Mixed-Use Building with Retail and
1116 Grove Avenue Unit 1118 Racine, WI 53405
For Sale
$419,900
Two retail suites on the ground floor with two apartments above and ample side/rear parking.
Property Size4,000 SF
Price / SF$104.98
Days on Market110
Property Features for 1116 Grove Avenue Unit 1118
General Information
- Standard status
- Active
- Size
- 4,000 SF
- Property subtype
- Multi-Family / Multi-Family
Building Details
- Year Built
- 1969
Listing Agency:
Realty ONE Group Boardwalk
(414) 651-7062
Listed By:
Darryl Heyden · License #83415-94
(414) 651-7062
Source:
Compass
Added: Apr 6
Changed: Jul 23
Last Checked: Jul 23 at 2:35AM
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 Realty ONE Group Boardwalk
Investment Insights
Based on property information with market context.
This centrally located mixed-use building offers two retail business spaces on the ground floor with two apartments above. The first-floor tenants are a barber shop and a beauty shop, while the second-floor units provide additional residential rental space. The roof is approximately 2 years old and includes a 20-year transferable warranty for materials and labor.
Ample parking is available on the side and rear of the building. The south side upper and lower units can be shown immediately; the north side upper and lower are currently occupied and require 24 hours’ notice. The lower left unit is vacant and is listed under MLS #1939695.
The property is described as having potential income from all four units exceeding $4,700 per month, with the current configuration supporting multiple revenue streams.
Ample parking is available on the side and rear of the building. The south side upper and lower units can be shown immediately; the north side upper and lower are currently occupied and require 24 hours’ notice. The lower left unit is vacant and is listed under MLS #1939695.
The property is described as having potential income from all four units exceeding $4,700 per month, with the current configuration supporting multiple revenue streams.
Key Highlights
- Mixed‑use building with 2 retail suites on the ground floor and 2 apartments on the second floor
- Potential total income from all 4 units in excess of $4,700/month
- Roof installed 2 years ago with a 20‑year transferrable warranty (materials and labor)
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $72.0k | $18.00 |
| − Vacancy | −$2.9k | −$0.72 |
| EGI | $69.1k | $17.28 |
| − OpEx | −$31.1k | −$7.78 |
| NOI | $38.0k | $9.50 |
4,000 SF · lease $18.00/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Mixed Use
$591.4K
$517.5K – $690.0K
NOI $41,400 @ 7.0% cap · market cap 9.86%
Second Best
Retail
$581.4K
$508.7K – $678.3K
NOI $40,698 @ 7.0% cap · market cap 9.69%
Theoretical Best
Office A
$961.9K
$841.7K – $1.12M
NOI $67,334 @ 7.0% cap · market cap 16.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Dick Flatley Master ...
Barber Shop
Blacktop Barbershop
Barber Shop
Executive Barbers
Barber Shop
FAQs
What type of property is this?
Mixed-use property - Two retail suites on the ground floor with two apartments above and ample side/rear parking.
Where is this mixed-use property located?
The property is located at 1116 Grove Avenue Unit 1118 Racine, WI.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: Mixed‑use building with 2 retail suites on the ground floor and 2 apartments on the second floor; Potential total income from all 4 units in excess of $4,700/month; Roof installed 2 years ago with a 20‑year transferrable warranty (materials and labor)
