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 Market280
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: Jan 11
Changed: Oct 1
Last Checked: Oct 16 at 9:22AM
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
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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 / Yr
$107,243
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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
