Updated Gas Station with
New
For Sale
$264,900
510 S Madison Street, Evansville, WI 53536
COMMERCIAL - Evansville, WI
Property Size1,956 SF
Lot Size0.23 Acres
Price / SF$135.43
Days on Market2
Property Features for 510 S Madison Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B1
Interior features
Overhead doors, Public rest rooms
Lot features
Corner, Free standing
Directions
East Main Street to left on South Madison Street.
Subdivision
EVANSVILLE - C
Standard status
Active
APN
6-27-983A.
Size
1,956 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2399
Amenities
outside deck
garage
office/retail area
Building Details
Year built
1932
Number of units
1
Roof type
Composition
Listing Agency:
Century 21 Affiliated · Century 21 Real Estate
(608) 882-5216
Listed By:
Chris Helgesen · License #45162-90
(608) 692-6542
Added: Aug 4
Changed: Aug 5
Last Checked: Aug 5 at 9:06PM
MLS# 2021796
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.
Investment Insights
Based on property information with market context.
This 1,956-square-foot gas station was built in 1932 and includes architectural details, a large exterior deck, and a 2+ car garage with overhead doors. The interior provides an office or retail area along with public restrooms, while the composition roof is among the property’s documented features.
A leased tenant is already in place. The property is located at 510 S Madison Street in Evansville, Wisconsin, on a 0.23-acre parcel and is offered in its current as-is condition. Zoning is B1; prospective users should confirm permitted uses and related requirements with the City of Evansville.
A leased tenant is already in place. The property is located at 510 S Madison Street in Evansville, Wisconsin, on a 0.23-acre parcel and is offered in its current as-is condition. Zoning is B1; prospective users should confirm permitted uses and related requirements with the City of Evansville.
Key Highlights
- 1,956‑square‑foot gas station on a 0.23‑acre parcel
- Built in 1932 with documented updates
- Large exterior deck and 2+ car garage
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $35.2k | $18.00 |
| − Vacancy | −$1.5k | −$0.76 |
| EGI | $33.7k | $17.24 |
| − OpEx | −$10.1k | −$5.17 |
| NOI | $23.6k | $12.07 |
1,956 SF · lease $18.00/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$440.9K
$385.8K – $514.4K
NOI $30,863 @ 7.0% cap · market cap 11.65%
Second Best
Retail
$337.3K
$295.1K – $393.5K
NOI $23,610 @ 7.0% cap · market cap 8.91%
Theoretical Best
Office A
$470.0K
$411.3K – $548.4K
NOI $32,903 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 53536, WI
9,051
Population
4,092
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
96%
High-School Grad
88.9 sq mi
ZIP Area
102
Density / Sq Mi
$83,944
Median Household Income
$54,046
Median Earnings
$927
Median Rent
$274,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Gas station - B1-zoned property with a deck, garage, and flexible office or retail area.
Where is this gas station located?
The property is located at 510 S Madison Street Evansville, WI.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: 1,956‑square‑foot gas station on a 0.23‑acre parcel; Built in 1932 with documented updates; Large exterior deck and 2+ car garage
