2421 Geneva StRacine, WI 53402

Property Details for 2421 Geneva St

Year built

1930

Lot size

0.18 AC

Property size (Sq ft)

6,039 SF

Zone code

B1

Property type

Investment properties

Property subtype

Live-work space

APN

276 000018078001

APU

276000018078001

Description

This exceptional investment opportunity in Racine, Wisconsin presents a remarkable chance to acquire a thriving commercial property at 2421 Geneva Street. The building boasts 6,039 square feet situated on a 0.18-acre lot. The property comprises three fully occupied commercial storefronts, generating immediate rental income, and four one-bedroom apartments, also fully occupied. Current rental rates are below market value, presenting a significant opportunity to increase profitability. The building's brick exterior requires minimal maintenance, and the roof was recently replaced within the last five years, ensuring long-term cost savings. Heating is provided by a boiler system, and a newer water heater is in place. Each apartment features attractive hardwood floors and includes appliances. Further enhancing the property's income potential is a coin-operated laundry facility located in the basement. Initial viewings will focus on the three commercial units and one apartment, with subsequent viewings showcasing the remaining three rental units. This property offers a blend of commercial and residential income streams, making it an ideal investment for those seeking a strong return on investment. The property's excellent location on the north side of Racine adds to its appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $1,255,750

  6.5%

  $1,159,150

  7%

  $1,076,360

• Comparable approach

  Method

  Valuation

  Relative Method

  $625,360

  Geo Method

  $802,311

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $2,317,590

  Retail / Commercial

  $1,174,410

  Hospitality / Lodging

  $836,025

  Office

  $1,140,740

  Institutional / Educational

  $1,201,100

  Residential Income

  $1,405,280

  Multifamily

  $1,746,770

  Automotive / Energy

  $1,029,510

  Parking / Income-Based Land

  $366,205

  Restaurant / Food Service

  $579,266

  Healthcare / Senior Housing

  $1,200,040

Location Insight

City

Racine

County

Racine

State

Wisconsin

Latitude

42.7512

Longitude

-87.7941

CBSA code

39540

CBSA name

RACINE, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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