Homes for sale - 1923 Sherman Avenue, Madison, WI 53704

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Oleg Kizimenko

oleg@madisonandbeyondrealty.com +1(608) 448-9288

$3,900,000

Est. payment - /mo

0.92 Acres Lot

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Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

MLS Listing ID 2000706

Year Built 1955

Annual Tax Amount $42,303

Tax Year 2024

Lot Size 0.917 Acres

Acres 0.917

Property Description

This 26 unit, all brick, apt building has been with the same owner for the last 25 years! The property consists of 26 two bedroom apts with uniform floor plans. Current rents range from $1,075 (legacy tenants) to $1,350 (latest turn overs). Units should rent for $1,350+, as is, with just one turn over. Some updates include 2017 driveway/parking lot, 2016 new high efficiency boiler, 2023 new water softener, 2025 new water heater & stairwell carpet, 18 units have new flooring since 2020. $383K current annualized rent roll with clear path to $446K/year. Professionally managed (Prima) and operates efficiently at under $120K/year (2024) in operating expenses. Seller's property manager will be offering renewals for Jul & Aug shortly, so call today to control the future of this great property!

Location

State WI

County Dane

Zoning TR-V2

Rooms

Basement Full, Exposed, Full Size Windows, Partially Finished

Interior

Heating Natural Gas

Cooling Radiant/Electric

Inclusions 26 refrigerators, 26 oven/ranges, 26 in wall A/C's, water heaters, water softener, boiler, fitness equipment.

Exterior

Exterior Feature Brick

Utilities Available Separate Electric Meters

Building

Dwelling Type Apartment Building,2 Story

Sewer Municipal Water, Municipal Sewer

New Construction N

Schools

Elementary Schools Lapham/Marquette

Middle Schools Okeeffe

High Schools East

School District Madison

Others

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Listed by The Hub Realty