1101 Mound Ave Racine, WI 53404

This exceptional value-add opportunity presents a 55,000-square-foot flex space located at 1101 Mound Ave, Racine, WI 53404. The property, known as The Marquette, is a four-story, 1922-built building renovated in 2010, situated on a 1.2-acre lot. Currently vacant, this multi-tenant property offers significant redevelopment potential. The building features four loading docks and four dock-high doors, along with a 13-foot ceiling height. The asking price is $810,000, representing a price per square foot of $14.72 and a land value of $20 per square foot. The property boasts a 7.40% cap rate and a net operating income (NOI) of $59,996. The existing layout includes a 2,200-square-foot condo with three bedrooms and two bathrooms, along with two garages, offering a template for future residential units. The existing office space presents opportunities for retail or mixed-use development. The five vacant stories could be suitable for self-storage. The property's strategic location at the intersection of Mound Ave, Marquette Street, and Liberty Street, less than half a mile from downtown Racine and Lake Michigan, and within an Opportunity Zone, makes it an attractive investment for developers seeking a prime location with significant upside potential. The property is offered as a fee simple absolute ownership with a gross lease type. The net rentable square footage is 45,000 square feet.