501 Washington AveMadison, WI 53703

This exceptional 0.94-acre site at 501 E Washington Ave in Madison, WI, presents a unique redevelopment opportunity. The existing 18,308 square foot, Class A apartment building, built in 1986, features 673 units and currently has 2.8% occupancy. The property boasts a prime location in the heart of downtown Madison's Central Business District, just four blocks from the Wisconsin State Capitol and near the University of Wisconsin-Madison, with over 49,000 students. High daily traffic counts of 24,000 vehicles on Washington Avenue and 25,750 on Blair Street ensure excellent visibility. The site is zoned UMX/WP-17 and offers significant potential for transformation into a multi-use high-rise building. With 87% renter occupancy within a one-mile radius, the strong demand for rental properties in this vibrant area, home to over 1,500 businesses, makes this a compelling investment. The property includes 3 stories and offers 3.28 parking spaces per 1,000 square feet. The Dane County APN is 0709-133-1601-8. This is a rare chance to capitalize on a thriving downtown location bridging the State Street pedestrian mall, Capitol Square, and the University campus. The property's strategic position and high demand make it an ideal redevelopment project in one of Madison's most desirable areas.