1639 Douglas Ave - Apartments FOR SALE


Racine, WI 53404- Downtown Racine
$1,300,000 USD
414-552-0663
1639 Douglas Ave, Racine, WI for Sale
$1,300,000 USD
Apartments - FOR SALE
1/19
null | 8.82% Cap Rate

1639 Douglas Ave
Racine, WI 53404
Downtown Racine


OVERVIEW

Stabilized 34-Unit (Multifamily + Commercial) with New Roof & Proven Cash Flow Smart investors: welcome to 1639 Douglas Ave in Racine, WI—a stabilized and cash-flowing multifamily investment with immediate income and long-term upside. This 34-unit property (plus a rentable commercial suite) has maintained consistently strong occupancy, and offers future rent growth potential through light operational improvements. 32 residential units + 2 commercial units (one of which is being used as property management office) New roof installed in 2023 – major capex item off the table Monthly gross rent: $17,700, with room to grow 10.76% cash-on-cash return, 8.82% cap rate, and 1.45 debt coverage ratio Forecasted 18.2% IRR and strong long-term equity growth Professional management in place and willing to stay on for a seamless transition

FOR SALE DETAILS

PRICE

$1,300,000 USD

PRICE/SF

$62 USD /SF

# OF UNITS

34

PRICE/UNIT

$38,235

CAP RATE

8.82%

% LEASED

91%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Douglas Avenue Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1928

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.4 AC

LAND SF

17,424 SF

ZONING

B2

APN/PARCEL ID

276-000019301000

ASK ABOUT THIS PROPERTY

Kash KlafkeSmart Asset CapitalMore Info
414-552-0663

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Kash KlafkeSmart Asset CapitalMore Info
414-552-0663

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.