212 Gorham St Madison, WI 53703

Property Details for 212 Gorham St

Year built

1886

Lot size

0.07 lot acres

Property size

4,725 SF

Zone code

PD

Property type

Investment properties

Property subtype

Live-work space

APN

0709-144-2120-4

APU

70914421204

Description

This exceptional mixed-use property, located at 212 W Gorham St in Madison, WI, presents a compelling investment opportunity. The historic King House, a four-story building (5,400 square feet) on a 3,168 square foot lot, boasts a blend of commercial and residential space. The first floor comprises commercial space, currently leased until 2029 with extension options. The upper floors feature three residential units: a three-bedroom apartment on the second floor and an eight-bedroom apartment spanning the third and fourth floors. Built in 1886 and extensively renovated in 2002, 2019, 2022, and 2023, the property showcases original woodwork alongside modern amenities. Recent capital improvements include new mechanical systems (2002, 2019, 2022), windows (2020), roof and gutters (2023), and a commercial-grade sprinkler system (2002). Each unit features separate meters for water, gas, electricity, and HVAC. The property is zoned PUD and currently enjoys 100% occupancy, generating a pro-forma NOI of $149,700, representing a 7% cap rate on the $1,500,000 asking price. This stabilized, value-add investment is situated just one block from State Street in the heart of downtown Madison, offering significant potential for future appreciation. The property's unique blend of history, modern updates, and prime location makes it an attractive investment prospect.

Location Insight

City

Madison

County

Dane

State

Wisconsin

Longitude

-89.3914

Latitude

43.0753

CBSA code

31540

CBSA name

MADISON, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments