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Property profile & analytics
OFF-MARKET
Estimated value
$1,180,000
Office buildings
202 State St Madison, WI 53703-5000
Entity Owned
13-yr Hold
~
Est. High Equity
Property ID
US92-0060366
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING (MULTI-STORY)
Year built
1963
Total area
5,469 SF
Lot
0.3 ac (13,051 SF)
Zoning code
DC
APN
0709-144-2713-7
UPID
US92-0060366
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
-
Comedy on State Nightclub Theater & Performing Art Venue
-
Colin Griffin Personal Training Gym & Fitness Center
-
Parr Interactive: Web Design & Social Media Marketing Marketing & Advertising (Bike/Boat/Book/etc) Store
-
202 State Real Estate Agency
-
Civic Media Radio Station Telecommunications Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.52M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.18M
Owner & transaction history
202 State Street LLC · 13 yrs held
202 State Street LLC
since 2012
4 recorded transactions
Zoning & alternative use
DC · Madison, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
: Neighborhood Mixed-Use TSS: Traditional Shopping Street MXC: Mixed-Use Center CC-T: Commercial Corridor - Transitional CC: Commercial Center RMX: Regional Mixed-Use THV: Tiny House Village Downtown and Urban Districts DC: Downtown Core UOR: Urban Office Residential UMX: Urban Mixed-Use DR1: Downtown Residential 1 DR2: Downtown Residential 2 Employment Dist…
Zone name
Downtown Core
General category
CIVIC_INSTITUTIONAL
Zone area
111.44 ac
Top alternative use upside
Retail stores
$1.9M
+51.8%
Restaurant
$1.8M
+44.2%
Auto repair, garage
$1.5M
+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%
$1,640,000
6.5%
$1,515,000
7%
$1,405,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,265,000
Current use
RETAIL STORES
$1,920,000
Change: +52% · Conversion: Moderate
RESTAURANT
$1,825,000
Change: +44% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,540,000
Change: +22% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,050,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$1.18M
Range $1.06M – $1.30M · ±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
$216 / 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
$88,467
Tax year 2022
Assessed value
$4,395,000
Assessed 2023
Previous assessed
$4,130,000
+6.4% YoY
Effective rate
2.01%
On assessed value
Assessed land
$720,000
Assessed improvement
$3,675,000
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
Off-Market
Year built
1963
Heating
NONE
Buildings
3
Stories
3
Total area
5,469 SF
Lot
0.3 ac (13,051 SF)
Zoning code
DC
APN
0709-144-2713-7
UPID
US92-0060366
Jurisdiction
DANE
Zoning & alternative use
DC · Madison, WIZoning DC · permitted uses
DC · Madison, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
: Neighborhood Mixed-Use TSS: Traditional Shopping Street MXC: Mixed-Use Center CC-T: Commercial Corridor - Transitional CC: Commercial Center RMX: Regional Mixed-Use THV: Tiny House Village Downtown and Urban Districts DC: Downtown Core UOR: Urban Office Residential UMX: Urban Mixed-Use DR1: Downtown Residential 1 DR2: Downtown Residential 2 Employment Districts TE: Traditional Employment SE: Suburban Employment SEC: Suburban Employment
Zone name
Downtown Core
General category
CIVIC_INSTITUTIONAL
Zone area
111.44 ac
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.3M
RETAIL STORES
Est. value
$1.9M
RESTAURANT
Est. value
$1.8M
AUTO REPAIR, GARAGE
Est. value
$1.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.1M
OFFICE BUILDING Current
RETAIL STORES
RESTAURANT
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
1963
Heating
NONE
Stories
3
Buildings
3
Lot
0.3 ac
Current owner
From public records · entity-resolved
202 State Street LLC
Entity
Mailing address
202 STATE ST, MADISON, WI 53703-5000
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 3, 2012
—
202 State Street LLC
—
Deed Of Trust
related
$2,500,000 · Capitol Bank
Nov 30, 2012
—
202 State Street LLC
Rifken Properties LLC
Grant Deed
related
—
Oct 6, 2006
$3,600,000
202 State Street LLC
Rifken Properties LLC
Warranty Deed
$1,750,000 · Associated Bank
—
—
202 State Street LLC
—
Deed Of Trust
related
$2,400,000 · Capitol Bank
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.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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