Building Details

Year Built 1910

Construction brick

Tenancy Single

Listing Agency: Sprinkman Real Estate

Listed By: Chas Martin · License #57744-90 Show Phone

Source: Holtrealestateteam

Added: Apr 24 Changed: Oct 11 Last Checked: Oct 7 at 4:57PM

Report an Issue

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 Sprinkman Real Estate

Investment Insights

Based on property information with market context.

Built in 1910, this 6,006-square-foot office building provides 14 offices within a historic commercial setting. The property features a classic brick exterior and architectural details associated with its original construction, while a remodeled basement area adds a lounge/apartment configuration with a full kitchen and bathroom.

Located at 401 Wisconsin Avenue in downtown Madison, the property is near Lake Mendota and the Capitol Square. A longtime tenant occupies the building under a current lease, and on-site parking is identified among the property features. Buyers are responsible for confirming zoning and building requirements.

Key Highlights

• 6,006‑square‑foot office building constructed in 1910
• 14 offices within the building
• Remodeled basement lounge/apartment area with full kitchen and bath

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$101,319

Cap Rate

6.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,026,380 $2.0M

Cap Rate 7%

$1,447,414 $1.4M

Cap Rate 9%

$1,125,767 $1.1M

Market Conditions

NOI Build-Up for 6,006 SF

Gross rent

$158.6K $26.40/SF

− Vacancy

−$23.5K −$3.91/SF

EGI

$135.1K $22.49/SF

− OpEx

−$33.8K −$5.62/SF

NOI

$101.3K $16.87/SF

Area

Madison, WI

Vacancy

14.80%

Lease Rate

$26.40 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,026,380

Cap Rate 7%

$1,447,414

Cap Rate 9%

$1,125,767

Alternative Uses

Best Use

Office B

$1.45M

$1.27M – $1.69M (±1% cap)

NOI $101,319 @ 7.0% cap · market cap 6.33%

Second Best

Mixed Use

$1.18M

$1.04M – $1.38M (±1% cap)

NOI $82,883 @ 7.0% cap · market cap 5.18%

Theoretical Best

Office A

$1.75M

$1.54M – $2.05M (±1% cap)

NOI $122,811 @ 7.0% cap · market cap 7.68%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Mind Evolution Therapy Medical Clinic laura rameker Counselor Christianson Ventures LLC Property Management Company MARY TRAINOR Foster Care Service Dale Decker, LCSW Psychotherapist

Suggested Use

Top Pick Daycare Center HVAC Service (Bike/Boat/Book/etc) Store Electrical Service Furniture & Home Goods Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

14

Office units

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

4,097

Businesses Nearby

Explore this area Business Placement

Demographics for 53703, WI

38,512

Population

21,025

Households

1.8

Avg Household Size

27

Median Age

69%

College-Educated

98%

High-School Grad

1.8 sq mi

ZIP Area

21,396

Density / Sq Mi

$46,618

Median Household Income

$27,923

Median Earnings

$1,445

Median Rent

$472,000

Median Home Value

Market

Vacancy Rate% for Office in Madison, WI

10.9% 2023

10.8% 2024

7.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Versatile Building in Old Sauk

8150 Excelsior Dr, Madison, WI 53717

$2,350,000

8,313 SF

View details

Professional Office Building For Sale

14 Ellis Potter, Madison, WI 53711

$1,450,000

10,088 SF

View details

Mixed-Use Building with Commercial Space

702 W Wingra Drive, Madison, WI 53715

$1,179,900

3,285 SF

View details

Two-Story Mixed-Use Property

702 W Wingra, Madison, WI 53715

$1,179,900

3,285 SF

View details

Free-Standing Office Building NNN

915 Haywood Dr, Madison, WI 53715

$1,081,029

3,269 SF

View details

Mixed-Use Building with Retail

2528 E Washington Ave, Madison, WI 53704

$795,000

10,389 SF

View details

Value-Add Office Building Opportunity

4111 East Towne Boulevard, Madison, WI 53704

$2,200,000

15,000 SF

View details

Renovated Commercial Building with Versatile Space

4233 W. Beltline Hwy, Madison, WI 53711

Contact for pricing

4,900 SF

View details

Updated Office Building with Parking

2423 American Ln, Madison, WI 53704

Contact for pricing

7,482 SF

View details

Two-Story Office Building

1850 Hoffman St, Madison, WI 53704

$2,800,000

45,246 SF

View details

Well-Maintained Office Building

310 N Midvale Boulevard, Madison, WI 53705

$252,306

20,884 SF

View details

Two-Story Mixed-Use Building

2801 Marshall Court, Madison, WI 53705

$6,800,000

24,500 SF

View details

Frequently Asked Questions

What type of property is this?

Office building - Downtown office property with period character and a remodeled lower-level lounge/apartment area.

Where is this office building located?

The property is located at 401 Wisconsin Ave Madison, WI.

What is the asking price?

The asking price for this property is $1,600,000.

What are key features of this property?

This property features: 6,006‑square‑foot office building constructed in 1910; 14 offices within the building; Remodeled basement lounge/apartment area with full kitchen and bath