78-Unit Loft-Style Apartment
For Sale
$11,000,000
134 Main St, Racine, WI 53403
Downtown apartment property with varied floorplans, in-unit laundry, and resident amenity spaces.
Property Size78,748 SF
Price / SF$139.69
Days on Market25
Property Features for 134 Main St
General Information
Standard status
Active
Size
78,748 SF
Total Parking Spaces
63
Elevators
Yes
Property subtype
Multi-Family
Additional Details
Multifamily Units
78
Amenities
In-Unit Laundry
Extra Large Closets
Upgraded Appliances
Dishwashers
Central Air
Media Room
Fitness Center
Clubhouse
Picnic Area
Elevator
Building Details
Year Built
1890
Construction
loft-style
Listing Agency:
Realty Executives Integrity~Brookfield
Listed By:
Brian E Roslawski
Source:
Nikolicgroup
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 31 at 7:19PM
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 Executives Integrity~Brookfield
Investment Insights
Based on property information with market context.
This 78-unit apartment building at 134 Main St offers loft-style residences with one-, two-, and three-bedroom layouts. Apartments include in-unit laundry, oversized closets, upgraded appliances, dishwashers, and central air. The property contains 78,748 square feet and was built in 1890.
Resident-oriented common areas include a media room, fitness center, clubhouse, picnic area, and elevator. The sale also includes two additional parcels that provide 63 parking spaces. Located in downtown Racine, the property combines a range of apartment configurations with on-site amenities and dedicated parking.
Resident-oriented common areas include a media room, fitness center, clubhouse, picnic area, and elevator. The sale also includes two additional parcels that provide 63 parking spaces. Located in downtown Racine, the property combines a range of apartment configurations with on-site amenities and dedicated parking.
Key Highlights
- 78‑unit apartment building with one-, two-, and three‑bedroom floorplans
- 78,748 square feet; built in 1890
- Loft‑style apartments with in‑unit laundry, central air, and upgraded appliances
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
$748,421
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
6.80%
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%
$14,968,420
$15.0M
Cap Rate 7%
$10,691,729
$10.7M
Cap Rate 9%
$8,315,789
$8.3M
Market Conditions
NOI Build-Up for 78,748 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
$1.42M $18.00/SF
− Vacancy
−$56.7K −$0.72/SF
EGI
$1.36M $17.28/SF
− OpEx
−$612.3K −$7.78/SF
NOI
$748.4K $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 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%
$14,968,420
Cap Rate 7%
$10,691,729
Cap Rate 9%
$8,315,789
Alternative Uses
Best Use
Apartment 5plus
$10.69M
$9.36M – $12.47M
NOI $748,421 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$18.94M
$16.57M – $22.09M
NOI $1,325,612 @ 7.0% cap · market cap 12.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
78
Residential units
Location Intelligence
Trade Area within ½ mile
1,284
Businesses Nearby
Explore this area
Business Placement
Demographics for 53403, WI
26,269
Population
11,876
Households
2.2
Avg Household Size
38
Median Age
23%
College-Educated
88%
High-School Grad
10.2 sq mi
ZIP Area
2,575
Density / Sq Mi
$58,274
Median Household Income
$37,130
Median Earnings
$1,029
Median Rent
$159,100
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?
Apartment building - Downtown apartment property with varied floorplans, in-unit laundry, and resident amenity spaces.
Where is this apartment building located?
The property is located at 134 Main St Racine, WI.
What is the asking price?
The asking price for this property is $11,000,000.
What are key features of this property?
This property features: 78‑unit apartment building with one-, two-, and three‑bedroom floorplans; 78,748 square feet; built in 1890; Loft‑style apartments with in‑unit laundry, central air, and upgraded appliances
