Renovated Medical Office
3005 Rapids Dr, Racine, WI 53404
For Sale
$349,900
Flexible professional layout with treatment rooms, client reception, private parking, and additional storage.
Property Size1,220 SF
Price / SF$286.80
Days on Market48
Property Features for 3005 Rapids Dr
General Information
Standard status
Size
Building Details
Year Built
Listing Agency:
Re/Max Advantage
Listed By:
Danielle Welker · License #6627094
(847) 395-9588
Source:
Grandviewrealtyservices
Added: Sep 21
Changed: Oct 26
Last Checked: Nov 6 at 11:44AM
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 Re/Max Advantage
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Investment Insights
Based on property information with market context.
This 1,220-square-foot medical office property has operated as a med spa and received extensive renovations since 2021. The interior includes a reception and waiting area, three private treatment rooms with individual sinks, a break room that can function as another treatment room or private office, and a restroom. A partial basement adds storage capacity.
The fully enclosed lot provides a private setting for clients and staff, with nine on-site parking spaces. Located at 3005 Rapids Dr in Racine, the property supports a range of professional applications, including medical, wellness, aesthetics, chiropractic, counseling, dental, insurance, accounting, legal, and general office uses. The existing layout also allows treatment rooms or office areas to be leased individually.
The fully enclosed lot provides a private setting for clients and staff, with nine on-site parking spaces. Located at 3005 Rapids Dr in Racine, the property supports a range of professional applications, including medical, wellness, aesthetics, chiropractic, counseling, dental, insurance, accounting, legal, and general office uses. The existing layout also allows treatment rooms or office areas to be leased individually.
Key Highlights
- 1,220 SF medical office property
- Extensive renovations completed since 2021
- Three treatment rooms, each with its own sink
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,756
Cap Rate
4.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$315,120
$315.1K
Cap Rate 7%
$225,086
$225.1K
Cap Rate 9%
$175,067
$175.1K
Market Conditions
NOI Build-Up for 1,220 SF
Gross rent
$25.6K $21.00/SF
− Vacancy
−$4.6K −$3.78/SF
EGI
$21.0K $17.22/SF
− OpEx
−$5.3K −$4.31/SF
NOI
$15.8K $12.92/SF
Area
Racine County, WI
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$315,120
Cap Rate 7%
$225,086
Cap Rate 9%
$175,067
Alternative Uses
Best Use
Office B
$225.1K
$197.0K – $262.6K
NOI $15,756 @ 7.0% cap · market cap 4.50%
Second Best
Healthcare Medical
$214.7K
$187.9K – $250.5K
NOI $15,032 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$293.4K
$256.7K – $342.3K
NOI $20,537 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 53404, WI
15,532
Population
5,110
Households
3
Avg Household Size
32
Median Age
13%
College-Educated
82%
High-School Grad
4.9 sq mi
ZIP Area
3,170
Density / Sq Mi
$47,714
Median Household Income
$35,419
Median Earnings
$968
Median Rent
$126,800
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- Beechwood Veterinary Clinic — 2911 Rapids Dr, Racine, WI 53404
Frequently Asked Questions
What type of property is this?
Medical Office Space - Flexible professional layout with treatment rooms, client reception, private parking, and additional storage.
Where is this medical office space located?
The property is located at 3005 Rapids Dr Racine, WI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 1,220 SF medical office property; Extensive renovations completed since 2021; Three treatment rooms, each with its own sink
