Up-Down
New
For Sale
$214,900
1518 Lombard Ave, Racine, WI 53402
Each apartment is occupied and has its own lease.
Property Size1,504 SF
Price / SF$142.89
Days on Market2
Property Features for 1518 Lombard Ave
General Information
Standard status
Active
Size
1,504 SF
Property subtype
Multi-Family
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
needed updates
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$23,340
Tenant in Place
Yes
Building Details
Year Built
1917
Buildings
1
Listing Agency:
Joseph Scott Real Estate LLC
Listed By:
Realty Executives Southeast
(262) 443-0030
Source:
Therealestatestudiowi
Added: Nov 1
Last Checked: Nov 1 at 2:58PM
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 Joseph Scott Real Estate LLC
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Investment Insights
Based on property information with market context.
This 1,504-square-foot duplex in North Racine has an upper and lower apartment. The lower unit contains two bedrooms and one bathroom; the upper unit has one bedroom and one bathroom. Both apartments are occupied, with a separate lease for each. The building dates to 1917.
The property is at 1518 Lombard Ave, a few blocks from North Beach and the Lake Michigan shoreline.
The property is at 1518 Lombard Ave, a few blocks from North Beach and the Lake Michigan shoreline.
Key Highlights
- 1,504‑square‑foot duplex built in 1917
- Two‑bedroom, one‑bath lower apartment and one‑bedroom, one‑bath upper apartment
- Both apartments occupied, each under a separate lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,407
Cap Rate
7.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$328,140
$328.1K
Cap Rate 7%
$234,386
$234.4K
Cap Rate 9%
$182,300
$182.3K
Market Conditions
NOI Build-Up for 1,504 SF
Gross rent
$24.4K $16.20/SF
− Vacancy
−$926 −$0.62/SF
EGI
$23.4K $15.58/SF
− OpEx
−$7.0K −$4.68/SF
NOI
$16.4K $10.91/SF
Area
Racine County, WI
Vacancy
3.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$328,140
Cap Rate 7%
$234,386
Cap Rate 9%
$182,300
Alternative Uses
Best Use
Multifamily LT 5
$234.4K
$205.1K – $273.5K
NOI $16,407 @ 7.0% cap · market cap 7.63%
Second Best
Apartment 5plus
$204.2K
$178.7K – $238.2K
NOI $14,294 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$361.7K
$316.5K – $422.0K
NOI $25,318 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
343
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
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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 - Each apartment is occupied and has its own lease.
Where is this duplex located?
The property is located at 1518 Lombard Ave Racine, WI.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: 1,504‑square‑foot duplex built in 1917; Two‑bedroom, one‑bath lower apartment and one‑bedroom, one‑bath upper apartment; Both apartments occupied, each under a separate lease
