Duplex with Two-Car
For Sale
$467,000
2670 Hoard Street, Madison, WI 53704
Two-bedroom units provide flexible occupancy options with shared laundry, storage, and established rental commitments.
Property Size1,792 SF
Price / SF$260.60
Days on Market492
Property Features for 2670 Hoard Street
General Information
Standard status
Active
Size
1,792 SF
Total Parking Spaces
2
Property subtype
Multi Family / 2 flat-up and down
Zoning
TR-C4
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,314
Amenities
shared laundry
lockable storage
Full
Natural Gas
Radiant
Tenants' personal property.
1
2
Vinyl
Building Details
Year Built
1949
Units
2
Listing Agency:
Steven's Real Estate
Listed By:
Chris Muchka · License #58741-90
(608) 516-0521
Source:
Compass
Added: Apr 29, 2025
Changed: Aug 31
Last Checked: Aug 30 at 9:03PM
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 Steven's Real Estate
Investment Insights
Based on property information with market context.
This 1,792-square-foot duplex contains two bright two-bedroom units, each benefiting from natural light. The upper residence is leased through February 28, 2026, while the lower residence is leased through July 31, 2026. Shared basement amenities include separately lockable storage areas, laundry machines, and additional laundry hookups. A spacious two-car garage provides additional storage capacity. The property was built in 1949 and features vinyl siding, natural gas, and radiant heat.
Located at 2670 Hoard Street in Madison, the property is near shopping, dining, parks, and campus. TR-C4 zoning and the two-unit configuration support continued residential rental use, subject to buyer verification.
Located at 2670 Hoard Street in Madison, the property is near shopping, dining, parks, and campus. TR-C4 zoning and the two-unit configuration support continued residential rental use, subject to buyer verification.
Key Highlights
- 1,792 SF duplex with two 2‑bedroom units
- Upper unit leased through February 28, 2026
- Lower unit leased through July 31, 2026
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
$23,719
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
5.08%
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%
$474,380
$474.4K
Cap Rate 7%
$338,843
$338.8K
Cap Rate 9%
$263,544
$263.5K
Market Conditions
NOI Build-Up for 1,792 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
$35.5K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$33.9K $18.91/SF
− OpEx
−$10.2K −$5.67/SF
NOI
$23.7K $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%
$474,380
Cap Rate 7%
$338,843
Cap Rate 9%
$263,544
Alternative Uses
Best Use
Multifamily LT 5
$338.8K
$296.5K – $395.3K
NOI $23,719 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$314.0K
$274.8K – $366.4K
NOI $21,981 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$523.5K
$458.0K – $610.7K
NOI $36,643 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
669
Businesses Nearby
Explore this area
Business Placement
Demographics for 53704, WI
47,066
Population
22,740
Households
2.1
Avg Household Size
38
Median Age
49%
College-Educated
96%
High-School Grad
21.9 sq mi
ZIP Area
2,149
Density / Sq Mi
$75,007
Median Household Income
$47,665
Median Earnings
$1,231
Median Rent
$289,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units provide flexible occupancy options with shared laundry, storage, and established rental commitments.
Where is this duplex located?
The property is located at 2670 Hoard Street Madison, WI.
What is the asking price?
The asking price for this property is $467,000.
What are key features of this property?
This property features: 1,792 SF duplex with two 2‑bedroom units; Upper unit leased through February 28, 2026; Lower unit leased through July 31, 2026
