Historic Multifamily Mansion with
229 N Ludington Street Columbus, WI 53925
For Sale
$874,000
MULTI_FAMILY - Columbus, WI
Property Size6,000 SF
Lot Size0.53 Acres
Price / SF$145.67
Days on Market77
Property Features for 229 N Ludington Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B-1
Parking features
Garage
Appliances
3
Standard status
Active
APN
11211 204
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16213
Utilities
Heating system
Radiant
Building Details
Year built
1868
Floors in Building
2
Number of units
5
Listing Agency:
Sprinkman Real Estate
(608) 467-9596
Listed By:
Joanna Janas
(608) 516-5534
Added: May 12
Changed: Jul 22
Last Checked: Jul 27 at 12:06PM
MLS# 2021669
Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This historic mansion offers multiple income streams, currently operating as a massage therapy business, a spacious single-family home, and three rental apartments. The configuration can also be reworked internally to support a different residential layout by reconfiguring several internal partitions. The property includes an attached 3-car garage, a detached 2-car garage, and ample outdoor parking.
Located at 229 N Ludington Street in Columbus, Wisconsin, the property sits on over half an acre. It benefits from proximity to downtown and the Amtrak station, with convenient access to major highways, and it is zoned B-1.
Located at 229 N Ludington Street in Columbus, Wisconsin, the property sits on over half an acre. It benefits from proximity to downtown and the Amtrak station, with convenient access to major highways, and it is zoned B-1.
Key Highlights
- Historic 1868 property with over 6,000 sq ft of living and income space.
- Zoned residential and currently operates as a massage therapy business plus a single‑family home and 3 rental apartments.
- Four sources of income from on‑site massage therapy business, single‑family home, and three rental apartments.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $92.2k | $15.36 |
| − Vacancy | −$5.1k | −$0.84 |
| EGI | $87.1k | $14.52 |
| − OpEx | −$39.2k | −$6.53 |
| NOI | $47.9k | $7.98 |
6,000 SF · lease $15.36/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$684.3K
$598.8K – $798.3K
NOI $47,900 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,357 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use income property with massage therapy space, a single-family home, and three rental apartments under B-1 zoning.
Where is this apartment building located?
The property is located at 229 N Ludington Street Columbus, WI.
What is the asking price?
The asking price for this property is $874,000.
What are key features of this property?
This property features: Historic 1868 property with over 6,000 sq ft of living and income space.; Zoned residential and currently operates as a massage therapy business plus a single‑family home and 3 rental apartments.; Four sources of income from on‑site massage therapy business, single‑family home, and three rental apartments.
