Duplex With Off-Street
For Sale
$214,999
Pending
2304 Thor Ave, Racine, WI 53405
Two-unit property with month-to-month leases, yard space, and a recently installed water heater.
Property Size1,710 SF
Days on Market29
Property Features for 2304 Thor Ave
General Information
Standard status
Pending
Size
1,710 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,874
Listing Agency:
Realty Dynamics
(414) 595-8656
Listed By:
Robert Maldonado
(414) 595-8656
Source:
Exprealty
Added: Jul 28
Changed: Aug 21
Last Checked: Aug 24 at 1:25PM
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 Realty Dynamics
Investment Insights
Based on property information with market context.
This 1,710-square-foot duplex includes separate upper and lower units, along with yard space and three off-street parking spaces. A new water heater was installed in 02/2026, providing a recent mechanical update for the property.
Both apartments are occupied under month-to-month lease arrangements. The property is located at 2304 Thor Ave in Racine, Wisconsin, with downtown access described as minutes away.
Both apartments are occupied under month-to-month lease arrangements. The property is located at 2304 Thor Ave in Racine, Wisconsin, with downtown access described as minutes away.
Key Highlights
- 1,710‑square‑foot duplex with separate upper and lower units
- Three off‑street parking spaces
- Both units occupied on month‑to‑month leases
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
$18,655
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
8.68%
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%
$373,100
$373.1K
Cap Rate 7%
$266,500
$266.5K
Cap Rate 9%
$207,278
$207.3K
Market Conditions
NOI Build-Up for 1,710 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
$27.7K $16.20/SF
− Vacancy
−$1.1K −$0.62/SF
EGI
$26.6K $15.58/SF
− OpEx
−$8.0K −$4.68/SF
NOI
$18.7K $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%
$373,100
Cap Rate 7%
$266,500
Cap Rate 9%
$207,278
Alternative Uses
Best Use
Multifamily LT 5
$266.5K
$233.2K – $310.9K
NOI $18,655 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$232.2K
$203.2K – $270.9K
NOI $16,252 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$411.2K
$359.8K – $479.8K
NOI $28,785 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Two-unit property with month-to-month leases, yard space, and a recently installed water heater.
Where is this duplex located?
The property is located at 2304 Thor Ave Racine, WI.
What is the asking price?
The asking price for this property is $214,999.
What are key features of this property?
This property features: 1,710‑square‑foot duplex with separate upper and lower units; Three off‑street parking spaces; Both units occupied on month‑to‑month leases
