501 Washington AveMadison, WI 53703

Property Details for 501 Washington Ave

Year built

1985

Lot size

0.94 AC

Property size (Sq ft)

12,000 SF

Zone code

UMX WP-17

Property type

Investment properties

Property subtype

Live-work space

APN

0709-133-1601-8

APU

70913316018

Description

This exceptional 0.94-acre site at 501 E Washington Ave in Madison, WI, presents a unique redevelopment opportunity. The existing 18,308 square foot, Class A apartment building, built in 1986, features 673 units and currently has 2.8% occupancy. The property boasts a prime location in the heart of downtown Madison's Central Business District, just four blocks from the Wisconsin State Capitol and near the University of Wisconsin-Madison, with over 49,000 students. High daily traffic counts of 24,000 vehicles on Washington Avenue and 25,750 on Blair Street ensure excellent visibility. The site is zoned UMX/WP-17 and offers significant potential for transformation into a multi-use high-rise building. With 87% renter occupancy within a one-mile radius, the strong demand for rental properties in this vibrant area, home to over 1,500 businesses, makes this a compelling investment. The property includes 3 stories and offers 3.28 parking spaces per 1,000 square feet. The Dane County APN is 0709-133-1601-8. This is a rare chance to capitalize on a thriving downtown location bridging the State Street pedestrian mall, Capitol Square, and the University campus. The property's strategic position and high demand make it an ideal redevelopment project in one of Madison's most desirable areas.

• CAP approach

  CAP return

  Valuation

  6%

  $2,166,742

  6.5%

  $2,000,070

  7%

  $1,857,208

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,218,278

  Geo Method

  $1,563,000

• Alternative Use

  Use

  Valuation

  Residential

  $2,480,087

  Hospitality

  $2,271,746

  Educational

  $1,890,066

  Medical

  $1,955,068

  Retail

  $2,940,103

Location Insight

City

Madison

County

Dane

State

Wisconsin

Latitude

43.0778

Longitude

-89.3788

CBSA code

31540

CBSA name

MADISON, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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