90-Unit Self Storage
For Sale
$2,900,000
212 Hamilton St, Racine, WI 53402
Y, Racine, WI
Property Size24,382 SF
Lot Size1.53 Acres
Price / SF$118.94
Days on Market76
Property Features for 212 Hamilton St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I1 RES. industr
Directions
NORTH MAIN STREET TO HAMILTON STREET, HEAD EAST ON HAMILTON. ON CORNER OF HAMILTON, CHATHAM & MICHIGAN.
Standard status
Active
APN
02458000
Size
24,382 SF
Lot size
1.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10098
Building Details
Year built
1974
Architectural style
Other
Listing Agency:
RE/MAX Newport · RE/MAX International
(262) 632-9990
Listed By:
Renee Schoening
(262) 900-8753
Added: Jul 14
Changed: Sep 10
Last Checked: Sep 27 at 10:06AM
MLS# 1971567
Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This self storage property occupies 1.53 acres and contains 24,382 square feet. The facility includes 90 storage units, with additional capacity for both indoor and outdoor storage. Office improvements include a primary office area and five additional spaces that could support expansion or varied operational needs. An upstairs studio apartment adds another functional component, while the office and apartment areas together provide 2 1/2 bathrooms.
Built in 1974, the property is zoned I1 RES. industr and is located just blocks from Lake Michigan in Racine. The apartment level opens to a rooftop deck with lake views. The property was converted from a former Naval Base and has supported a storage operation that included a UHAUL contract. An ongoing business may be purchased separately.
Built in 1974, the property is zoned I1 RES. industr and is located just blocks from Lake Michigan in Racine. The apartment level opens to a rooftop deck with lake views. The property was converted from a former Naval Base and has supported a storage operation that included a UHAUL contract. An ongoing business may be purchased separately.
Key Highlights
- 90 storage units within a 24,382‑square‑foot facility
- 1.53‑acre property with additional indoor and outdoor storage capacity
- Five additional office spaces plus a primary office area
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
8.17%
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 8.17%
Second Best
Warehouse
$2.06M
$1.80M – $2.40M
NOI $143,871 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$5.86M
$5.13M – $6.84M
NOI $410,437 @ 7.0% cap · market cap 14.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Self storage facility - Converted former base property with office space, an upstairs studio apartment, and room for additional storage uses.
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 $2,900,000.
What are key features of this property?
This property features: 90 storage units within a 24,382‑square‑foot facility; 1.53‑acre property with additional indoor and outdoor storage capacity; Five additional office spaces plus a primary office area
