Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Redevelopment Lot With Lake Views Title is generated by Realmo AI

    405-413 S Park Street, Madison, WI 53715

    View on Map
    Claim this Listing
    For Sale
    $1,200,000

    Apartment building,Other,Retail,Vacant land - Madison, WI

    Type:Apartment
    Property size:
    14,262 SF
    Price / SF:
    $84/SF
    Added:
    Oct 3, 2025
    Days on Market:
    244
    Last Refresh:
    Jun 3 at 9:06 am

    Property Features for 405-413 S Park Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Zoning
    TSS
    Standard status
    Active
    APN
    070923313020

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    19263

    Utilities

    Heating system
    Forced Air

    Building Details

    Building materials
    Other
    Roof type
    Other
    Architectural style
    Other

    We can help!

    Listing Contact
    Jim Stopple

    Listing agent Jim Stopple

    Listing office Madison Property Management, Inc. 1202 Regent St, Madison, WI

    Listing date Oct 3, 2025

    MLS# 2007778 Listing URL

    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.

    HighLights

    • Large 14,262 sq.ft. mixed‑use lot zoned TSS.
    • Excellent location: Just 1 mile from downtown and UW Campus.
    • Income potential from billboard with Adams Outdoor Advertising.
    • Includes a free‑standing commercial building with on‑site parking.
    • Additional income from a currently leased 5‑bedroom apartment.
    • Redevelopment potential with views of Lake Monona (subject to city approval).

    Overview

    This is a three-parcel mixed-use lot totaling 14,262 square feet, zoned TSS, offered for sale as a redevelopment opportunity. The assemblage includes 845 Vilas Ave, previously a city water well building with driveway access from Vilas Ave. It also includes 405 S. Park St., a free-standing commercial building with onsite parking and additional income generated from a billboard with Adams Outdoor Advertising. Completing the set is 413 S. Park St., which is currently leased as a 5-bedroom apartment.

    The property benefits from a Madison location just 1 mile from downtown and the UW Campus. The site is also described as having great views of Lake Monona, which can be a meaningful consideration for buyers or operators exploring a reimagination of the uses. Any redevelopment would be subject to the City’s approval.

    For investors and developers, the combination of an income-producing billboard, an operating commercial building with onsite parking, and an in-place residential lease can support multiple strategies—either value-add repositioning or planning a future redevelopment path. Because zoning and redevelopment approvals are part of the process, interested parties can evaluate fit and timelines accordingly.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Dental Office Restaurant Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.400378
    Latitude
    43.062692

    Nearby Similar for Sale

    • $1,299,000

      Flex Building with Dual Garage Doors

      Modern flex space with soaring ceilings, finished office/studio areas, storage workshop space, and dual 10x10 garage access.
      1225 Greenway Cross, Madison, WI 53713
      View Details
    • $1,400,000

      Turnkey Supper Club Restaurant Building

      Freestanding corner restaurant with onsite parking, monument signage, and included equipment—ideal for owner-operator or investment.
      1025 N Sherman Avenue, Madison, WI 53704
      View Details
    • $525,000

      Turn-Key Restaurant with Finished Basement

      Turn-key restaurant with included equipment and furniture, plus a finished basement suitable for expanded dining or events.
      2705 W Beltline Highway, Madison, WI 53713
      View Details
    • $699,900

      Multi-Use Restaurant and Retail Building

      Flexible commercial building with multiple entrances, kitchen, office space, and ample parking for a range of uses.
      2440 Perry Street, Madison, WI 53713
      View Details
    • $1,200,000
      5,880 SF

      6626 Watts Rd, Madison, WI

      West Madison location with flexible HC zoning and redevelopment potential.
      6626 Watts Rd, Madison, WI 53719
      View Details
    • $7,500,000

      Nearly New Mixed-Use Building

      2019-built mixed-use building currently configured for restaurant, daycare, and office uses with 64 underground parking stalls.
      2801 Marshall Court, Madison, WI 53705
      View Details
    • $720,000

      Side-by-Side Two-Story Duplex

      Updated duplex with a fresh lease on one side and strong combined rental income potential.
      2309/2311 McKenna Boulevard, Madison, WI 53711
      View Details
    • $1,600,000

      Historic Office Building in Madison

      Charming office building in downtown Madison near Lake Mendota.
      401 Wisconsin Avenue, Madison, WI 53703
      View Details
    • $1,099,900

      Stabilized 7-Unit Townhouse Apartment

      Well-maintained 7-unit building with long-term tenants, shared basement laundry, and rent upside through targeted repricing.
      3712-3724 Lien Road, Madison, WI 53704
      View Details
    • $595,000

      Two-Unit Duplex in Walkable Neighborhood

      Character-rich two-flat with updated kitchens, shared basement laundry, and porches in a highly walkable area.
      307 S Baldwin Street, Madison, WI 53703
      View Details
    • $949,900

      Side-by-Side Duplex Investment

      Well-maintained side-by-side duplex with updated kitchens, private decks, and walkout lower levels on an oversized corner lot.
      1002-1004 Severson Drive, Madison, WI 53718
      View Details
    • $1,345,000

      Turn-Key 3-Unit Residential Income

      Three leased units with full kitchens, decks, and on-site parking provide an income-focused downtown Madison investment.
      554 W Mifflin Street, Madison, WI 53703
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Three-parcel mixed-use site zoned TSS, featuring existing income sources and strong downtown and UW proximity.
    Where is this mixed-use property located?
    The property is located at 405-413 S Park Street Madison, WI.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: Large 14,262 sq.ft. mixed‑use lot zoned TSS.; Excellent location: Just 1 mile from downtown and UW Campus.; Income potential from billboard with Adams Outdoor Advertising.
    (608) 268-4912
    We can help!
    Listing Contact
    Jim Stopple
    Real Estate License ID: WI 90-12003
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    405-413 S Park Street, Madison, WI 53715
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!