1540 Park AveRacine, WI 53403

Property Details for 1540 Park Ave

Year built

1921

Lot size

0.17 AC

Property size (Sq ft)

10,025 SF

Zone code

R2

Property type

Other commercial real estate

APN

276 000001238000

APU

276000001238000

Description

This exceptional multifamily investment opportunity encompasses a portfolio of nine apartment buildings totaling 112 units, strategically located across Racine and Kenosha, Wisconsin. The portfolio boasts a combined square footage of 89,970 and commands an asking price of $11,500,000, translating to $127.82 per square foot and $102,679 per unit. Currently operating at 100% occupancy, the portfolio generates a strong net operating income (NOI) of $684,738, yielding an attractive 5.95% capitalization rate. The properties are well-maintained and benefit from in-place management, minimizing operational complexities for the new owner. A significant advantage is the presence of an assumable Fannie-Mae loan at a favorable 3.82% interest rate. Individual building unit counts vary, ranging from 7 to 24 units per location, offering diversification within the portfolio. Specific addresses include, but are not limited to, 1540 Park Ave and 2005 Washington Ave in Racine, WI, and several other locations in Racine and Kenosha, WI. This portfolio presents a compelling investment opportunity with significant potential for future growth and strong cash flow. The pro-forma NOI is $684,123, and the pro-forma cap rate is 5.95%.

• Alternative Use

  Use

  Valuation

  Residential

  $2,071,906

  Hospitality

  $1,897,855

  Educational

  $1,578,993

  Medical

  $1,633,297

  Retail

  $2,456,211

Location Insight

City

Racine

County

Racine

State

Wisconsin

Latitude

42.7128

Longitude

-87.7862

CBSA code

39540

CBSA name

RACINE, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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