Four-Unit Quadplex with
For Sale
$429,900
1001 Prospect St, Racine, WI 53404
Each residence has its own entry, basement, and separately metered gas, electric, and water service.
Property Size4,032 SF
Price / SF$106.62
Days on Market10
Property Features for 1001 Prospect St
General Information
Standard status
Active
Size
4,032 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$48,000
Utilities to Site
Yes
Multifamily Units
4
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Riley Real Estate Group LLC
Listed By:
Suanne Riley · License #60069-90
(262) 909-2771
Source:
Nikolicgroup
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 7 at 2:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Riley Real Estate Group LLC
Investment Insights
Based on property information with market context.
This 1890-built quadplex contains four residences, each with two bedrooms, one bathroom, a private entrance, and a separate basement. The exterior is vinyl-sided. Kitchens, bathrooms, and flooring are described as well kept. Washer and dryer hookups are not available.
All four units are occupied under annual leases. Gas, electric, and water are individually metered, with tenants responsible for those utilities.
All four units are occupied under annual leases. Gas, electric, and water are individually metered, with tenants responsible for those utilities.
Key Highlights
- Four units, each with 2 bedrooms and 1 bathroom
- Approximately 1,100 sq. ft. per unit
- Separate basement and private entrance for each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,320
Cap Rate
8.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$766,400
$766.4K
Cap Rate 7%
$547,429
$547.4K
Cap Rate 9%
$425,778
$425.8K
Market Conditions
NOI Build-Up for 4,032 SF
Gross rent
$72.6K $18.00/SF
− Vacancy
−$2.9K −$0.72/SF
EGI
$69.7K $17.28/SF
− OpEx
−$31.4K −$7.78/SF
NOI
$38.3K $9.50/SF
Area
Racine County, WI
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$766,400
Cap Rate 7%
$547,429
Cap Rate 9%
$425,778
Alternative Uses
Best Use
Multifamily LT 5
$628.4K
$549.8K – $733.1K
NOI $43,985 @ 7.0% cap · market cap 10.23%
Second Best
Apartment 5plus
$547.4K
$479.0K – $638.7K
NOI $38,320 @ 7.0% cap · market cap 8.91%
Theoretical Best
Office A
$969.6K
$848.4K – $1.13M
NOI $67,873 @ 7.0% cap · market cap 15.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,277
Businesses Nearby
Explore this area
Business Placement
Demographics for 53404, WI
15,532
Population
5,110
Households
3
Avg Household Size
32
Median Age
13%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
3,170
Density / Sq Mi
$47,714
Median Household Income
$35,419
Median Earnings
$968
Median Rent
$126,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Quadplex - Each residence has its own entry, basement, and separately metered gas, electric, and water service.
Where is this quadplex located?
The property is located at 1001 Prospect St Racine, WI.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: Four units, each with 2 bedrooms and 1 bathroom; Approximately 1,100 sq. ft. per unit; Separate basement and private entrance for each residence
