226 Ohio AveMadison, WI 53704

  • Mixed-use properties
  • 2,400 SF
For Sale
$1,500,000 View listing

Property Details for 226 Ohio Ave

Year built
1910
Lot size
0.07 AC
Property size (Sq ft)
2,400 SF
Zone code
TSS
Property type
Mixed-use properties
Property subtype
Other investment properties
APN
0710-064-3707-6
APU
71006437076

Description

This exceptional multifamily investment property, located at 226 Ohio Ave in Madison, Wisconsin, presents a compelling opportunity. The 4,918 square foot building, constructed in 1910, sits on a 0.07-acre lot (APN 0710-064-3707-6) and boasts a desirable corner location at Ohio Ave & Atwood Ave, ensuring excellent visibility. Currently, the property features two street-level retail tenants: a salon and a clothing store, along with the Ohio Tavern occupying the lower level. The tavern lease has two years remaining, but the owner is open to early termination. Note that the bar's business and fixtures are not included in the sale. The lower level also includes storage, a kitchen area with a grease trap and walk-in cooler (no hood system). The building offers a large back deck and ample outdoor patio seating along Ohio Ave. The property has a 3.00% cap rate and a net operating income (NOI) of $44,953.08. The asking price is $1,500,000. The 2024 assessed value is $691,000.00, and 2023 property taxes totaled $12,140.91. The permitted zoning is TSS, and the building benefits from 3-phase electric service. Further details regarding lease terms and potential upside are available upon request. This is a rare chance to acquire a well-located, income-producing property in a thriving Madison neighborhood.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $433,348
    6.5%
    $400,014
    7%
    $371,442
  • Comparable approach

    Method
    Valuation
    Relative Method
    $243,656
    Geo Method
    $312,600
  • Alternative Use

    Use
    Valuation
    Residential
    $496,017
    Hospitality
    $454,349
    Educational
    $378,013
    Medical
    $391,014
    Retail
    $588,021
226 Ohio Ave, Madison, Wisconsin

Location Insight

City
Madison
County
Dane
State
Wisconsin
Latitude
43.0939
Longitude
-89.3473
CBSA code
31540
CBSA name
MADISON, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$11,170
$31,000
$597,000
$628,000
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