1913 Melvin AveRacine, WI 53404

Property Details for 1913 Melvin Ave

Year built

1983

Lot size

1.77 AC

Property size (Sq ft)

5,757 SF

Zone code

I2

Property type

Retail properties

Property subtype

Auto shops

APN

276 000020936003

APU

276000020936003

Description

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.

Location Insight

City

Racine

County

Racine

State

Wisconsin

Latitude

42.755

Longitude

-87.8054

CBSA code

39540

CBSA name

RACINE, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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