Building Details

Year Built 1926

Listing Agency: Berkshire Hathaway HomeServices Metro Realty-Racine

Listed By: Debra Swenson Show Phone

Source: Jwregwi

Added: Aug 14 Changed: Oct 3 Last Checked: Oct 7 at 4:31PM

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Investment Insights

Based on property information with market context.

This mixed-use property at 2203 Dekoven Ave in Racine, WI 53403 combines a bar and restaurant with an upstairs residential apartment. The commercial space includes a patio on the west side, updated kitchen equipment, and substantial storage areas in both the basement and garage. The garage also contains a built-in smoking room.

The upper level features a three-bedroom, one-bath apartment. The property was built in 1926 and includes a rear parking area along with a separate front lot, though the available parking description is not consistent. The layout brings food-and-beverage operations, dedicated storage, and residential space together within one building.

Key Highlights

• Upstairs apartment with 3 bedrooms and 1 bath
• Bar and restaurant space with a west‑side patio
• New kitchen equipment included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,596

Cap Rate

8.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$571,920 $571.9K

Cap Rate 7%

$408,514 $408.5K

Cap Rate 9%

$317,733 $317.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,060 SF

Gross rent

$39.6K $19.20/SF

− Vacancy

−$1.4K −$0.69/SF

EGI

$38.1K $18.51/SF

− OpEx

−$9.5K −$4.63/SF

NOI

$28.6K $13.88/SF

Area

Racine County, WI

Vacancy

3.60%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$571,920

Cap Rate 7%

$408,514

Cap Rate 9%

$317,733

Alternative Uses

Best Use

Specialty Retail

$408.5K

$357.5K – $476.6K (±1% cap)

NOI $28,596 @ 7.0% cap · market cap 8.06%

Second Best

Mixed Use

$304.6K

$266.5K – $355.4K (±1% cap)

NOI $21,321 @ 7.0% cap · market cap 6.01%

Theoretical Best

Office A

$495.4K

$433.5K – $578.0K (±1% cap)

NOI $34,677 @ 7.0% cap · market cap 9.77%

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

Property Analytics

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Current Use

Russ's Tap Restaurant

Suggested Use

Top Pick Real Estate Agency Dental Office Law Firm Spa & Massage Center Pharmacy Accounting Firm

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

1

Residential units

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

574

Businesses Nearby

12k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 63% Home Improvements & Furnishings 32% Electronics 5%

Citgo Shops & Services

6,584 visits/mo 0.1 miles

JC Licht Ace Racine Home Improvements & Furnishings

3,872 visits/mo 0.3 miles

Red Dot Storage Shops & Services

1,003 visits/mo 0.4 miles

Metro by T-Mobile Electronics

580 visits/mo 0.2 miles

Demographics for 53403, WI

26,269

Population

11,876

Households

2.2

Avg Household Size

38

Median Age

23%

College-Educated

88%

High-School Grad

10.2 sq mi

ZIP Area

2,575

Density / Sq Mi

$58,274

Median Household Income

$37,130

Median Earnings

$1,029

Median Rent

$159,100

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-level property combines a restaurant operation with a spacious upstairs apartment.

Where is this mixed-use property located?

The property is located at 2203 Dekoven Ave Racine, WI.

What is the asking price?

The asking price for this property is $355,000.

What are key features of this property?

This property features: Upstairs apartment with 3 bedrooms and 1 bath; Bar and restaurant space with a west‑side patio; New kitchen equipment included