For Sale
$675,000

1913 Melvin AveRacine, WI 53404

High-yield NNN lease, 9.16% cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 5,757-square-foot industrial warehouse located at 1913 Melvin Avenue, Racine, Wisconsin, 53404. The property, built in 1983, sits on a 1.76-acre lot and boasts a 100% occupancy rate with a net lease in place until October 30, 2026. The lease features a tenant, Cardinal Express Logistics, and includes annual rent bumps of 3%. The warehouse features six dock-high doors, a 16-foot ceiling height, and ample parking for 12 semi-trailers, 10 semi-trucks, and 9 cars. The building is constructed of concrete block and offers 6 drive-in bays and 3 drive-through bays. Electrical service includes 600 amp 480/277 volt 3-phase and 400 amp 240 volt 3-phase. The property is zoned I-2 General Industrial and has a 2023 assessed value of $236,000 with taxes totaling $6,016.21. The asking price is $675,000, resulting in a strong 9.16% cap rate and a substantial net operating income (NOI) of $61,800. This is a rare opportunity to acquire a net-leased truck repair building with trailer parking, ensuring a stable income stream for years to come. The property's features and location make it an ideal investment for those seeking a secure and high-return industrial property. The APN is 276-00-00-20936-003.

Highlights

  • 5,757 SF building.
  • 1,605 SF of office space.
  • Industrial building.
  • Concrete block construction.
  • 16' minimum clear height.
  • Three drive-through bays and six drive-ins.

Property Details for 1913 Melvin Ave

Property type
Warehouses, Industrial properties
Square Feet
5,757 SF
Year Built
1983
Buildings
1
Lot Size (sq. ft)
76,666 SF

Location Insight

City
Racine
County
Racine
State
Wisconsin
Latitude
42.7551505
Longitude
-87.8051872
1913 Melvin Ave, Racine, Wisconsin

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1913 Melvin Ave
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