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618-622 S Park Street,  Madison,  WI  53715 $755,000 Expired
618-622 S Park Street,  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# 1944130
 Listing Date 09/27/2022

MLS Public Remarks  Rare opportunity for a Mixed-use building on Park St available for sale. Major remodeling to the building in 2013: New electric, new water pipes, new HVAC systems, new windows & doors, new roof, new bathrooms, new flooring & new layout; 1st floor is office space; Owner is currently occupying one of the 5 office spaces; Monthly rent from the office rental $2350/Mo, Utility cost allocated to office tenants monthly; 2nd floor: Two 2-bedroom apartment units; Unit A $1740 /Mo & Unit B $1700/Mo starting 8/15/2023; Tenants pay all utilities; 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 economically diverse area of Madison.
Documents and Related Links  
1) List of Upgrades
2) First Floor plan
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  2023
  • Net Taxes  $11,309
  • Tax Year  2022
  • Improvements  $625,000
  • Total Assessment  $665,000
    • ANNUAL INCOME/EXPENSES  
  • Income/Expenses Year  $2,022
  • Gross Operating Income  $73,000
  • Annual Operating Exp  $8,987
  • Net Operating Income  $64,000
    • UNIT INFORMATION  
    Unit Lease Type Lease Exp. Date Renewal Option Base Annual Rent Annual Rent/SqFt Other Fees/SqFt Gross SqFt
    1 Semi Gross M to M Yes $33,600 $999 $0 2,025
    2 Residentia 8/14/2024 Yes $20,880 $0 $0 1,015
    3 Residentia 08/14/2024 Yes $20,440 $0 $0 1,015
    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, Paved, Shared
  • Roofing  Rubber/membrane
  • Terms/Option  Exchange
  • Miscellaneous  
    • OTHER FEATURES  
  • Documents on File  Lease(s), Property Condition Report
  • Location  Business district, Free standing, Near Major Highway, Near public transportatn
  • Tenant Pays  Electric, Heat, Sewer, Water
  • Present Use  Apartment building, 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