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5682-5686 Norfolk Dr 8 Unit Apartment Building $1,400,000 ($175,000/Unit) 5.30% Cap Rate Fitchburg, WI 53719
Investment Highlights
- Two four-unit buildings with spacious two-bedroom, two-bath layouts, some with lofts.
- Attached garages for select units, including two-car and one-car options.
- Strong rental history with current annual gross rents of approximately $136,956.
- In-unit washer and dryer in all apartments for tenant convenience.
- Located on a 3.08-acre lot in Fitchburg, minutes from Madison and major highways.
Executive Summary
This eight-unit multifamily property offers a strong investment opportunity in Fitchburg, WI, a growing community just minutes from downtown Madison. The asset consists of two well-maintained four-unit buildings situated on a 3.08-acre lot, providing ample space and privacy for residents. Each building features a mix of two-bedroom, two-bath units, with select units including loft areas for added living space. All units are equipped with in-unit laundry, and several units offer attached garages, enhancing tenant appeal and retention.
The property benefits from municipal water and sewer services and is located within the Verona School District, a desirable feature for families. With a current Net Operating Income of approximately $74,151 and a market cap rate of 5.3%, this property presents stable cash flow and long-term upside potential. Fitchburg’s proximity to major employment centers, retail amenities, and transportation corridors makes this an attractive location for renters, ensuring consistent occupancy and income growth.
The property benefits from municipal water and sewer services and is located within the Verona School District, a desirable feature for families. With a current Net Operating Income of approximately $74,151 and a market cap rate of 5.3%, this property presents stable cash flow and long-term upside potential. Fitchburg’s proximity to major employment centers, retail amenities, and transportation corridors makes this an attractive location for renters, ensuring consistent occupancy and income growth.
Property Facts
| Price | $1,400,000 | Building Class | C |
| Price Per Unit | $175,000 | Lot Size | 0.69 AC |
| Sale Type | Investment | Building Size | 9,698 SF |
| Cap Rate | 5.30% | No. Stories | 2 |
| No. Units | 8 | Year Built | 1993 |
| Property Type | Multifamily | Parking Ratio | 0.88/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | MF | ||
| Price | $1,400,000 |
| Price Per Unit | $175,000 |
| Sale Type | Investment |
| Cap Rate | 5.30% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.69 AC |
| Building Size | 9,698 SF |
| No. Stories | 2 |
| Year Built | 1993 |
| Parking Ratio | 0.88/1,000 SF |
| Zoning | MF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | - |
1 1
Fairly walkable
40/100
Very drivable
80/100
Limited public transit
20/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,287,400 | |
| Land Assessment | $120,000 | Total Assessment | $1,407,400 |
Property Taxes
Parcel Numbers
Land Assessment
$120,000
Improvements Assessment
$1,287,400
Total Assessment
$1,407,400
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5682-5686 Norfolk Dr
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