Building Details

Year Built 1983

Listing Agency: Keller Williams Realty-Milwaukee North Shore

Listed By: Judy Moffatt · License #9436494 Show Phone

Source: Nikolicgroup

Added: Apr 24 Changed: Oct 8 Last Checked: Oct 16 at 11:48AM

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Investment Insights

Based on property information with market context.

This multi-use rental building combines three distinct spaces under one roof: a fully operational spa currently rented for $1,400 per month, a warehouse space on a month-to-month lease rented for $900 per month, and an office space rented for $800 per month.

The property is located on Main Street in Racine, with the public remarks indicating walkable access to Lake Michigan and downtown Racine.

The setup supports multiple income streams through the spa, warehouse, and office components, each with its own rental arrangement as described in the remarks.

Key Highlights

• Three‑part rental property with a fully operational spa, warehouse, and office space
• Spa currently rented at $1,400/month
• Warehouse space on a month‑to‑month lease rented at $900/month

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,096

Cap Rate

7.67%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$441,920 $441.9K

Cap Rate 7%

$315,657 $315.7K

Cap Rate 9%

$245,511 $245.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,547 SF

Gross rent

$35.5K $7.80/SF

− Vacancy

−$3.9K −$0.86/SF

EGI

$31.6K $6.94/SF

− OpEx

−$9.5K −$2.08/SF

NOI

$22.1K $4.86/SF

Area

Racine County, WI

Vacancy

11.00%

Lease Rate

$7.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$441,920

Cap Rate 7%

$315,657

Cap Rate 9%

$245,511

Alternative Uses

Best Use

Flex RnD

$573.3K

$501.7K – $668.9K (±1% cap)

NOI $40,134 @ 7.0% cap · market cap 13.94%

Second Best

Warehouse

$383.3K

$335.4K – $447.2K (±1% cap)

NOI $26,830 @ 7.0% cap · market cap 9.32%

Theoretical Best

Office A

$1.09M

$956.8K – $1.28M (±1% cap)

NOI $76,542 @ 7.0% cap · market cap 26.58%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

5Kevents.org Data Center Unique Rentals Party Supply Store

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Dental Office Catering Service Acupuncture Furniture & Home Goods Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

823

Businesses Nearby

Under-served

Demand for This Use

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 Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Spa & wellness property - Three-part property with an operating spa, plus warehouse and office space, each on separate rental terms.

Where is this spa & wellness property located?

The property is located at 1318 N Main St Racine, WI.

What is the asking price?

The asking price for this property is $288,000.

What are key features of this property?

This property features: Three‑part rental property with a fully operational spa, warehouse, and office space; Spa currently rented at $1,400/month; Warehouse space on a month‑to‑month lease rented at $900/month