- List Price $1,900,000
- Price / Unit $76,000
- Property Type Multifamily
- Units 25
- Current Rents $233,640
- Pro Forma Rents $306,668
- In Place NOI $139,673
- Projected NOI $208,536
- Target CAP Rate 7.3%
- Market CAP Rate 6.5%
- Today's Market Value $2,100,000
- Value w/Market Rents $3,200,000
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
- 12
- 25
- 14000
- 1960
- 100%
- 12
- 2
- Forced Air
- Window Units
- None
12
25
14000
- 1960
- 100%
- 12
- 2
- Forced Air
- Forced Air
- None
About the property
25-unit solid brick building on Racine, Wisconsin’s historic north side. This apartment complex consists of (3) 2-beds, (6) 1-beds and (16) studio apartments, 23 out of 25 of which have been fully renovated in the past 2 years. The owner has also installed a brand-new heating system and windows throughout the building. Despite the renovations, the units are currently rented around $100 less than market-rate allowing for a savvy investor to come in, raise rents and maximize cashflow. Large private parking lot in the rear of the building, on-site laundry and large storage space in the basement (currently unmonetized) round out this exceptional investment. Just 19 miles south of downtown Milwaukee.
About the neighbourhood
- Racine is mid-size coastal town in southeast Wisconsin, 22 miles south of Milwaukee and 60 miles north of Chicago. With a population of 78,000, it has a diverse economy of tourism, manufacturing and corporate offices. Multinational chemical company SC Johnson & Son is headquartered in Racine along with Dremel Corp, JI Chase and Reliance Controls Corp. Founded in 1834, Racine has distinct roots from Denmark with many immigrants settling in the area pre-WWI. Today the town is known for its Danish pastries as well as its vast outdoor areas including North Beach which was included in USA Today’s list of “51 Great American Beaches”. It is also home to several Frank Lloyd Wright buildings and large-scale shopping complexes.
Property Documents
Property Financials
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Walkscore
Nearby
- Arts & Entertainment
-
Racine KinderCare (0.75 mi)
-
Milaeger's (1.08 mi)
-
FarmersMarket2210 (1.28 mi)
- Education
-
L & B Driving School (0.02 mi)
-
Racine KinderCare (0.75 mi)
-
Prairie School (1.46 mi)
- Food
-
Domino's Pizza (0.02 mi)
-
Charcoal Grill & Rotisserie (0.1 mi)
-
DeRangos Pizza Palace (0.1 mi)
- Health & Medical
-
Contact Information
- List Price $1,900,000
- Property Type Multifamily
- Current Rents $233,640
- In Place NOI $139,673
- Target CAP Rate 7.3%
- Today's Market Value $2,100,000
- Price / Unit $76,000
- Units 25
- Pro Forma Rents $306,668
- Projected NOI $208,536
- Market CAP Rate 6.5%
- Value w/Market Rents $3,200,000
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
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