columbus, WI.
What is the asking price?
The asking price for this property is $849,999.
What are key features of this property?
This property features: 1868 historic mansion on 0.5+ acres with 6,000+ sq ft of living and income space; Includes a successful massage therapy business plus a spacious single‑family home and 3 rental apartments; Zoned residential with potential to be reconfigured into a single‑family home by altering internal partitions
