This fully leased 4-unit apartment building offers steady cash flow and well-maintained living spaces. Built in 1986, each of the four 2-bedroom, 1-bath units features a private 1-car garage and separate utility metering. The property is subject to an affordability covenant requiring all units be rented to low- to moderate-income households at or below 80% of area income limits, based on HUD?s Small Area Fair Market Rent (SAFMR) guidelines for Dane County, effective through October 2025. Roof replaced ? 2011, Energy efficiency improvements ? October 2022: Blower door test, Attic air sealing & additional insulation, Bathroom vent fans replaced.
Closed
$700,000
4638 Hayes Road, Madison, WI 53704
8beds
4,160sqft
Multi Family, Apartment
Built in 1986
-- sqft lot
$675,100 Zestimate®
$168/sqft
$1,753 Estimated rent
Home value
$675,100
$641,000 - $709,000
$1,753/mo
Zestimate® history
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What's special
Zillow last checked: 8 hours ago
Listing updated: September 13, 2025 at 09:08am
Listed by:
Seth Pfaehler 608-338-4812,
The McGrady Group, LLC,
Matthew Mcgrady 608-772-3640,
The McGrady Group, LLC
Bought with:
Brian Lawton
Source: WIREX MLS,MLS#: 2002935
Originating MLS: South Central Wisconsin MLS
Originating MLS: South Central Wisconsin MLSFacts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 8
- Bathrooms: 4
- Full bathrooms: 4
- Main level bedrooms: 2
Heating
- Electric, Radiant/Electric
Appliances
- Included: Water Softener
Features
- Basement: None / Slab
- Has fireplace: No
Interior area
- Total structure area: 4,160
- Total interior livable area: 4,160 sqft
Property
Parking
- Total spaces: 1
- Parking features: 1 Car, Attached, Garage Door Opener, 1 Space
- Attached garage spaces: 1
Features
- Levels: Two
- Stories: 2
Lot
- Size: 0.28 Acres
Details
- Parcel number: 081022301022
- Zoning: SR-V2
- Special conditions: Arms Length
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family, Apartment
Materials
- Vinyl Siding, Brick
Condition
- 21+ Years
- New construction: No
- Year built: 1986
Utilities & green energy
- Electric: Separate Electric Meters
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Separate Electric Meters, Separate Gas Meters
Community & neighborhood
Location
- Region: Madison
- Municipality: Madison
Price history
| Date | Event | Price |
|---|---|---|
| 9/5/2025 | Sold | $700,000$168/sqft |
Source:  WIREX MLS #2002935 | ||
| 8/30/2025 | Pending sale | $700,000$168/sqft |
Source: WIREX MLS #2002935 | ||
| 6/25/2025 | Listed for sale | $700,000$168/sqft |
Source: WIREX MLS #2002935 | ||
| 2/26/2021 | Listing removed | -- |
Source: Owner | ||
| 6/25/2020 | Listing removed | $1,050 |
Source: Owner | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2024 | $10,766 +3.8% | $550,000 +6.8% |
| 2023 | $10,376 | $515,000 +16% |
| 2022 | -- | $444,000 +9.9% |
Find assessor info on the county website
Neighborhood: Bluff Acres
Nearby schools
GreatSchools rating
- 7/10Sandburg Elementary SchoolGrades: PK-5Distance: 0.6 mi
- 2/10Sherman Middle SchoolGrades: 6-8Distance: 3.3 mi
- 8/10East High SchoolGrades: 9-12Distance: 4 mi
Schools provided by the listing agent
- Elementary: Sandburg
- Middle: Sherman
- High: East
- District: Madison
Source: WIREX MLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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$675,100
2% more+ $13,502
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$688,602