3706 Douglas Ave Racine, WI 53402

This exceptional 202-unit apartment building in Racine, Wisconsin, presents a compelling investment opportunity. The property, totaling 163,760 square feet across eight buildings, boasts a 97% occupancy rate and a strong NOI of $1,523,727 (pro-forma NOI: $1,512,300), yielding a 6.22% cap rate (pro-forma 6.17%). Built in 1966 with significant renovations in 1995 and 2024, the property features a mix of studio, one-, two-, and three-bedroom units, with 42 units already remodeled. The unit mix includes various floor plans catering to diverse needs. Residents enjoy amenities such as a newly renovated pool and sundeck (2022), a dog park, playground, courtyard, BBQ and picnic areas, surface and underground parking (120 stalls at $50/month), and on-site laundry facilities. Units include carpeting or LVP flooring, ample storage, balconies or patios, and essential appliances (refrigerator, range, dishwasher, disposal, air conditioner). The property benefits from a ratio utility billing system (RUBS) for trash, pest control, and water/sewer, generating additional revenue. Landlord-paid utilities include gas heat and hot water. The asking price is $24,500,000, translating to $121,287 per unit. Significant recent capital improvements include a new pool and sundeck, dog park, resurfaced driveways, and renovated retaining walls and parking areas. The property sits on 6.75 acres and includes 191 surface parking stalls. Cats and dogs are allowed (maximum two pets, $40/month pet rent, $100 deposit). This well-maintained property offers immediate income potential and a lucrative value-add opportunity through the renovation of the remaining units.