MLS Public Remarks Please do not trespass on property or disturb tenants without a scheduled showing. Excellent cash-flowing investment opportunity and upside in this 8-unit building. All units are 2/1 with identical layouts. storage lockers, and shared coin-op laundry in basement. Currently under-rented due to long-term tenants in place. Pro forma rents $1,250/unit = $120,000 gross annual rents resulting in a potential 9.0%+ cap rate and a 10.0%+ cash on cash return. Well located on the East side of Madison across from Warner Park with easy access to schools, grocery, and downtown Madison. Leases available upon request. 2410 units 3 & 4 are vacant and have not been updated. Vacant units will need turnover work. New boiler 2021, new coin-op W/D 2022. Various updates throughout most units done in 2022-2023.
Location City
Other Marketing Area
Mailing City Madison
C/T/V City
Unit #
Directions Sherman Avenue North To Left On Trailsway To Left On Calypso
Number of Units 8
Year Built 1965
# Furnaces 1
Heating Type Rad Elec
Heating Fuel Nat Gas
# Water Heaters 1
# Water Softeners 0
# Stoves 8
# Refrigerators 8
# Dish Washers 8
# Washers 1
# Dryers 1
# Units w/AC 8
Number of Efficiencies 0
Number of 1 Bedrooms 0
Number of 2 Bedrooms 8
Number of 3+ Bedrooms 0
Total Income 0
Total Expenses 0
Net Operating Inc 0
Year
School District Madison
High School East
Middle Sherman
Elementary Emerson
Land Assessment $41,000
Improvements $774,000
Total Assessment $815,000
Net Taxes $16,065
Assessment Year 2023
Tax Year 2022
Owner
Zoning SR-V1
Subdivision
Name of Lake/River
Est. Total Acres 0.28
Source for Est. Total Acres PubR
Unit 1 Air conditioning, Balcony/patio, Dishwasher, Family/Rec. room, Individual heat control, Range/oven, Refrigerator, Separate Storage Unit Inc, Shared Basement, Wood or sim. wood floor
Unit 2 Air conditioning, Balcony/patio, Dishwasher, Family/Rec. room, Individual heat control, Range/oven, Refrigerator, Separate Storage Unit Inc, Shared Basement, Wood or sim. wood floor
Unit 3 Air conditioning, Balcony/patio, Dishwasher, Family/Rec. room, Individual heat control, Range/oven, Refrigerator, Separate Storage Unit Inc, Shared Basement
Unit 4 Air conditioning, Balcony/patio, Dishwasher, Family/Rec. room, Individual heat control, Range/oven, Refrigerator, Separate Storage Unit Inc, Shared Basement
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Landlord Pays |
| Unit |
Bedrooms |
Full Baths |
Half Baths |
Lease Expiration Date |
Month Rent |
Fin Sq.Ft |
Parking |
Elec |
Heat |
W/S |
| 1 |
2 |
1 |
0 |
08/09/2024 |
$925 |
700 |
1 Space |
No |
Yes |
Yes |
| 2 |
2 |
1 |
0 |
08/07/2023 |
$900 |
700 |
1 Space |
No |
Yes |
Yes |
| 3 |
2 |
1 |
0 |
08/07/2023 |
$760 |
700 |
1 Space |
No |
Yes |
Yes |
| 4 |
2 |
1 |
0 |
08/07/2023 |
$785 |
700 |
1 Space |
No |
Yes |
Yes |
Items Included All appliances currently in units, 8x refrigerator/stove/dishwasher. One set washer and dryer in basement.
Items Excluded Tenants' personal items.
Energy Efficient/Green Features
Water/Waste Municipal sewer, Municipal water
Basement Full, Poured Concrete Foundation, Sump pump
Type 2 story, Apartment building
Parking per Unit Outside
Barrier-free Features First floor bedroom, First floor full bath, Level drive, Level lot, Low pile or no carpeting, Open floor plan
Exterior Aluminum/Steel, Brick
Waterfront
Terms
Utilities Sep elec meters each unit
Legal Documents Condition report on file, Joint driveway agreement, Lease(s) on file
Miscellaneous Close to bus line, Internet - Cable, Shared laundry
Above Information Deemed Reliable, But Not Guaranteed
Listing Courtesy of Real Broker Llc
