Brick 16-Unit Apartment
For Sale
$1,950,000
3111 Wheelock Dr, Racine, WI 53405
Two-building multifamily property with updated units, in-unit air conditioning, and on-site laundry facilities.
Property Size11,284 SF
Price / SF$172.81
Days on Market201
Property Features for 3111 Wheelock Dr
General Information
Standard status
Active
Size
11,284 SF
Property subtype
Multi-Family
Units
Unit Mix
8 x 2BR, 8 x 1BR
Multifamily Units
16
Additional Details
Highway Access
Yes
Amenities
in-unit air conditioning
laundry facilities
Building Details
Year Built
1962
Buildings
2
Construction
brick
Listing Agency:
RE/MAX Newport
Listed By:
Karen Sorenson office@remaxnewport.com
Source:
Homesinwisconsin
Added: Feb 12
Changed: Aug 31
Last Checked: Aug 31 at 5:52PM
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 Newport
Investment Insights
Based on property information with market context.
This multifamily property comprises two brick apartment buildings with 16 units and 11,284 square feet of total property size. The unit mix includes eight two-bedroom apartments and eight one-bedroom apartments. Six of the two-bedroom units and five of the one-bedroom units have been updated with modern appliances, granite countertops, new lighting, and refreshed bathrooms. Every apartment includes in-unit air conditioning, while laundry facilities are located in the building containing the two-bedroom units.
Built in 1962, the property is located at 3111 Wheelock Dr in Racine, Wisconsin, with access to the Hwy 11 corridor. The combination of two separate buildings, a balanced one- and two-bedroom mix, and improvements across 11 units provides a clearly defined multifamily configuration.
Built in 1962, the property is located at 3111 Wheelock Dr in Racine, Wisconsin, with access to the Hwy 11 corridor. The combination of two separate buildings, a balanced one- and two-bedroom mix, and improvements across 11 units provides a clearly defined multifamily configuration.
Key Highlights
- 16 units across two brick apartment buildings
- Unit mix includes eight 2‑bedroom and eight 1‑bedroom units
- Updates completed in six 2‑bedrooms and five 1‑bedrooms
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
$107,243
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
5.50%
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%
$2,144,860
$2.1M
Cap Rate 7%
$1,532,043
$1.5M
Cap Rate 9%
$1,191,589
$1.2M
Market Conditions
NOI Build-Up for 11,284 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
$203.1K $18.00/SF
− Vacancy
−$8.1K −$0.72/SF
EGI
$195.0K $17.28/SF
− OpEx
−$87.7K −$7.78/SF
NOI
$107.2K $9.50/SF
Area
Racine County, WI
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,144,860
Cap Rate 7%
$1,532,043
Cap Rate 9%
$1,191,589
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.79M
NOI $107,243 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.17M
NOI $189,950 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
434
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?
Apartment building - Two-building multifamily property with updated units, in-unit air conditioning, and on-site laundry facilities.
Where is this apartment building located?
The property is located at 3111 Wheelock Dr Racine, WI.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 16 units across two brick apartment buildings; Unit mix includes eight 2‑bedroom and eight 1‑bedroom units; Updates completed in six 2‑bedrooms and five 1‑bedrooms
