515 N Pinckney Street new Save Request In-Person Tour Request Virtual Tour
Madison,WI 53703
$ 1149000
3 Beds
4 Baths
1995 SqFt
Key Details
Property Type Multi-Family
Sub Type Apartment building,3 story
Listing Status Active
Purchase Type For Rent
Square Footage 1,995 sqft
MLS Listing ID 2008173
Bedrooms 3
Full Baths 4
Year Built 1914
Annual Tax Amount $16,168
Tax Year 2024
Lot Size 4,356 Sqft
Acres 0.1
Property Sub-Type Apartment building,3 story
Property Description
Exceptional investment opportunity in Madison's coveted Mansion Hill. This 7-unit apartment building features original hardwood floors, balconies, and thoughtfully designed layouts. Located steps from UW-Madison, the State Capitol, and Lake Mendota, it offers strong tenant demand and low vacancies in a high-growth rental market. Current below-market rents offer immediate cash flow with significant upside through strategic adjustments. Further value-add potential includes monetizing the detached garage for parking/storage. With robust 10% annual rent growth and limited supply of historic properties, this asset promises stable returns and long-term appreciation. Fully leased through July 2026 with $112k annual gross income.
Location
State WI
County Dane
Area Madison - C W01
Zoning DR1 HIS-MH
Direction E. Gorham St. to Norht (rt.) on N. Pinckney toward Lake Mendota
Rooms
Basement Full,Walkout to yard,Finished,Poured concrete foundatn
Interior
Heating Radiant
Inclusions 7 refrigerators; 7 stoves; 1 washing machine; 1 dryer
Heat Source Natural Gas
Exterior
Parking Features 1 stall garage,Detached,Outside
Waterfront Description Waterview-No frontage
Building
Water Municipal sewer,Municipal water
Structure Type Wood,Brick,Stucco
Schools
Elementary Schools Lapham/Marquette
Middle Schools Okeeffe
High Schools East
School District Madison