226 Ohio AveMadison, WI 53704
- Mixed-use properties
- 2,400 SF
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
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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