Building Details

Year Built 1900

Buildings 1

Listing Agency: Home Team Real Estate Group LLC

Listed By: Connie Magee · License #6056794 Show Phone

Source: Jwregwi

Added: Aug 30 Changed: Oct 10 Last Checked: Oct 7 at 5:14PM

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Investment Insights

Based on property information with market context.

This duplex, built in 1900, offers 1,980 square feet across two units. Interior character includes maple hardwood floors, while each unit has its own fenced backyard. Exterior improvements include patios updated in 2020, replacement of the upper deck and lower porch stairs in 2019, and vinyl siding installed in 2013. Most windows are newer, and the roof is also described as newer. Water heaters were replaced in 2018 and 2019.

The property includes a two-car garage along with additional parking. Located at 2142 Clarence Ave in Racine, Wisconsin, the duplex combines separate outdoor areas with multiple documented exterior and mechanical updates.

Key Highlights

• 1,980‑square‑foot duplex built in 1900
• Maple hardwood floors in both units
• Separate fenced backyard for each unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,600

Cap Rate

8.64%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$432,000 $432.0K

Cap Rate 7%

$308,571 $308.6K

Cap Rate 9%

$240,000 $240.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,980 SF

Gross rent

$32.1K $16.20/SF

− Vacancy

−$1.2K −$0.62/SF

EGI

$30.9K $15.58/SF

− OpEx

−$9.3K −$4.68/SF

NOI

$21.6K $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%

$432,000

Cap Rate 7%

$308,571

Cap Rate 9%

$240,000

Alternative Uses

Best Use

Multifamily LT 5

$308.6K

$270.0K – $360.0K (±1% cap)

NOI $21,600 @ 7.0% cap · market cap 8.64%

Second Best

Apartment 5plus

$268.8K

$235.2K – $313.6K (±1% cap)

NOI $18,818 @ 7.0% cap · market cap 7.53%

Theoretical Best

Office A

$476.2K

$416.6K – $555.5K (±1% cap)

NOI $33,331 @ 7.0% cap · market cap 13.33%

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

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Law Firm Dental Office Parking Lot & Garage Spa & Massage Center Skin Care Clinic Nail Salon

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

Lease Details

2

Residential units

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two units feature fenced outdoor areas and maple hardwood flooring.

Where is this duplex located?

The property is located at 2142 Clarence Ave Racine, WI.

What is the asking price?

The asking price for this property is $250,000.

What are key features of this property?

This property features: 1,980‑square‑foot duplex built in 1900; Maple hardwood floors in both units; Separate fenced backyard for each unit