Four-Unit Apartment
928 Spaight Street Madison, WI 53703
928 Spaight Street, Madison, WI, 53703
$795,000
For Sale
$795,000
Four fully leased units with shared basement laundry, front porches, and parking behind the property.
Property Size2,630 SF
Price / SF$302.28
Days on Market55
Property Features for 928 Spaight Street
General Information
- Standard status
- Active
- Size
- 2,630 SF
- Property subtype
- Multi Family / 2 story
Building Details
- Year Built
- 1899
Listing agency
Madison Property Management, Inc.
(608) 268-4912
Listed by
Jim Stopple · License #12003-90
(608) 268-4912
Source
Compass
Added: May 30 Updated: Jul 21 at 8:20PM Checked: Jul 22 at 9:47AM
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 Madison Property Management, Inc.
Investment Insights
Based on property information with market context.
This four-unit apartment complex offers a mix of unit layouts, including a two-bedroom plus one-bath unit, a studio plus one-bath unit, and two one-bedroom units (one with one additional den). The building includes shared laundry in the basement, along with front porches for the units. Parking is provided behind the property with four spaces, and the site uses shared driveway access.
The property is located just 2 blocks off Williamson St. and 1 block from Lake Monona, with walking distance to many local restaurants. It is also listed as approximately 1 mile from downtown Madison.
The current rental rates shown are for the 2025–2026 period. The property is zoned TR-V1 and is identified as within HIST-TL: Third Lake Ridge Historic District.
The property is located just 2 blocks off Williamson St. and 1 block from Lake Monona, with walking distance to many local restaurants. It is also listed as approximately 1 mile from downtown Madison.
The current rental rates shown are for the 2025–2026 period. The property is zoned TR-V1 and is identified as within HIST-TL: Third Lake Ridge Historic District.
Key Highlights
- 4‑unit apartment complex fully leased; current rents listed for 2025–2026
- Unit mix: one 2 bed/1 bath, one studio/1 bath, two 1 bed (one with den)/1 bath
- Shared laundry in full basement with 1 washer and 1 dryer; includes 4 stoves, 4 fridges, 1 boiler, and 1 water heater
Local Financial Insights For Multifamily LT 5
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 | $52.1k | $19.80 |
| − Vacancy | −$2.3k | −$0.89 |
| EGI | $49.7k | $18.91 |
| − OpEx | −$14.9k | −$5.67 |
| NOI | $34.8k | $13.24 |
2,630 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$497.3K
$435.1K – $580.2K
NOI $34,811 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$460.9K
$403.3K – $537.7K
NOI $32,260 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$768.3K
$672.2K – $896.3K
NOI $53,778 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four fully leased units with shared basement laundry, front porches, and parking behind the property.
Where is this quadplex located?
The property is located at 928 Spaight Street Madison, WI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 4‑unit apartment complex fully leased; current rents listed for 2025–2026; Unit mix: one 2 bed/1 bath, one studio/1 bath, two 1 bed (one with den)/1 bath; Shared laundry in full basement with 1 washer and 1 dryer; includes 4 stoves, 4 fridges, 1 boiler, and 1 water heater
