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Property profile & analytics
OFF-MARKET
Estimated value
$18,795,000
Office buildings
22 Mifflin St, Madison, WI 53703-4224
Entity Owned
Absentee Owner
Free & Clear
Property ID
US92-1221846
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING (MULTI-STORY)
Year built
1997
Total area
163,569 SF
Lot
0.43 ac (18,671 SF)
Zoning code
PD
APN
0709-144-2409-2
UPID
US92-1221846
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
-
Chase Mortgage Loan Service Bank
-
SymphonyCare (Bike/Boat/Book/etc) Store Corporate Office
-
Federal Defender Services of Wisconsin, Inc. Law Firm
-
Reinhart Boerner Van Deuren s.c. Law Firm
-
Jackson Lewis PC Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$22.05M
Blend (final)
Blend
$18.80M
Owner & transaction history
44 Associates LP
44 Associates LP
since 2025
5 recorded transactions
Zoning & alternative use
PD · Madison, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$18.80M
Range $16.92M – $20.67M · ±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
$115 / 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
$296,150
Tax year 2022
Assessed value
$14,600,000
Assessed 2023
Previous assessed
$14,600,000
+0.0% YoY
Effective rate
2.03%
On assessed value
Assessed land
$1,640,000
Assessed improvement
$12,960,000
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
1997
Heating
NONE
Stories
11
Total area
163,569 SF
Lot
0.43 ac (18,671 SF)
Zoning code
PD
APN
0709-144-2409-2
UPID
US92-1221846
Jurisdiction
DANE
Zoning & alternative use
PD · Madison, WI
Zoning PD · permitted uses
PD · 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.
Building & site characteristics
From public records
Year built
1997
Heating
NONE
Stories
11
Lot
0.43 ac
Current owner
From public records · entity-resolved
44 Associates LP
Entity
Free & Clear · 0 yrs held
Mailing address
401 N CARROLL ST, MADISON, WI 53703-1803
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 24, 2025
—
44 Associates LP
44 Parking Lc
Deed
—
Dec 15, 2017
—
North Square Associates LLP
—
Deed
related
$17,000,000 · Thrivent Fin'l/lutherans
—
—
North Square Associates LLP
—
Loan Modification
related
—
—
—
North Square Associates LLP
—
Loan Modification
related
—
—
—
North Square Associates LLP
—
Deed Of Trust
related
$17,000,000 · Thrivent Fin'l/lutherans
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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