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Property profile & analytics
OFF-MARKET
Estimated value
$525,000
Bars & Pubs
223 Frances St Madison, WI 53703-4932
Individually Owned
16-yr Hold
Free & Clear
Property ID
US92-0687787
Property profile
Verified
Property type
Bars & Pubs
Use group
BAR, TAVERN
Year built
1898
Total area
2,000 SF
Lot
0.15 ac (6,735 SF)
Zoning code
UMX
APN
0709-232-1206-6
UPID
US92-0687787
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
-
Madison,WISCONSIN Restaurant
-
Nitty Gritty-Madison Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$470k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$583k
Blend (final)
Blend
$525k
Owner & transaction history
Shapiros Nitty Gritty L Marsh · 16 yrs held
Shapiros Nitty Gritty L Marsh
since 2010
7 recorded transactions
Zoning & alternative use
UMX · Madison, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
ng 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 Em…
Zone name
Urban Mixed Use
General category
MIXED_USE
Zone area
103.46 ac
Top alternative use upside
Retail stores
$700,000
+5.3%
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
$470,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$665,000
Current use
RETAIL STORES
$700,000
Change: +5% · Conversion: Easy
AUTO REPAIR, GARAGE
$565,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$525k
Range $473k – $578k · ±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
$263 / 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
$19,788
Tax year 2022
Assessed value
$985,000
Assessed 2023
Previous assessed
$975,000
+1.0% YoY
Effective rate
2.01%
On assessed value
Assessed land
$450,000
Assessed improvement
$535,000
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
Bars & Pubs
Use group
BAR, TAVERN
Status
Off-Market
Year built
1898
Heating
NONE
Stories
2
Units
1
Total area
2,000 SF
Lot
0.15 ac (6,735 SF)
Zoning code
UMX
APN
0709-232-1206-6
UPID
US92-0687787
Jurisdiction
DANE
Zoning & alternative use
UMX · Madison, WIZoning UMX · permitted uses
UMX · Madison, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
ng 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 Center EC: Employment Campus IL: Industrial - Lim
Zone name
Urban Mixed Use
General category
MIXED_USE
Zone area
103.46 ac
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$665,000
RETAIL STORES
Est. value
$700,000
AUTO REPAIR, GARAGE
Est. value
$565,000
RESTAURANT Current
RETAIL STORES
AUTO REPAIR, GARAGE
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
1898
Heating
NONE
Stories
2
Units
1
Lot
0.15 ac
Current owner
From public records · entity-resolved
Shapiros Nitty Gritty L Marsh
Individual
Free & Clear · 16 yrs held
Mailing address
223 N FRANCES ST, MADISON, WI 53703-4932
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 29, 2020
—
Marsh Shapiros Nitty Gritty L
—
Deed
related
$360,313 · State Bk/cross Plains
Sep 15, 2016
—
Marsh Shapiros Nitty Gritty L
—
Deed
related
$1,500,000 · State Bk/cross Plains
Feb 1, 2010
—
Shapiros Nitty Gritty L Marsh
Shapiro,marshall & Susan M
Quit Claim Deed
related
—
—
—
Shapiros Nitty Gritty L Marsh
—
Deed Of Trust
related
$650,280 · Park Bank
—
—
Marsh Shapiros Nitty Gritty L
—
Deed Of Trust
related
$1,500,000 · State Bk/cross Plains
—
—
Marsh Shapiros Nitty Gritty L
—
Deed Of Trust
related
$360,313 · State Bk/cross Plains
—
—
Shapiros Nitty Gritty L Marsh
—
Deed Of Trust
related
$550,000 · State Bank Of Cross Plains
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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