Historic Apartment Building with
For Sale
$849,999
229 N Ludington Street, Columbus, WI 53925
Multi Family, Columbus, WI
Property Size6,000 SF
Lot Size0.53 Acres
Price / SF$141.67
Days on Market73
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
Elementary school
Columbus
Middle school
Columbus
High school
Columbus
Elementary school district
Columbus
Middle school district
Columbus
High school district
Columbus
Directions
Exit 115 into Columbus continue on the Bus 151 & Hwy 73 to property on the left.
Subdivision
COLUMBUS - C
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 · License #8486694
(608) 516-5534
Added: Jul 1
Changed: Sep 9
Last Checked: Sep 11 at 11:06PM
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.
Built in 1868, this apartment building occupies a 0.53-acre site and contains over 6,000 square feet. The existing configuration includes three rental apartments, a spacious single-family residence, and a massage therapy business, creating four sources of income within one property. Internal partitions could be reconfigured to support a single-family use, subject to applicable requirements.
Parking and storage improvements include an attached 3-car garage, a detached 2-car garage, and additional outdoor parking. The property is near downtown Columbus and the Amtrak station, with access to major highways. Radiant heating is present, and the building’s historic character is paired with a multi-use layout.
Parking and storage improvements include an attached 3-car garage, a detached 2-car garage, and additional outdoor parking. The property is near downtown Columbus and the Amtrak station, with access to major highways. Radiant heating is present, and the building’s historic character is paired with a multi-use layout.
Key Highlights
- Over 6,000 sq ft on a 0.53‑acre site
- Built in 1868
- Three rental apartments, a single‑family residence, and a massage therapy business
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
$71,280
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
8.39%
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%
$1,425,600
$1.4M
Cap Rate 7%
$1,018,286
$1.0M
Cap Rate 9%
$792,000
$792.0K
Market Conditions
NOI Build-Up for 6,000 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
$129.6K $21.60/SF
− Vacancy
−$15.6K −$2.59/SF
EGI
$114.0K $19.01/SF
− OpEx
−$42.8K −$7.13/SF
NOI
$71.3K $11.88/SF
Area
Columbia County, WI
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,425,600
Cap Rate 7%
$1,018,286
Cap Rate 9%
$792,000
Alternative Uses
Best Use
Mixed Use
$1.02M
$891.0K – $1.19M
NOI $71,280 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$684.3K
$598.8K – $798.3K
NOI $47,900 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,357 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic income property combines apartments, a single-family residence, and an operating massage therapy business.
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 $849,999.
What are key features of this property?
This property features: Over 6,000 sq ft on a 0.53‑acre site; Built in 1868; Three rental apartments, a single‑family residence, and a massage therapy business
