Listed by Colliers - Milwaukee, Wisconsin, Colliers - Chicago Downtown, Illinois, Colliers - Atlanta, Georgia
$6,800,000
Catalpa Crossing
Details
APN 0709-352-0709-7: 0709-352- 0708-9: 0709-352-0710-4: 0709- 352-0707-1: 0709-352-0706-3: 0709-352-0705-5, 0709-352- 0711-2: 0709-352-0125-5: 0709-352-0104-9
Property Type Multifamily
Sub Type Apartment Building
Units 36
Occupancy 97%
Year Built 1961
Buildings 9
Stories 4
Acreage 4.000
Zoning Suburban Residential-Varied District 1
Multifamily | 36 Units
Marketing description
Catalpa Crossing is a 36-unit multifamily community located at 2210 Catalpa Road, Madison, WI, 2217 Fish Hatchery Road, Madison, WI, and 1122, 1118, 1110-1116, 1102-1108, 1101-1107, 1109-1115, 1117-1123 Catalpa Circle, Madison, WI in Madison’s Burr Oaks neighborhood, part of the sought-after West Madison Submarket. Just minutes from the University of Wisconsin–Madison and major employment hubs, the property offers residents a convenient central location with access to top schools, hospitals, shopping centers, parks, and public transportation.
Catalpa Crossing offers spacious two- and three-bedroom apartments averaging 974 sqft. With 28 of 36 units already renovated, the property is achieving $1,661 average renovated rents, a $227 premium over classic units. The remaining eight classic units provide additional upside, after an estimated renovation cost of $12,500 each.
Resident amenities include private patios and balconies (select units), well-equipped kitchens, hardwood floors, and large closets, with select townhomes offering in-unit laundry. Community conveniences such as garage parking, laundry facilities, and off-street parking enhance everyday living, while a pet-friendly policy and easy access to transit add to overall appeal.
Madison continues to rank as one of the Midwest’s most resilient and fastest-growing markets, fueled by a highly educated workforce, robust job creation, and strong demand for rental housing. Within three miles of Catalpa Crossing, the population has grown 29% over the past 25 years and is projected to expand another 5.4% over the next five years. The surrounding area skews younger, with a median age of just 26.1, and features an 83% renter-occupied housing rate, highlighting long-term multifamily demand.
Together, these fundamentals position Catalpa Crossing as a well-located, value-add opportunity in a dynamic market with strong demographic tailwinds.
Investment highlights
- Strong Occupancy, Immediate Upside The 36-unit portfolio is currently 97% occupied, offering immediate in-place cash flow and strong tenant retention in one of the nation’s tightest rental markets.
- Proven Premiums 77% of units have been renovated, achieving average rental premiums of $227 per unit. With 8 classic units remaining, investors can continue the program and unlock additional upside.
- ~$22K of Gross Annual Rent Lift A $227 average monthly premium across 8 units equates to roughly $21,792 of annual gross potential rent upside.
- Below-Market In-Place Rents Catalpa Crossing averages $1.65 per sf today. Nearby renovated comp Midvale Heights averages $1.92 per sf, representing a $263 per unit gap.
- 2.4 Miles to University of Wisconsin-Madison Residents benefit from convenient access to campus, downtown Madison, employers, dining, and neighborhood retail.
- Strong Submarket Fundamentals Located in West Madison, the portfolio benefits from 3.3% annual rent growth, tight 4.4% vacancy, and limited new supply, creating a supply-constrained environment for continued appreciation.
- Stable Cash Flow Today Catalpa Crossing is currently 97% occupied. In-place occupancy provides current cash flow while preserving upside through interior and common-area improvements.
- Dynamic Employment Base Residents enjoy proximity to major employers such as the State of Wisconsin, UW–Madison, Epic Systems, Exact Sciences, and American Family Insurance, supporting a steady pipeline of potential renters.
Listing Contacts
Listed by Colliers - Milwaukee, Wisconsin, Colliers - Chicago Downtown, Illinois, Colliers - Atlanta, Georgia
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Zoning
SR-V1 ResidentialMulti FamilySuburban Residential Varied District 1
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