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    122 W Washington Ave Madison, WI 53703

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    122 W Washington Ave Madison, WI 53703

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    • Office buildings
    • 122,760 SF
    • 0.20 lot acres
    For Lease
    $14,160,000
    View Listing →
    Hovde Building Office Space For Lease
    $14,160,000

    Hovde Building Office Space

    Office space in restored building near Capitol Square.

    122 W Washington Ave, Madison, WI 53703
    View Listing
    Property ID
    US92-0851248
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • DNV / Professional Services
    • Attorney Juscha E.M. Robinson / Law Firm
    • Richman & Richman / Law Firm / Financial Advisor
    • Attorney Lester Pines / Law Firm
    • Claire Ann Resop / Law Firm / Financial Advisor

    Property Details for 122 W Washington Ave

    Year built
    1927
    Lot size
    0.20 lot acres
    Property size
    122,760 SF
    Zone code
    DC
    Property type
    Office buildings
    APN
    0709-231-0913-0
    APU
    70923109130

    Description

    This exceptional Madison, Wisconsin commercial property, located at 122 W Washington Ave, offers 7,861 square feet of prime retail and office space currently available for lease. The building is comprised of four suites, with flexible options for tenants seeking executive office space. Multiple tenancy is available, with a minimum divisible space of 1,756 square feet and a maximum contiguous space of 4,339 square feet. The entire 7,861 square feet is currently vacant, presenting a unique opportunity for a single tenant to occupy the entire building or for multiple tenants to lease individual suites. The property is situated in Dane County, Wisconsin, within the vibrant city of Madison, offering excellent visibility and accessibility. Its "Executive Office" designation speaks to its suitability for businesses seeking a prestigious and functional workspace. The address, 122 W Washington Ave, Madison, WI 53703, provides a convenient and desirable location for businesses seeking a central presence in the city. This is an ideal opportunity for businesses seeking flexible and high-quality office space in a thriving urban environment. The property's size and layout offer considerable versatility, catering to a range of business needs and sizes. Interested parties are encouraged to inquire about lease terms and availability.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $16,550,000
      Market price range: $16.6M - $41.2M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $23,565,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Madison
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.3864
    Latitude
    43.0736
    CBSA code
    31540
    CBSA name
    MADISON, WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $80,205
    $770,000
    $3,160,000
    $3,930,000
    -
    $0.00
    $0.00
    $0.00

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      206 Brearly St

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      111 Hamilton St

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      106 Doty St

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    • Value Estimation
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      116 Few St

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    • Value Estimation
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      34,000 SF

      2 Mifflin St

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      View Details

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    Similar Nearby for Lease

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      Downtown Office Space For Rent

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      Capitol Square Mixed-Use Building

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      View Details
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      Hovde Building Office Space

      Office space in restored building near Capitol Square.
      122 W Washington Ave, Madison, WI 53703
      View Details
    • Contact for pricing

      Office Space with Lake Views

      Office space for rent with lake views and parking.
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    Madison, WI 53703
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    122 W Washington Ave, Madison, WI, 53703

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