Historic Duplex with Finished
For Sale
$499,900
1512 College Ave, Racine, WI 53403
Two residences support owner-occupancy or multigenerational living in Racine’s Southside Historic District.
Property Size4,300 SF
Price / SF$116.26
Days on Market76
Property Features for 1512 College Ave
General Information
Standard status
Active
Size
4,300 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 4BR/2BA
Multifamily Units
2
Amenities
fenced yard
Building Details
Year Built
1915
Listing Agency:
Mahler Sotheby's International Realty
Listed By:
Anthony Veranth · License #5088794
(262) 909-9690
Source:
Nikolicgroup
Added: Aug 2
Changed: Oct 5
Last Checked: Oct 15 at 1:10AM
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 Mahler Sotheby's International Realty
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Investment Insights
Based on property information with market context.
Constructed in 1915, this duplex provides 3,684 square feet above grade along with a finished walk-up attic. The lower residence includes 3 bedrooms and 1 full bath. The upper residence has 4 bedrooms and 2 full baths, with the attic incorporated into its configuration. Original craftsmanship remains a defining feature of the property, which was built for manufacturer Frederick H. Foster.
The property includes a 2-car garage and fenced yard. Its location at 1512 College Ave places the residences just blocks from Lake Michigan within Racine’s Southside Historic District. The two-unit layout accommodates owner-occupancy and multigenerational living, while the finished attic adds functional space to the upper residence.
The property includes a 2-car garage and fenced yard. Its location at 1512 College Ave places the residences just blocks from Lake Michigan within Racine’s Southside Historic District. The two-unit layout accommodates owner-occupancy and multigenerational living, while the finished attic adds functional space to the upper residence.
Key Highlights
- 3,684 SF above grade plus a finished walk‑up attic
- Lower residence: 3 bedrooms and 1 full bath
- Upper residence: 4 bedrooms and 2 full baths
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,867
Cap Rate
8.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$817,340
$817.3K
Cap Rate 7%
$583,814
$583.8K
Cap Rate 9%
$454,078
$454.1K
Market Conditions
NOI Build-Up for 4,300 SF
Gross rent
$77.4K $18.00/SF
− Vacancy
−$3.1K −$0.72/SF
EGI
$74.3K $17.28/SF
− OpEx
−$33.4K −$7.78/SF
NOI
$40.9K $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 Rate 5%
$817,340
Cap Rate 7%
$583,814
Cap Rate 9%
$454,078
Alternative Uses
Best Use
Multifamily LT 5
$670.1K
$586.4K – $781.8K
NOI $46,909 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$583.8K
$510.8K – $681.1K
NOI $40,867 @ 7.0% cap · market cap 8.18%
Theoretical Best
Office A
$1.03M
$904.8K – $1.21M
NOI $72,384 @ 7.0% cap · market cap 14.48%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
503
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two residences support owner-occupancy or multigenerational living in Racine’s Southside Historic District.
Where is this duplex located?
The property is located at 1512 College Ave Racine, WI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,684 SF above grade plus a finished walk‑up attic; Lower residence: 3 bedrooms and 1 full bath; Upper residence: 4 bedrooms and 2 full baths
