A leasehold estate grants a tenant exclusive rights to use an owner's property for a certain period of time. This lease is enforced by a lease contract that includes specific terms and conditions for the tenant's use of a property and the landlord's obligations. This type of leasehold arrangement has a fixed term. In a tenancy for years, the lease is set for the long term, but there are expressly specified starting and ending dates. The land currently is owned by the City of Madison to preserve it. The buildings have a renewable 99 year Ground Lease Agreement to the year 2080.
- $322.05 per month
- Lease encompasses all of lot 4 (32,801 sq ft)
- Possibility of an extension of the lease agreement
- Do not have to put your own capital into the land. Lease payments are in lieu of land taxes.
- Allows you access to 15 acres of undeveloped passive recreational areas.
- Land rental amount is known with the City of Madison who has many decision makers so the likelihood of an unilateral impactful decision will not be relevant. Lease payment is predictable since determined by a formula that is part of the 99 year lease.
- The property will always be preserved by Landmark Commission *Landmark Commission has jurisdiction over zoning and the lease determines the use of the property*
- Decisions about the stewardship of the surrounding land is made by public institutions providing the leaseholder and other stakeholders in the neighborhood with much more influence than they would have if the lands were held under private ownership.
- The value of the leasehold is beyond its size because of the context of the property. An antique historic home in a unique setting with a commanding bluff view of lake Mendota across an expanse of shoreline that would cost significantly more if owned privately.
A copy of the lease can be provided for serious inquires.
2018 REAL ESTATE TAXES
- Assessment - $207,700
- Property Taxes - $4,419
- No lakefront property taxes
City of Madison Office of Real Estate Services 608.267.8718 30 W. Mifflin St. Suite 502-507
City of Madison Parks Division 608.266.4711 210 Martin Luther King Jr. Blvd, Rm 104
Wisconsin Historical Society 608.264.6502 816 State Street
For lease questions reach out to Heidi Fischer: 608.264.9297