Updated Duplex
For Sale
$630,000
2309 /2311 Mckenna Boulevard, Madison, WI 53711
Duplex with recent updates on one side and current rents exceeding $5,000 per month.
Property Size1,404 SF
Price / SF$448.72
Days on Market56
Property Features for 2309 /2311 Mckenna Boulevard
General Information
Standard status
Active
Size
1,404 SF
Property subtype
Multi-Family
Additional Details
Business Included
No
Multifamily Units
2
Building Details
Year Built
1991
Tenancy
Multi
Listing Agency:
Bunbury & Assoc, REALTORS
Listed By:
Eric Olson · License #6974694
(608) 575-9272
Source:
Soldinmadison
Added: Jul 27
Changed: Sep 12
Last Checked: Sep 19 at 12:17PM
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 Bunbury & Assoc, REALTORS
Investment Insights
Based on property information with market context.
This duplex offers two units within a single income property. Recent updating includes new flooring, cabinets, fixtures, and a furnace on one side of the duplex.
A fresh lease is in place on the updated unit, contributing to combined rents of over $5,000 per month.
The property is being offered for sale as a residential income investment, suitable for an owner starting out or expanding an existing portfolio.
A fresh lease is in place on the updated unit, contributing to combined rents of over $5,000 per month.
The property is being offered for sale as a residential income investment, suitable for an owner starting out or expanding an existing portfolio.
Key Highlights
- Duplex built in 1991
- One side has recent updates including new flooring, cabinets, fixtures, and furnace
- Fresh lease in place at $2,600
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
$18,584
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
2.95%
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%
$371,680
$371.7K
Cap Rate 7%
$265,486
$265.5K
Cap Rate 9%
$206,489
$206.5K
Market Conditions
NOI Build-Up for 1,404 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
$27.8K $19.80/SF
− Vacancy
−$1.3K −$0.89/SF
EGI
$26.5K $18.91/SF
− OpEx
−$8.0K −$5.67/SF
NOI
$18.6K $13.24/SF
Area
Madison, WI
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$371,680
Cap Rate 7%
$265,486
Cap Rate 9%
$206,489
Alternative Uses
Best Use
Multifamily LT 5
$265.5K
$232.3K – $309.7K
NOI $18,584 @ 7.0% cap · market cap 2.95%
Second Best
Apartment 5plus
$246.0K
$215.3K – $287.0K
NOI $17,222 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$410.1K
$358.9K – $478.5K
NOI $28,709 @ 7.0% cap · market cap 4.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
Explore this area
Business Placement
Demographics for 53711, WI
51,448
Population
23,500
Households
2.2
Avg Household Size
37
Median Age
66%
College-Educated
97%
High-School Grad
26.0 sq mi
ZIP Area
1,979
Density / Sq Mi
$101,236
Median Household Income
$55,284
Median Earnings
$1,357
Median Rent
$387,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with recent updates on one side and current rents exceeding $5,000 per month.
Where is this duplex located?
The property is located at 2309 /2311 Mckenna Boulevard Madison, WI.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: Duplex built in 1991; One side has recent updates including new flooring, cabinets, fixtures, and furnace; Fresh lease in place at $2,600
