501 Washington AveMadison, WI 53703
- Mixed-use properties
- 12,000 SF
Property Details for 501 Washington Ave
- Year built
- 1985
- Lot size
- 0.94 AC
- Property size (Sq ft)
- 12,000 SF
- Zone code
- UMX WP-17
- Property type
- Mixed-use properties
- Property subtype
- Other investment properties
- APN
- 0709-133-1601-8
- APU
- 70913316018
Description
This exceptional 0.94-acre site at 501 E Washington Ave in Madison, WI, presents a unique redevelopment opportunity. The existing 18,308 square foot, Class A apartment building, built in 1986, features 673 units and currently has 2.8% occupancy. The property boasts a prime location in the heart of downtown Madison's Central Business District, just four blocks from the Wisconsin State Capitol and near the University of Wisconsin-Madison, with over 49,000 students. High daily traffic counts of 24,000 vehicles on Washington Avenue and 25,750 on Blair Street ensure excellent visibility. The site is zoned UMX/WP-17 and offers significant potential for transformation into a multi-use high-rise building. With 87% renter occupancy within a one-mile radius, the strong demand for rental properties in this vibrant area, home to over 1,500 businesses, makes this a compelling investment. The property includes 3 stories and offers 3.28 parking spaces per 1,000 square feet. The Dane County APN is 0709-133-1601-8. This is a rare chance to capitalize on a thriving downtown location bridging the State Street pedestrian mall, Capitol Square, and the University campus. The property's strategic position and high demand make it an ideal redevelopment project in one of Madison's most desirable areas.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $2,166,742
- 6.5%
- $2,000,070
- 7%
- $1,857,208
-
Comparable approach
- Method
- Valuation
- Relative Method
- $1,218,278
- Geo Method
- $1,563,000
-
Alternative Use
- Use
- Valuation
- Residential
- $2,480,087
- Hospitality
- $2,271,746
- Educational
- $1,890,066
- Medical
- $1,955,068
- Retail
- $2,940,103
Location Insight
- City
- Madison
- County
- Dane
- State
- Wisconsin
- Latitude
- 43.0778
- Longitude
- -89.3788
- 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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