Madison Apartments at 255 Main St. in Madison — Courtesy: Berkadia
By Joshua Burd
The longtime owner of a 34-unit apartment complex in Madison is looking to sell the property, where brokers are touting an opportunity to add value through ongoing renovations.
According to Berkadia, the would-be seller has held what’s known as Madison Apartments for more than three decades. That tenure includes recent upgrades to the garden-style property’s infrastructure, including roofs, windows, gutters and leaders, boilers and driveways, the listing team said, noting that the community at 255 Main St. will benefit from further unit renovations to help a buyer capture additional upside.
Berkadia’s Nat Gambuzza added that Madison has attractive demographics with a median household income of $177,149 within a one-mile radius and 75 percent of households earning more than $100,000. The town also has a top-rated school district and a downtown area with shopping and dining options as well as commuter rail service at the Madison train station.
“It is rare to see such well-cared-for assets with longevity of ownership come to market, especially in a town like Madison that has such limited transaction velocity,” said Gambuzza, a senior managing director based in Berkadia’s Morristown office.
