Five-Unit Rental
For Sale
$1,025,000
450-452 West Doty Street, Madison, WI 53703
Five-unit rental property with four one-bedroom apartments and a three-bedroom flat, including leased parking and basement laundry.
Property Size2,392 SF
Price / SF$428.51
Days on Market226
Property Features for 450-452 West Doty Street
General Information
Standard status
Active
Size
2,392 SF
Total Parking Spaces
1
Property subtype
Multi Family / 3 story
Zoning
DR2
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$13,105
Amenities
Full, Other foundation
Natural Gas
Other
basement washer & dryer, window AC units
5 refrigerators, 5 ranges, 2 dishwashers, washer & dryer in unit #2
1
5
2
Vinyl
Building Details
Year Built
1899
Units
5
Tenancy
Multi
Listing Agency:
Madcityhomes.Com
(608) 556-0033
Listed By:
Caleb Payne · License #93139-94
(608) 556-0033
Source:
Compass
Added: Jan 18
Changed: Aug 8
Last Checked: Jul 22 at 7:00AM
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 Madcityhomes.Com
Investment Insights
Based on property information with market context.
This five-unit rental house offers four one-bedroom apartments plus a three-bedroom flat. Two of the units have been recently fully renovated with new kitchens, baths, and flooring. Updates include a new roof in 2015, along with a recent boiler and vinyl siding. Tenants pay their own utilities based on allocation methods described by the landlord billing process, and one driveway parking spot is leased.
On-site laundry is available in the basement with laundry machines leased under a multi-year contract. The water/sewer and gas & electric are billed to the landlord and then allocated to tenants.
Current unit rents are provided for Unit #5 and Unit #3, with scheduled increases noted for the fall. Additional unit-by-unit details are reflected in the provided income and allocation information.
On-site laundry is available in the basement with laundry machines leased under a multi-year contract. The water/sewer and gas & electric are billed to the landlord and then allocated to tenants.
Current unit rents are provided for Unit #5 and Unit #3, with scheduled increases noted for the fall. Additional unit-by-unit details are reflected in the provided income and allocation information.
Key Highlights
- Five‑unit rental house with four 1‑bedroom units plus a 3‑bedroom flat
- Renovations include 2 fully renovated units with new kitchens, baths, and flooring
- New roof (2015), recent boiler, and vinyl siding
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
$29,341
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
2.86%
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%
$586,820
$586.8K
Cap Rate 7%
$419,157
$419.2K
Cap Rate 9%
$326,011
$326.0K
Market Conditions
NOI Build-Up for 2,392 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
$55.7K $23.28/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$53.3K $22.30/SF
− OpEx
−$24.0K −$10.04/SF
NOI
$29.3K $12.27/SF
Area
Madison, WI
Vacancy
4.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$586,820
Cap Rate 7%
$419,157
Cap Rate 9%
$326,011
Alternative Uses
Best Use
Apartment 5plus
$419.2K
$366.8K – $489.0K
NOI $29,341 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$698.7K
$611.4K – $815.2K
NOI $48,912 @ 7.0% cap · market cap 4.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,401
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit rental property with four one-bedroom apartments and a three-bedroom flat, including leased parking and basement laundry.
Where is this apartment building located?
The property is located at 450-452 West Doty Street Madison, WI.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: Five‑unit rental house with four 1‑bedroom units plus a 3‑bedroom flat; Renovations include 2 fully renovated units with new kitchens, baths, and flooring; New roof (2015), recent boiler, and vinyl siding
