Redeveloped Multifamily Property For
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916 Madison Ave, Fort Atkinson, WI 53538
Under-construction 5-unit multifamily property with modern finishes in Fort Atkinson.
Property Size4,081 SF
Price / SF$269.54
Days on Market194
Property Features for 916 Madison Ave
General Information
Standard status
Active
Size
4,081 SF
Class
A
Property subtype
Multifamily
Zoning
UMU
Building Details
Year Built
2026
Listing Agency:
RE/MAX Preferred
Listed By:
Joe Voell · License #WI 94-75924
Source:
Crexi
Added: Jan 29
Changed: Aug 8
Last Checked: Jul 23 at 12:31PM
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 RE/MAX Preferred
Investment Insights
Based on property information with market context.
This fully redeveloped 5-unit multifamily property, currently under construction with anticipated completion in late summer, presents an investment opportunity in the Fort Atkinson market. The building has been remodeled down to the studs and features modern, condo-quality finishes throughout. The unit mix includes four 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. All major components are new, including insulation, drywall, flooring, and appliances. Each unit is equipped with an in-unit washer and dryer. The property is designed for operational efficiency, featuring separate gas, electric, and water meters for each unit, individual HVAC systems, and a full sprinkler and fire suppression system. Tenants have access to ample off-street parking and functional floor plans. Situated along a primary commuter corridor, the property is positioned to attract consistent rental demand from the surrounding area. The property size is 4081 square feet.
Key Highlights
- Fully redeveloped 5‑unit multifamily property with modern, condo‑quality finishes.
- All major components are new, including insulation, drywall, flooring, and appliances.
- Each unit features in‑unit washer and dryer.
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
$38,301
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
3.48%
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%
$766,020
$766.0K
Cap Rate 7%
$547,157
$547.2K
Cap Rate 9%
$425,567
$425.6K
Market Conditions
NOI Build-Up for 4,081 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
$73.5K $18.00/SF
− Vacancy
−$3.8K −$0.94/SF
EGI
$69.6K $17.06/SF
− OpEx
−$31.3K −$7.68/SF
NOI
$38.3K $9.39/SF
Area
Jefferson County, WI
Vacancy
5.20%
Lease Rate
$18.00 /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%
$766,020
Cap Rate 7%
$547,157
Cap Rate 9%
$425,567
Alternative Uses
Best Use
Apartment 5plus
$547.2K
$478.8K – $638.4K
NOI $38,301 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$957.9K
$838.2K – $1.12M
NOI $67,052 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
735
Businesses Nearby
Explore this area
Business Placement
Demographics for 53538, WI
18,643
Population
8,444
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
92%
High-School Grad
97.1 sq mi
ZIP Area
192
Density / Sq Mi
$80,784
Median Household Income
$44,995
Median Earnings
$967
Median Rent
$228,200
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 - Under-construction 5-unit multifamily property with modern finishes in Fort Atkinson.
Where is this apartment building located?
The property is located at 916 Madison Ave Fort Atkinson, WI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Fully redeveloped 5‑unit multifamily property with modern, condo‑quality finishes.; All major components are new, including insulation, drywall, flooring, and appliances.; Each unit features in‑unit washer and dryer.
