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Building Details

Year built 1974

Architectural style Other

Listing Agency: RE/MAX Newport · RE/MAX International t***@remaxnewport.com Show Phone

Listed By: Renee Schoening Show Phone

Added: Jul 14 Changed: Oct 8 Last Checked: Oct 15 at 4:06PM

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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.

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 / Yr

$236,810

Cap Rate

8.17%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,736,200 $4.7M

Cap Rate 7%

$3,383,000 $3.4M

Cap Rate 9%

$2,631,222 $2.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 24,382 SF

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 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 (±1% cap)

NOI $236,810 @ 7.0% cap · market cap 8.17%

Second Best

Warehouse

$2.06M

$1.80M – $2.40M (±1% cap)

NOI $143,871 @ 7.0% cap · market cap 4.96%

Theoretical Best

Office A

$5.86M

$5.13M – $6.84M (±1% cap)

NOI $410,437 @ 7.0% cap · market cap 14.15%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

U-Haul Neighborhood Dealer Car Rental Facility North Beach Storage Storage Facility

Suggested Use

Top Pick Dental Office (Bike/Boat/Book/etc) Store Skin Care Clinic Furniture & Home Goods Acupuncture Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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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