Upgraded Four-Unit
New
For Sale
$300,000
1220 N Wisconsin St, Racine, WI 53402
Four residential units with varied layouts and extensive recent improvements near major Racine destinations and public transit.
Property Size2,018 SF
Price / SF$148.66
Days on Market2
Property Features for 1220 N Wisconsin St
General Information
Standard status
Active
Size
2,018 SF
Property subtype
Multi-Family
Units
Unit Mix
2-bedroom, 1-bedroom, large efficiency, small efficiency
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Year Built
1887
Listing Agency:
Keller Williams Realty-Milwaukee Southwest
Listed By:
Reliance Real Estate Team* · License #7602394
(414) 659-6965
Source:
Nikolicgroup
Added: Sep 5
Last Checked: Sep 6 at 10:39AM
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 Keller Williams Realty-Milwaukee Southwest
Investment Insights
Based on property information with market context.
This four-unit residential property includes a two-bedroom apartment, a one-bedroom apartment, a large efficiency, and a small efficiency. Improvements include replacement windows, refreshed kitchens and bathrooms, updated flooring, exterior and porch painting, chimney tuckpointing, foundation sealing, plumbing repairs, and new gutters. The property was built in 1887 and is located at 1220 N Wisconsin St in Racine.
The location places residents near Lake Michigan, the Root River, Downtown Racine, and public transit, providing access to nearby recreational, civic, and transportation amenities.
The location places residents near Lake Michigan, the Root River, Downtown Racine, and public transit, providing access to nearby recreational, civic, and transportation amenities.
Key Highlights
- Four‑unit property with a 2‑bedroom, 1‑bedroom, large efficiency, and small efficiency
- Extensive updates include new windows, refreshed kitchens and bathrooms, and updated flooring
- Exterior improvements include fresh paint, porch work, chimney tuckpointing, and new gutters
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$22,015
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$440,300
$440.3K
Cap Rate 7%
$314,500
$314.5K
Cap Rate 9%
$244,611
$244.6K
Market Conditions
NOI Build-Up for 2,018 SF
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.
Gross rent
$32.7K $16.20/SF
− Vacancy
−$1.2K −$0.62/SF
EGI
$31.4K $15.58/SF
− OpEx
−$9.4K −$4.68/SF
NOI
$22.0K $10.91/SF
Area
Racine County, WI
Vacancy
3.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$440,300
Cap Rate 7%
$314,500
Cap Rate 9%
$244,611
Alternative Uses
Best Use
Multifamily LT 5
$314.5K
$275.2K – $366.9K
NOI $22,015 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$274.0K
$239.7K – $319.7K
NOI $19,179 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$485.3K
$424.6K – $566.2K
NOI $33,970 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
823
Businesses Nearby
Explore this area
Business Placement
Demographics for 53402, WI
33,621
Population
15,660
Households
2.1
Avg Household Size
41
Median Age
33%
College-Educated
92%
High-School Grad
20.0 sq mi
ZIP Area
1,681
Density / Sq Mi
$74,125
Median Household Income
$47,838
Median Earnings
$1,049
Median Rent
$224,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units with varied layouts and extensive recent improvements near major Racine destinations and public transit.
Where is this quadplex located?
The property is located at 1220 N Wisconsin St Racine, WI.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Four‑unit property with a 2‑bedroom, 1‑bedroom, large efficiency, and small efficiency; Extensive updates include new windows, refreshed kitchens and bathrooms, and updated flooring; Exterior improvements include fresh paint, porch work, chimney tuckpointing, and new gutters
