LAND LEASE 

Thorstrand website image 2.png

Located on the western shores of Lake Mendota, the estate consists of a privately owned landmark home with a separate garage building containing a 2 bay garage and a one bedroom apartment.  The two buildings are situated on Lot 4 within a 15.29 acre portion of a 37.07 acre park belonging to the City of Madison.*  Ingress and egress is over the existing private driveway, which is shared with another privately owned home on Lot 3, also a leasehold.
-    The current 99 year renewable Ground Lease Agreement with the City of Madison expires on January 31, 2080.
-    Lease encompasses all of lot 4 (32,801 sq. ft. or approximately 0.75 acres).
-    Lease payments are $322.05 per month. 
-    The amount of rent may be changed once every 5 years by the city.
** 
-    The lease has been amended at the request of the lessee in 1988, 2002, and 2010, to address concerns such as

      establishing a more equitable and transparent rent adjustment process. 
-    Owner pays real estate taxes on improvements only, as the land is leased.
-    The private driveway is for the use of the residents of #1 (Lot 4) and #2 (Lot 3) Thorstrand Rd. and their guests.

A copy of the lease and addendums will be provided upon request.
 

 

 * This 15.29 acre portion of the estate was purchased in 1978 by the city to preserve it as a passive recreation area, within the larger Marshall Park.

See Marshall Park History 

 Madison Historic Landmark Nomination form

** The rent adjustment is done automatically every 5 years, using a data-based formula that is written into the lease.  The last time the rent was adjusted was in 2017.

2020 REAL ESTATE TAXES

-    Property Taxes - $4,587.48*
*Owner pays real estate taxes on improvements only, as the land is leased.

RESOURCES

City of Madison Office of Real Estate Services   (608) 267-8718   30 W. Mifflin St. Suite 502-507
     For lease questions reach out to Heidi Fischer: 
hfischer@cityofmadison.com     (608) 264-9297

City of Madison Parks Division   (608) 266-4711   210 Martin Luther King Jr. Blvd, Rm 104