NOT LISTED FOR SALE

509 E Gorham St Madison, WI 53703

Downtown Madison Neighborhood

Estimated Value: $531,000 - $614,000

4 Beds
2 Baths
3,431 Sq Ft
$166/Sq Ft Est. Value

Last Sold October 21, 2024

Last sale price $3,400,000 $991 Per Sq Ft

Current estimated payment $4,099/month

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

Lot Details

  • 0.65

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 Units W Ac: 11
  • Number Washers: 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

  • 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

  • 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
$567,848

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$2,832,152
Avg. Annual Appreciation
-77.22%

Purchase Details

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

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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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 Buyer Sale Price Title Company
Double G Enterprises Llc $3,400,000 First American Title
Fourth Lake I Llc -- None Available
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
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

    23 in this area

    265 Total Sales

    The Hub Team
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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

Not Listed for Sale

MultiFamily

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