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Property profile & analytics
FOR LEASE
Office buildings
121 S Pinckney St Madison, WI 53703
Entity Owned
15-yr Hold
Free & Clear
Property ID
US92-0426797
For Lease
1 / 2
$22 SF/Yr
121 S Pinckney St, Madison, WI 53703
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING (MULTI-STORY)
Year built
1904
Total area
4,500 SF
Lot
0.1 ac (4,515 SF)
Zoning code
DC WP-17
APN
0709-242-0305-6
UPID
US92-0426797
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Drifty Co (Bike/Boat/Book/etc) Store Corporate Office
-
Hurley Law Office, LLC Law Firm
-
Michael J Short Law Office Law Firm
-
Knoll & Laitsch, S.C. Law Firm
-
Madison Ride Share Progam City Government Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.25M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$940k
Owner & transaction history
Spring Properties LLC · 15 yrs held
Spring Properties LLC
since 2011
2 recorded transactions
Zoning & alternative use
DC WP-17 · Madison, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.3M
+21.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Madison submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Madison submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,350,000
6.5%
$1,245,000
7%
$1,155,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,040,000
Current use
AUTO REPAIR, GARAGE
$1,270,000
Change: +22% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$865,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$940k
Range $846k – $1.03M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$209 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$49,901
Tax year 2022
Assessed value
$2,340,000
Assessed 2023
Previous assessed
$2,336,000
+0.2% YoY
Effective rate
2.13%
On assessed value
Assessed land
$250,000
Assessed improvement
$2,090,000
Applied tax rate
3,269.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
PROFESSIONAL BUILDING (MULTI-STORY)
Status
For Lease
Year built
1904
Heating
NONE
Stories
5
Total area
4,500 SF
Lot
0.1 ac (4,515 SF)
Zoning code
DC WP-17
APN
0709-242-0305-6
UPID
US92-0426797
Jurisdiction
DANE
Zoning & alternative use
DC WP-17 · Madison, WI
Zoning DC WP-17 · permitted uses
DC WP-17 · Madison, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Madison. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.0M
AUTO REPAIR, GARAGE
Est. value
$1.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$865,000
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1904
Heating
NONE
Stories
5
Lot
0.1 ac
Current owner
From public records · entity-resolved
Spring Properties LLC
Entity
Free & Clear · 15 yrs held
Mailing address
121 S PINCKNEY ST STE #40, MADISON, WI 53703-3338
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 3, 2016
—
Spring Properties LLC
—
Deed
related
$2,500,000 · Dmb Community Bank
Feb 8, 2011
$1,322,500
Spring Properties LLC
Spring Time LLC
Warranty Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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