Clearspan Flex
For Sale
$995,000
1906 Saint Patrick St, Racine, WI 53404
The building includes windows throughout, air lines, floor drains, and an air makeup system.
Property Size7,600 SF
Price / SF$130.92
Days on Market72
Property Features for 1906 Saint Patrick St
General Information
Standard status
Active
Size
7,600 SF
Additional Details
Clear Span
Yes
Taxes and HOA fees
Annual Taxes
$6,747
Building Details
Buildings
1
Building Size
7,600 SF
Listing Agency:
Anderson Commercial Group, LLC
(414) 858-5205
Listed By:
Craig Friemoth · License #9479063
(414) 858-5205
Source:
Exprealty
Added: Jun 1
Changed: Aug 9
Last Checked: Aug 10 at 9:06AM
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 Anderson Commercial Group, LLC
Investment Insights
Based on property information with market context.
This flex space offers a clearspan interior within a +/- 7,600 SF building, with an additional +/- 1,464 SF mezzanine excluded from the building area. Windows throughout provide natural light, while air lines, floor drains, and an air makeup system support a range of operational requirements.
The property is located at 1906 Saint Patrick St in Racine, WI. A large parking lot serves the building, with room for expansion on the site.
The property is located at 1906 Saint Patrick St in Racine, WI. A large parking lot serves the building, with room for expansion on the site.
Key Highlights
- Clearspan interior within a +/- 7,600 SF building
- Additional +/- 1,464 SF mezzanine excluded from building area
- Windows throughout the building
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
$67,081
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
6.74%
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%
$1,341,620
$1.3M
Cap Rate 7%
$958,300
$958.3K
Cap Rate 9%
$745,344
$745.3K
Market Conditions
NOI Build-Up for 7,600 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
$109.4K $14.40/SF
− Vacancy
−$6.2K −$0.82/SF
EGI
$103.2K $13.58/SF
− OpEx
−$36.1K −$4.75/SF
NOI
$67.1K $8.83/SF
Area
Racine County, WI
Vacancy
5.70%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$1,341,620
Cap Rate 7%
$958,300
Cap Rate 9%
$745,344
Alternative Uses
Best Use
Flex RnD
$958.3K
$838.5K – $1.12M
NOI $67,081 @ 7.0% cap · market cap 6.74%
Second Best
Warehouse
$640.6K
$560.6K – $747.4K
NOI $44,845 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $127,935 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
535
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53404, WI
15,532
Population
5,110
Households
3
Avg Household Size
32
Median Age
13%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
3,170
Density / Sq Mi
$47,714
Median Household Income
$35,419
Median Earnings
$968
Median Rent
$126,800
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?
Flex space - The building includes windows throughout, air lines, floor drains, and an air makeup system.
Where is this flex space located?
The property is located at 1906 Saint Patrick St Racine, WI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Clearspan interior within a +/- 7,600 SF building; Additional +/- 1,464 SF mezzanine excluded from building area; Windows throughout the building
