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618-622 S Park St,  Madison,  WI  53715 $755,000 Expired
618-622 S Park St,  Madison,  WI  53715
$755,000
Expired
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 Property Type Business/Commercial
 Parcel # 0709-233-1822-8
 County Dane
 Sub Area W14
 Municipality Madison
 MLS# 1915649
 Listing Date 07/24/2021

MLS Public Remarks  Rare opportunity for a Mixed-use building on Park St available for sale. Major remodeling was done to this old building in 2013: completely updated electric system, water pipes, HVAC systems, windows & doors, roof, bathrooms, flooring & new layout; First floor is office spaces; Owner is currently occupying one of the 5 office spaces; Two 2-bedroom apartments on the 2nd floor always fully leased, no vacancies at all; Apt B has a brand new kitchen in 2021, rent $1500 /Month; apt A $1500/Mo; Partially finished basement for office storage and Coin-operated laundry area. Excellent Location: Near capital & UW Campus; Between St. Mary and Merritt hospitals. Park St by far is the most racially and economically diverse area of Madison.
Documents and Related Links  
1) RECR
2) Addendum S
3) First Floor Plan
* 1 Documents Not Available via MLS
LOCATION  
  • Location  City
  • Other Marketing Area  
  • Mailing City  Madison
  • C/T/V  City
  • Unit #  
  • Directions  Between Emerald St And Erin Street On The West Side Of S Park Street; Also, Between St. Mary'S And Meriter Hospitals
    • BUILDING DESCRIPTION  
  • Real estate for sale  Yes
  • Business for sale  No
  • For lease only  No
  • Ann. Rent/SqFt  $999
  • Total Units/Bldg  3
  • Building Gross SqFt  4,050
  • Net Leasable SqFt  4,050
  • Year Built  1925
  • Source for Year Built  PubR
  • Approx Bldg Dimen  30x68
  • Street Frontage  30
  • Parking Fees/Mo.  $0
  • Onsite Parking  2
  • # of Stories  2
  • Ceiling Height Min  13
  • Ceiling Height Max  13
  • Number of Loading Docks  0
  • Zoning  TSS
  • Est. Total Acres  0.06
  • Source Of Est Acres  PubR
  • Lot Dimensions  
  • Owner  
  • Tradename  
    • ASSESSMENT & TAXES  
  • Land Assessment  $40,000
  • Assessment Year  2022
  • Net Taxes  $9,588
  • Tax Year  2021
  • Improvements  $535,000
  • Total Assessment  $575,000
    • ANNUAL INCOME/EXPENSES  
  • Income/Expenses Year  $2,021
  • Gross Operating Income  $63,415
  • Annual Operating Exp  $12,998
  • Net Operating Income  $32,953
    • UNIT INFORMATION  
    Unit Lease Type Lease Exp. Date Renewal Option Base Annual Rent Annual Rent/SqFt Other Fees/SqFt Gross SqFt
    1 Gross 12/31/2022 Yes $33,300 $999 $0 2,025
    2 Res 8/14/2023 Yes $18,000 $0 $0 1,000
    3 Res 8/14/2023 Yes $18,000 $0 $0 1,000
    Items Included 
    Items Excluded 
    INTERIOR FEATURES  
  • Heating/Cooling  Central air, Forced air
  • Water/Waste  Municipal sewer, Municipal water
  • Basement  Full
  • Fuel  Natural gas
  • Seating Capacity  
    • EXTERIOR FEATURES  
  • Type   Apartment building, Office, Retail
  • Exterior Treatment  Brick
  • Building Parking  1-5 spaces, Onsite, Shared
  • Roofing  Rubber/membrane
  • Terms/Option  Exchange
  • Miscellaneous  
    • OTHER FEATURES  
  • Documents on File  Lease(s), Property Condition Report
  • Location  Free standing, Near Major Highway, Near public transportatn
  • Tenant Pays  Electric, Heat, Sewer, Water
  • Present Use  Living quarters, Office
  • Licenses  
  • Lease Type  Annual, Renewal options
  • Occupied by  Owner, Tenant(s)
  • Sale Includes  Lease(s)
  • Features  



    • Above Information Deemed Reliable, But Not Guaranteed

    Listing Courtesy of Tri-River Realty