Brick Apartment Building
3111 Wheelock Drive Racine, WI 53405
3111 Wheelock Drive, Racine, WI, 53405
$2,300,000
For Sale
$2,300,000
Two brick apartment buildings totaling 16 units with in-unit air conditioning and updates across multiple 1- and 2-bedroom units.
Property Size11,284 SF
Price / SF$203.83
Days on Market686
Property Features for 3111 Wheelock Drive
General Information
- Standard status
- Active
- Size
- 11,284 SF
- Property subtype
- Multi-Family / Multi-Family
Building Details
- Year Built
- 1962
Listing agency
RE/MAX Newport
(262) 497-5021
Listed by
Karen Sorenson · License #56787-90
(262) 497-5021
Source
Compass
Added: Sep 4, 2024 Updated: Jul 21 at 12:29AM Checked: Jul 21 at 6:06AM
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 RE/MAX Newport
Investment Insights
Based on property information with market context.
This portfolio includes two solid brick apartment buildings totaling 16 units. The unit mix is eight 2-bedroom apartments and eight 1-bedroom apartments. Updates are noted in six of the 2-bedroom units and five of the 1-bedroom units, with improvements described as modern appliances, granite countertops, new lighting packages, and refreshed bathrooms.
Each unit is equipped with in-unit air conditioning. Laundry facilities are located within the 2-bedroom building.
The property is located at 3111 Wheelock Drive in Racine, Wisconsin, in a Hwy 11 location.
Each unit is equipped with in-unit air conditioning. Laundry facilities are located within the 2-bedroom building.
The property is located at 3111 Wheelock Drive in Racine, Wisconsin, in a Hwy 11 location.
Key Highlights
- Two brick apartment buildings totaling 16 units: eight 2‑bedroom units and eight 1‑bedroom units
- In‑unit air conditioning in each unit
- Updates in 6 of the 2‑bedroom units and 5 of the 1‑bedroom units
Local 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 | $203.1k | $18.00 |
| − Vacancy | −$8.1k | −$0.72 |
| EGI | $195.0k | $17.28 |
| − OpEx | −$87.7k | −$7.78 |
| NOI | $107.2k | $9.50 |
11,284 SF · lease $18.00/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.79M
NOI $107,243 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.17M
NOI $189,950 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Two brick apartment buildings totaling 16 units with in-unit air conditioning and updates across multiple 1- and 2-bedroom units.
Where is this apartment building located?
The property is located at 3111 Wheelock Drive Racine, WI.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Two brick apartment buildings totaling 16 units: eight 2‑bedroom units and eight 1‑bedroom units; In‑unit air conditioning in each unit; Updates in 6 of the 2‑bedroom units and 5 of the 1‑bedroom units
