Two-Unit Duplex with Detached
2903 Mitchell St, Racine, WI 53403
For Sale
New
$215,000
Separate electric service, a shared furnace and water heater, and basement storage serve the two residences.
Property Size1,613 SF
Price / SF$133.29
Days on Market2
Property Features for 2903 Mitchell St
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Tenant in Place
Amenities
basement storage
Building Details
Year Built
Buildings
Tenancy
Listing Agency:
Coldwell Banker River Valley, Realtors
Listed By:
Avenue Real Estate
(920) 893-3001
Source:
Avenueret
Added: Nov 12
Last Checked: Nov 12 at 2:42PM
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 Coldwell Banker River Valley, Realtors
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Investment Insights
Based on property information with market context.
This 1,613-square-foot duplex, built in 1928, contains two residences: a lower unit with two bedrooms and an open-concept layout, and an upper one-bedroom unit. Interior details include crown molding, original millwork, and retained architectural features. The basement offers storage for both units and has been waterproofed with a sump pump. A detached two-car garage provides additional storage. Electric service is separate, while the furnace and water heater are shared.
Key Highlights
- Two residences: a two‑bedroom lower unit and a one‑bedroom upper unit
- 1,613 square feet; built in 1928
- Detached two‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,596
Cap Rate
8.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$351,920
$351.9K
Cap Rate 7%
$251,371
$251.4K
Cap Rate 9%
$195,511
$195.5K
Market Conditions
NOI Build-Up for 1,613 SF
Gross rent
$26.1K $16.20/SF
− Vacancy
−$993 −$0.62/SF
EGI
$25.1K $15.58/SF
− OpEx
−$7.5K −$4.68/SF
NOI
$17.6K $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%
$351,920
Cap Rate 7%
$251,371
Cap Rate 9%
$195,511
Alternative Uses
Best Use
Multifamily LT 5
$251.4K
$220.0K – $293.3K
NOI $17,596 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$219.0K
$191.6K – $255.5K
NOI $15,330 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$387.9K
$339.4K – $452.6K
NOI $27,153 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
575
Businesses Nearby
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Business Placement
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
$159,100
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Racine County, WI
Properties on Market for Duplexes in Racine County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Separate electric service, a shared furnace and water heater, and basement storage serve the two residences.
Where is this duplex located?
The property is located at 2903 Mitchell St Racine, WI.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two residences: a two‑bedroom lower unit and a one‑bedroom upper unit; 1,613 square feet; built in 1928; Detached two‑car garage
