Historic Multifamily Income
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 Market73
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
- Flat, Tar/Gravel
Listing Agency:
Sprinkman Real Estate
(608) 467-9596
Listed By:
Joanna Janas
(608) 516-5534
Added: May 12
Changed: Jul 23
Last Checked: Jul 23 at 3:06PM
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 historic mansion-style property offers multiple income streams within approximately 6,019 square feet. The current setup includes a massage therapy business, a spacious single-family home, and three rental apartments, creating four sources of income under a zoning designation of B-1. The layout also includes internal partitions that, per the seller’s description, could be reconfigured to transform the property into a single-family home.
The home features an attached 3-car garage and a detached 2-car garage, along with ample outdoor parking. The property sits on approximately 0.53 acres and is described as being located near downtown and the Amtrak station, with convenient access to major highways.
The home features an attached 3-car garage and a detached 2-car garage, along with ample outdoor parking. The property sits on approximately 0.53 acres and is described as being located near downtown and the Amtrak station, with convenient access to major highways.
Key Highlights
- Built in 1868, over 6,000 sq ft property with flat tar/gravel roof and residential zoning.
- Current setup includes a massage therapy business plus a spacious single‑family home.
- Also features 3 rental apartments, creating 4 sources of income.
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Walcott Studio
Photography Service
HA Whitney Inn
Bed & Breakfast
@ Ease Massage Therapy, ...
Alternative Medicine Practice
FAQs
What type of property is this?
Apartment building - Zoned B-1 with a massage therapy business, single-family home, and three rental apartments plus attached and detached 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: Built in 1868, over 6,000 sq ft property with flat tar/gravel roof and residential zoning.; Current setup includes a massage therapy business plus a spacious single‑family home.; Also features 3 rental apartments, creating 4 sources of income.
