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.
Sold for $675,000
$675,000
4650 Hayes Rd, Madison, WI 53704
8beds
4,160sqft
Apartment
Built in 1986
-- sqft lot
$695,700 Zestimate®
$162/sqft
$1,598 Estimated rent
Home value
$695,700
$654,000 - $737,000
$1,598/mo
Zestimate® history
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Zillow last checked:
Listing updated:
Listed by:
Seth Pfaehler,
The McGrady Group, LLC,
Matthew McGrady,
The McGrady Group, LLC
Bought with:
Lou Elson, 59086-90
EXIT Realty HGM
Source: SCWMLS,MLS#: 2002933
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 8
- Bathrooms: 4
- Full bathrooms: 4
Heating
- Electric, Radiant, Individual Heat Control (Unit 1), Individual Heat Control (Unit 2), Individual Heat Control (Unit 4)
Cooling
- Air Conditioning (Unit 1), Air Conditioning (Unit 2), Air Conditioning (Unit 3), Air Conditioning (Unit 4)
Appliances
- Included: Dishwasher (Unit 1), Range/Oven (Unit 1), Refrigerator (Unit 1), Washer/Dryer (Unit 1), Dishwasher (Unit 2), Range/Oven (Unit 2), Refrigerator (Unit 2), Washer/Dryer (Unit 2), Dishwasher (Unit 3), Range/Oven (Unit 3), Refrigerator (Unit 3), Washer/Dryer (Unit 3), Dishwasher (Unit 4), Range/Oven (Unit 4), Refrigerator (Unit 4), Washer/Dryer (Unit 4), Water Softener Owned
- Laundry: In Unit (Unit 1), In Unit (Unit 2), In Unit (Unit 3), In Unit (Unit 4)
Features
- Eat In Kitchen (Unit 1), Eat In Kitchen (Unit 2), Eat In Kitchen (Unit 3), Eat In Kitchen (Unit 4)
- Flooring: Wood or Simulated Wood (Unit 4)
- Basement: None
Interior area
- Total structure area: 4,160
- Total interior livable area: 4,160 sqft
Property
Parking
- Total spaces: 10
- Parking features: 1 space, 1 stall garage, Attached, Garage Door Opener
- Attached garage spaces: 4
- Details: Outside
Features
- Levels: Two
- Patio & porch: Balcony/Patio (Unit 1), Balcony/Patio (Unit 2), Balcony/Patio (Unit 3), Balcony/Patio (Unit 4)
Lot
- Size: 0.28 Acres
- Features: Near Public Transit
Details
- Parcel number: 081022301056
- Zoning: SR-V2
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Apartment
Materials
- Brick, Vinyl Siding
Condition
- Year built: 1986
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Separate elec meters, Separate gas meters, Internet - Cable
Community & neighborhood
Location
- Region: Madison
HOA & financial
Other financial information
- Total actual rent: 59160
Other
Other facts
- Listing terms: Arms Length
Price history
| Date | Event | Price |
|---|---|---|
| 12/11/2025 | Sold | $675,000-3.6%$162/sqft |
Source: Public Record Report a problem | ||
| 10/28/2025 | Pending sale | $700,000$168/sqft |
Source:  WIREX MLS #2002933 Report a problem | ||
| 6/25/2025 | Listed for sale | $700,000$168/sqft |
Source: WIREX MLS #2002933 Report a problem | ||
| 3/24/2021 | Listing removed | -- |
Source: Owner Report a problem | ||
| 9/16/2019 | Listing removed | $985 |
Source: Owner Report a problem | ||
| 9/14/2019 | Listed for rent | $985 |
Source: Owner Report a problem | ||
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% |
| 2021 | -- | $404,000 |
| 2020 | -- | $404,000 +4.9% |
| 2019 | $8,165 | $385,000 +5.2% |
| 2018 | $8,165 +4.3% | $366,000 +8% |
| 2017 | $7,830 +1.1% | $339,000 |
| 2016 | $7,743 -0.1% | $339,000 +5% |
| 2014 | $7,747 +0.5% | $323,000 +2.9% |
| 2013 | $7,710 -4.9% | $314,000 -7.1% |
| 2012 | $8,104 +5.1% | $338,000 |
| 2011 | $7,710 +3.6% | $338,000 |
| 2010 | $7,444 -2.8% | $338,000 -10.1% |
| 2009 | $7,662 +5.2% | $376,000 |
| 2008 | $7,282 -1.4% | $376,000 |
| 2007 | $7,387 +2% | $376,000 +2.3% |
| 2006 | $7,240 -0.5% | $367,500 +5% |
| 2005 | $7,275 +2.8% | $350,000 +10% |
| 2004 | $7,079 +0.8% | $318,200 |
| 2003 | $7,023 +3.7% | $318,200 +10.3% |
| 2002 | $6,770 +3.1% | $288,600 +8% |
| 2001 | $6,568 -2.8% | $267,200 |
| 2000 | $6,761 | $267,200 |
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: 3.4 mi
- 8/10East High SchoolGrades: 9-12Distance: 4 mi
Schools provided by the listing agent
- Elementary: Sandburg
- Middle: Sherman
- High: East
- District: Madison
Source: SCWMLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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Estimated market value
$695,700
Get a cash offer in 3 minutes
Find out how much your home could sell for in as little as 3 minutes with a no-obligation cash offer.
Estimated market value
$695,700
- Wisconsin
- Dane County
- Madison
- 53704
- Bluff Acres
- 4650 Hayes Rd
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