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Updated Gas Station with Outside Deck

510 S Madison Street Evansville, WI 53536

New

510 S Madison Street, Evansville, WI, 53536

$284,900

For Sale

$284,900

COMMERCIAL - Evansville, WI

Property Size1,956 SF

Lot Size0.23 Acres

Price / SF$145.65

AddedJul 15

Days on Market2

Last RefreshJul 16 at 12:06 am

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
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

Building Details

Year built: 1932
Number of units: 1
Roof type: Composition

Listing agent Chris Helgesen License #45162-90

Listing office Century 21 Affiliated 7 W Main St, Madison, WI

Listing date Jul 15, 2026

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.

An updated 1930s gas station offering architectural elements and a nostalgic atmosphere. The building includes a massive outside deck, a large 2+ car garage, and a sized office area or retail area. A leased tenant is already in place, and the property is being sold as-is.

Located at 510 S Madison Street in Evansville, Wisconsin. The property is zoned B1, and buyers are encouraged to check with the City of Evansville regarding zoning uses and any building improvement grant or loan options. See associated documents for a list of updates and additional information from the seller.

Key Highlights

Updated gas station built in 1932 with composition roof
Interior features include overhead doors and public rest rooms
Large outside deck attached to the property

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up

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 (±1% cap)

NOI $30,863 @ 7.0% cap · market cap 10.83%

Second Best

Retail

$337.3K

$295.1K – $393.5K (±1% cap)

NOI $23,610 @ 7.0% cap · market cap 8.29%

Theoretical Best

Office A

$470.0K

$411.3K – $548.4K (±1% cap)

NOI $32,903 @ 7.0% cap · market cap 11.55%

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

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Just Beyond the Willow Home Decor Store

Suggested Use

For sale
Gas stations
WI
Evansville
53536
510 S Madison Street

What type of property is this?

Gas station - Updated 1930s gas station with high-visibility frontage, a massive outside deck, and a 2+ car garage.

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 $284,900.

What are key features of this property?

This property features: Updated gas station built in 1932 with composition roof; Interior features include overhead doors and public rest rooms; Large outside deck attached to the property