$3,400,000
SOLD OCT 21, 2024

509 E Gorham St Madison, WI 53703

Downtown Madison Neighborhood
-- Bed
-- Bath
3,431 Sq Ft
0.65 Acres

Recently Sold

$991 Per Sq Ft

10 Days on Market

Highlights

  • 0.65 Acre Lot
  • Forced Air Heating System
  • 1-minute walk to James Madison Park

About This Home

As of October 2024

Once in a generation opportunity to secure 7 adjacent buildings on the Isthmus!!! 7 properties, 15 units & a total of 36 bedrooms. These properties are all fully leased through 8/14/2025 and are professionally managed by Birwood Property Management. Two properties overlook James Madison Park & Lake Mendota. All 7 properties are contiguous, allowing for ultimate flexibility on parking and efficient maintenance, lawn and snow care. These are being offered as a package, so please be prepared to submit an offer on all 7 properties prior to scheduling any showings. Market rents should be an average of ~$850-900/bedroom + parking + utility income + laundry.

Last Agent to Sell the Property

The Hub Team

The Hub Realty Listed on: 08/27/2024

Last Buyer's Agent

The Hub Team

The Hub Realty Listed on: 08/27/2024

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $51,458

Year Built

  • Built in 1890

Parking

  • 8 Open Parking Spaces
  • 2 Covered Spaces

Schools

  • Lapham/Marquette Elementary School
  • Okeeffe Middle School
  • East High School

Additional Features

  • Basement Fills Entire Space Under The House
  • 0.65 Acre Lot
  • Forced Air Heating System

Community Details

  • 15 Units

Listing and Financial Details

  • Assessor Parcel Number 070913313048

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$51,458

Year Built

Built in 1890

Lot Details

0

Listing Details

  • Municipality: Madison
  • Status Detail: Sold
  • Mailing City: Madison
  • Class: Multi Family
  • Type: Multi Family
  • Type Of Property: Apartment building
  • Items Excluded: Tenant's and Property Managers' personal property
  • Items Included: On site, seller owned, appliances, HVAC, water heaters, water softeners
  • Year Built: 1890
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Full
  • Number Dryers: 7
  • Number Furnaces: 7
  • Number Refrigerators: 15
  • Number Stoves: 15
  • Number Units W Ac: 11
  • Number Washers: 7
  • Number Water Heaters: 7
  • Number Water Softeners: 7

Garage/Parking

  • Heating Fuel: Natural Gas
  • Heating Type: Forced air
  • Parking Stalls Inside: 2
  • Parking Stalls Outside: 8

Utilities

  • Water Waste: Municipal water, Municipal sewer
  • Park Unit: 1 space

Schools

  • School District: Madison
  • Elementary School: Lapham/Marquette
  • Middle School: OKeeffe
  • High School: East
  • Elementary School: Lapham/Marquette
  • High School: East
  • Middle School: OKeeffe
  • School District: Madison

Lot Info

  • Estimated Aces: 0.647
  • Zoning: DR1
  • Geo Subdivision: WI

Tax Info

  • Land Assessment: 903400
  • Improvements: 2163300
  • Total Assessment: 3066700
  • Assessment year: 2024
  • Net Taxes: 51458
  • Tax Year: 2023
  • Assessor Parcel Number: 070913313048

Multi Family

  • Number Of1 Bedrooms: 5
  • Number Of2 Bedrooms: 1
  • Number Of3 Bedrooms: 7
  • Number Of Efficiencies: 2
  • Number Of Units: 15

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Aug 27, 2024
Closed on
Oct 21, 2024
Sold by
Fourth Lake I Llc and Fourth Lake Ii Llc
Bought by
Double G Enterprises Llc
Seller's Agent
The Hub Team
The Hub Realty
Buyer's Agent
The Hub Team
The Hub Realty
List Price
$3,400,000
Sold Price
$3,400,000
Views
57
Current Estimated Value
$1,203,614

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$2,196,386
Avg. Annual Appreciation
-69.09%

Purchase Details

Closed on
Sep 30, 2008
Sold by
Pasdo Jerome A
Bought by
Fourth Lake I Llc
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Type Sale Price Title Company
Special Warranty Deed $3,400,000 First American Title
Quit Claim Deed -- None Available
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Previous Owner $114,800 Unknown
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
10/21/2024 10/21/24 Sold $3,400,000 0.0% $991 / Sq Ft
09/06/2024 09/06/24 Pending -- -- --
08/27/2024 08/27/24 For Sale $3,400,000 -- $991 / Sq Ft
Source: South Central Wisconsin Multiple Listing Service

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $13,585 $388,400 $109,900 $278,500
2023 $6,485 $359,600 $109,900 $249,700
2021 $6,545 $308,400 $109,900 $198,500
2020 $6,648 $299,400 $106,700 $192,700
2019 $6,675 $299,400 $92,000 $207,400
2018 $5,541 $249,500 $76,700 $172,800
2017 $5,742 $249,500 $76,700 $172,800
2016 $5,357 $226,800 $69,700 $157,100
2015 $5,413 $226,800 $69,700 $157,100
2014 $5,417 $226,800 $69,700 $157,100
2013 $4,854 $214,000 $65,800 $148,200
Source: Public Records

Agents Affiliated with this Home

  • T

    Seller's Agent in 2024

    The Hub Team

    The Hub Realty

    (608) 556-4400

    22 in this area

    247 Total Sales

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Map

Source: South Central Wisconsin Multiple Listing Service

MLS Number: 1984626

South Central Wisconsin Multiple Listing Service

APN: 0709-133-1304-8

Wisconsin Dane County Madison 53703 Downtown Madison

509 E Gorham St, Madison, WI

This home is located at 509 E Gorham St, Madison, WI 53703 and is currently priced at $3,400,000, approximately $990 per square foot. This property was built in 1890. 509 E Gorham St is a home located in Dane County with nearby schools including Lapham Elementary School, O'Keeffe Middle, and East High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

South Central Wisconsin Multiple Listing Service IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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