Spacious Duplex Investment
For Sale
$475,000
2938-2940 Traceway Drive, Madison, WI 53713
Two-unit duplex at 2938–2940 Traceway Drive with showings beginning during the 3/28–3/29 open houses.
Property Size2,800 SF
Price / SF$169.64
Days on Market164
Property Features for 2938-2940 Traceway Drive
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Multi Family / Duplex-side by side
Zoning
Res
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,481
Amenities
Full, Full size windows/Exposed, Partially finished
Natural Gas
Forced air
Tenants personal property
2 range/ovens, 2 refrigerators, 2 dishwashers, 1 washer, 1 dryer
1
2
Aluminum/Steel
Building Details
Year Built
1980
Units
2
Listing Agency:
Realty Executives Cooper Spransy
Listed By:
Andrew Genin · License #77367-94
(608) 886-7269
Source:
Compass
Added: Mar 26
Changed: Aug 8
Last Checked: Jul 21 at 1:55PM
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 Realty Executives Cooper Spransy
Investment Insights
Based on property information with market context.
This spacious duplex at 2938–2940 Traceway Drive in Madison, WI 53713 offers a two-unit residential income setup. Showings are scheduled to begin during the open houses on 3/28–3/29, with additional photos expected soon.
The property is described as tucked just behind Leopold Elementary School and down the road from Aldo Leopold Park. The park is noted as including a community garden, pump track, and manicured nature paths. The remarks also cite shopping nearby and easy access to the Beltline and bus routes, supporting everyday convenience for tenants and residents.
If you’re looking for a duplex format in an established residential setting, this one is being presented as a cash-flowing investment in the current listing materials, with the primary on-site details to be confirmed in the upcoming photo release and during showings.
The property is described as tucked just behind Leopold Elementary School and down the road from Aldo Leopold Park. The park is noted as including a community garden, pump track, and manicured nature paths. The remarks also cite shopping nearby and easy access to the Beltline and bus routes, supporting everyday convenience for tenants and residents.
If you’re looking for a duplex format in an established residential setting, this one is being presented as a cash-flowing investment in the current listing materials, with the primary on-site details to be confirmed in the upcoming photo release and during showings.
Key Highlights
- Two‑unit duplex at 2938–2940 Traceway Drive; showings begin during the 3/28–3/29 open houses
- Built in 1980
- Full basement with full‑size windows; partially finished
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
$37,062
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
7.80%
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%
$741,240
$741.2K
Cap Rate 7%
$529,457
$529.5K
Cap Rate 9%
$411,800
$411.8K
Market Conditions
NOI Build-Up for 2,800 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
$55.4K $19.80/SF
− Vacancy
−$2.5K −$0.89/SF
EGI
$52.9K $18.91/SF
− OpEx
−$15.9K −$5.67/SF
NOI
$37.1K $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%
$741,240
Cap Rate 7%
$529,457
Cap Rate 9%
$411,800
Alternative Uses
Best Use
Multifamily LT 5
$529.5K
$463.3K – $617.7K
NOI $37,062 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$490.6K
$429.3K – $572.4K
NOI $34,345 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$817.9K
$715.7K – $954.2K
NOI $57,254 @ 7.0% cap · market cap 12.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
996
Businesses Nearby
Explore this area
Business Placement
Demographics for 53713, WI
23,291
Population
11,635
Households
2
Avg Household Size
32
Median Age
39%
College-Educated
86%
High-School Grad
9.8 sq mi
ZIP Area
2,377
Density / Sq Mi
$57,833
Median Household Income
$36,998
Median Earnings
$1,173
Median Rent
$259,100
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-unit duplex at 2938–2940 Traceway Drive with showings beginning during the 3/28–3/29 open houses.
Where is this duplex located?
The property is located at 2938-2940 Traceway Drive Madison, WI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑unit duplex at 2938–2940 Traceway Drive; showings begin during the 3/28–3/29 open houses; Built in 1980; Full basement with full‑size windows; partially finished
