Two-Unit Residential Income
For Sale
$450,000
811 North Street, Madison, WI 53704
Well-maintained two-flat with updated windows, kitchen and bathroom improvements, hardwood floors, and a detached two-car garage.
Property Size1,913 SF
Price / SF$235.23
Days on Market144
Property Features for 811 North Street
General Information
Standard status
Active
Size
1,913 SF
Total Parking Spaces
2
Property subtype
Multi Family / 2 flat-up and down
Zoning
TR-C4
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,219
Amenities
hardwood floors
Spectrum internet
oversized yard
garden
Full, Poured concrete foundatn
Natural Gas
Forced air
Tenants personal property
2 refrigerators, 2 range/ovens, 1 dishwasher, 1 microwave, 2 washer & dryers, 1 water softener.
2
1
Aluminum/Steel
Building Details
Year Built
1938
Units
2
Tenancy
Multi
Listing Agency:
Restaino & Associates
Listed By:
Ronda Thompson · License #52190-90
(608) 576-9405
Source:
Compass
Added: Apr 15
Changed: Aug 8
Last Checked: Jul 21 at 2:59PM
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 Restaino & Associates
Investment Insights
Based on property information with market context.
This well-maintained two-flat residential income property offers a solid setup for both owner-occupants and investors. The home features newer windows, kitchen improvements, and bathroom updates completed over the past 10 years, along with hardwood floors. Updates also include a roof replacement in 2009 and the addition of drain tile and a sump pump in 2023. Spectrum internet is available, and both units have been consistently rented.
Set on an oversized yard with room for outdoor use, the property includes a detached two-car garage. It is located near a bus line with easy access to the airport, MATC, Interstate, and downtown Madison. The property sits directly across from Eken Park, in a well-established neighborhood.
Showings begin 4pm on 4/17, and 24-hour notice is required. The upper unit address is listed as 2501 Coolidge St. Owners pay approximately $100/month for water and sewer.
Set on an oversized yard with room for outdoor use, the property includes a detached two-car garage. It is located near a bus line with easy access to the airport, MATC, Interstate, and downtown Madison. The property sits directly across from Eken Park, in a well-established neighborhood.
Showings begin 4pm on 4/17, and 24-hour notice is required. The upper unit address is listed as 2501 Coolidge St. Owners pay approximately $100/month for water and sewer.
Key Highlights
- Two‑flat built in 1938 with a full, poured concrete basement.
- Recent updates include roof replacement in 2009 and drain tile & sump pump added in 2023.
- Interior includes hardwood floors and forced‑air natural gas heating; exterior is aluminum/steel.
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
$25,321
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
5.63%
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%
$506,420
$506.4K
Cap Rate 7%
$361,729
$361.7K
Cap Rate 9%
$281,344
$281.3K
Market Conditions
NOI Build-Up for 1,913 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
$37.9K $19.80/SF
− Vacancy
−$1.7K −$0.89/SF
EGI
$36.2K $18.91/SF
− OpEx
−$10.9K −$5.67/SF
NOI
$25.3K $13.24/SF
Area
Madison, WI
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$506,420
Cap Rate 7%
$361,729
Cap Rate 9%
$281,344
Alternative Uses
Best Use
Multifamily LT 5
$361.7K
$316.5K – $422.0K
NOI $25,321 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$335.2K
$293.3K – $391.1K
NOI $23,465 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$558.8K
$489.0K – $652.0K
NOI $39,117 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 53704, WI
47,066
Population
22,740
Households
2.1
Avg Household Size
38
Median Age
49%
College-Educated
96%
High-School Grad
21.9 sq mi
ZIP Area
2,149
Density / Sq Mi
$75,007
Median Household Income
$47,665
Median Earnings
$1,231
Median Rent
$289,000
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Duplex - Well-maintained two-flat with updated windows, kitchen and bathroom improvements, hardwood floors, and a detached two-car garage.
Where is this duplex located?
The property is located at 811 North Street Madison, WI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑flat built in 1938 with a full, poured concrete basement.; Recent updates include roof replacement in 2009 and drain tile & sump pump added in 2023.; Interior includes hardwood floors and forced‑air natural gas heating; exterior is aluminum/steel.
