Self-Storage Facility with Office
For Sale
$3,500,000
212 Hamilton St, Racine, WI 53402
Established storage operation with 90 units, additional office areas, an upstairs studio apartment, and a rooftop deck overlooking Lake Michigan.
Property Size24,382 SF
Price / SF$143.55
Days on Market25
Property Features for 212 Hamilton St
General Information
Standard status
Active
Size
24,382 SF
Additional Details
Outdoor Storage
Yes
Self-Storage Units
90
Building Details
Year Built
1974
Listing Agency:
RE/MAX Newport
(262) 900-8753
Listed By:
Renee Schoening
Source:
Jwregwi
Added: Aug 6
Changed: Aug 29
Last Checked: Aug 29 at 3:10PM
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 self-storage facility occupies a former Naval Base and includes 90 storage units, with additional room for indoor and outdoor storage. The property also contains a main office area, five other potential office spaces, an upstairs studio apartment, and two and one-half bathrooms. A rooftop deck accessible from the apartment provides views toward Lake Michigan.
Built in 1974, the property is located at 212 Hamilton St in Racine, Wisconsin, just blocks from Lake Michigan. The operating business may be purchased separately. The ownership history includes 17 years of steady business activity and a contract with UHAUL.
Built in 1974, the property is located at 212 Hamilton St in Racine, Wisconsin, just blocks from Lake Michigan. The operating business may be purchased separately. The ownership history includes 17 years of steady business activity and a contract with UHAUL.
Key Highlights
- 90‑unit storage facility with additional indoor and outdoor storage space
- Former Naval Base converted for self‑storage use
- Main office plus 5 additional potential office spaces
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
$236,810
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
6.77%
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%
$4,736,200
$4.7M
Cap Rate 7%
$3,383,000
$3.4M
Cap Rate 9%
$2,631,222
$2.6M
Market Conditions
NOI Build-Up for 24,382 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
$365.7K $15.00/SF
− Vacancy
−$27.4K −$1.13/SF
EGI
$338.3K $13.88/SF
− OpEx
−$101.5K −$4.16/SF
NOI
$236.8K $9.71/SF
Area
Racine County, WI
Vacancy
7.50%
Lease Rate
$15.00 /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%
$4,736,200
Cap Rate 7%
$3,383,000
Cap Rate 9%
$2,631,222
Alternative Uses
Best Use
Self Storage
$3.38M
$2.96M – $3.95M
NOI $236,810 @ 7.0% cap · market cap 6.77%
Second Best
Warehouse
$2.06M
$1.80M – $2.40M
NOI $143,871 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$5.86M
$5.13M – $6.84M
NOI $410,437 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
679
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - Established storage operation with 90 units, additional office areas, an upstairs studio apartment, and a rooftop deck overlooking Lake Michigan.
Where is this self storage facility located?
The property is located at 212 Hamilton St Racine, WI.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 90‑unit storage facility with additional indoor and outdoor storage space; Former Naval Base converted for self‑storage use; Main office plus 5 additional potential office spaces
