Updated Duplex with Two-Car
For Sale
$209,900
2017 Carmel Ave, Racine, WI 53405
Fully occupied income property with recent updates, month-to-month leases, and a two-car garage.
Property Size1,667 SF
Price / SF$125.91
Days on Market9
Property Features for 2017 Carmel Ave
General Information
Standard status
Active
Size
1,667 SF
Total Parking Spaces
2
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,563
Listing Agency:
Lannon Stone Realty LLC
Listed By:
Jeffrey Metz · License #48924-94
(262) 497-7876
Source:
Exprealty
Added: Aug 31
Changed: Sep 7
Last Checked: Sep 8 at 7:38AM
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 Lannon Stone Realty LLC
Investment Insights
Based on property information with market context.
This duplex is fully occupied and has undergone recent updates. Improvements include newer windows, furnaces that are less than ten years old, and roof and siding reported in excellent condition. The property also includes a two-car garage, which is separately rented.
Located at 2017 Carmel Ave in Racine, Wisconsin, the property is leased on a month-to-month basis, providing an existing rental arrangement for the next owner.
Located at 2017 Carmel Ave in Racine, Wisconsin, the property is leased on a month-to-month basis, providing an existing rental arrangement for the next owner.
Key Highlights
- Fully occupied duplex at 2017 Carmel Ave, Racine, WI
- Recently updated property with newer windows
- Furnaces are under ten years old
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
$18,185
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
8.66%
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%
$363,700
$363.7K
Cap Rate 7%
$259,786
$259.8K
Cap Rate 9%
$202,056
$202.1K
Market Conditions
NOI Build-Up for 1,667 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
$27.0K $16.20/SF
− Vacancy
−$1.0K −$0.62/SF
EGI
$26.0K $15.58/SF
− OpEx
−$7.8K −$4.68/SF
NOI
$18.2K $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 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%
$363,700
Cap Rate 7%
$259,786
Cap Rate 9%
$202,056
Alternative Uses
Best Use
Multifamily LT 5
$259.8K
$227.3K – $303.1K
NOI $18,185 @ 7.0% cap · market cap 8.66%
Second Best
Apartment 5plus
$226.3K
$198.0K – $264.1K
NOI $15,843 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$400.9K
$350.8K – $467.7K
NOI $28,062 @ 7.0% cap · market cap 13.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
339
Businesses Nearby
Explore this area
Business Placement
Demographics for 53405, WI
25,561
Population
11,509
Households
2.2
Avg Household Size
39
Median Age
26%
College-Educated
90%
High-School Grad
6.6 sq mi
ZIP Area
3,873
Density / Sq Mi
$68,339
Median Household Income
$40,162
Median Earnings
$946
Median Rent
$173,600
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?
Duplex - Fully occupied income property with recent updates, month-to-month leases, and a two-car garage.
Where is this duplex located?
The property is located at 2017 Carmel Ave Racine, WI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Fully occupied duplex at 2017 Carmel Ave, Racine, WI; Recently updated property with newer windows; Furnaces are under ten years old
