Multifamily Property with Massage
229 N Ludington Street Columbus, WI 53925
For Sale
$874,000
COMMERCIAL - Columbus, WI
Property Size6,019 SF
Lot Size0.53 Acres
Price / SF$145.21
Days on Market80
Property Features for 229 N Ludington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-1
Standard status
Active
APN
11211 204
Size
6,019 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
16213
Building Details
Year built
1868
Number of units
5
Roof type
Tar/Gravel, Flat
Listing Agency:
Sprinkman Real Estate
(608) 467-9596
Listed By:
Joanna Janas
(608) 516-5534
Added: May 12
Changed: Jul 29
Last Checked: Jul 30 at 3:06AM
MLS# 2021670
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 multifamily property includes four sources of income: a massage therapy business, a spacious single-family home, and three rental apartments within a historic-style residence. The building totals 6,019 square feet and sits on a 0.53-acre lot. Parking and storage are supported by an attached 3-car garage, a detached 2-car garage, and ample outdoor parking.
The property is zoned B-1. It is located near downtown and the Amtrak station, with convenient access to major highways.
The existing mix of spaces provides a flexible foundation for reconfiguration, including the potential to transform the layout toward a single-family setup by reconfiguring internal partitions, subject to applicable requirements.
The property is zoned B-1. It is located near downtown and the Amtrak station, with convenient access to major highways.
The existing mix of spaces provides a flexible foundation for reconfiguration, including the potential to transform the layout toward a single-family setup by reconfiguring internal partitions, subject to applicable requirements.
Key Highlights
- Year built 1868 historic property with 6,000+ sq ft of living/working space
- Zoned residential and currently includes 4 sources of income: massage therapy business, single‑family home, and 3 rental apartments
- 4‑unit setup totals: massage therapy business + single‑family home + 3 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 | $92.5k | $15.36 |
| − Vacancy | −$5.1k | −$0.84 |
| EGI | $87.4k | $14.52 |
| − OpEx | −$39.3k | −$6.53 |
| NOI | $48.1k | $7.98 |
6,019 SF · lease $15.36/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$686.5K
$600.7K – $800.9K
NOI $48,052 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,656 @ 7.0% cap · market cap 10.83%
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 - Property with multiple rental units and an on-site massage therapy business, zoned B-1 and supported by ample parking and garages.
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: Year built 1868 historic property with 6,000+ sq ft of living/working space; Zoned residential and currently includes 4 sources of income: massage therapy business, single‑family home, and 3 rental apartments; 4‑unit setup totals: massage therapy business + single‑family home + 3 rental apartments
