Downtown Apartment Building with
For Sale
$1,440,000
614 6th St, Racine, WI 53403
Fully occupied building combines residential apartments, commercial storefronts, rear parking, and updated tenant amenities.
Property Size12,360 SF
Price / SF$116.50
Days on Market117
Property Features for 614 6th St
General Information
Standard status
Active
Size
12,360 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
12
Amenities
on-site laundry
24-hour live security feed
parking lot
Building Details
Year Built
1928
Listing Agency:
Realty ONE Group Boardwalk
(262) 902-9152
Listed By:
Devin Cain
Source:
Homesinwisconsin
Added: May 6
Changed: Aug 29
Last Checked: Aug 29 at 4:26PM
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 ONE Group Boardwalk
Investment Insights
Based on property information with market context.
Constructed in 1928, this 12,360-square-foot apartment building contains 12 residential units and 2 commercial storefronts. The property is fully occupied, with updates completed in many apartments and improvements to the on-site laundry facility. A rear parking lot serves the building, while a 24-hour live security feed supports the laundry area.
Recent capital work includes a new roof, 2 boilers, and hot water heaters. The property is positioned in Downtown Racine near shopping, dining, entertainment, and Lake Michigan, placing both the residential and commercial components within an established downtown setting.
Recent capital work includes a new roof, 2 boilers, and hot water heaters. The property is positioned in Downtown Racine near shopping, dining, entertainment, and Lake Michigan, placing both the residential and commercial components within an established downtown setting.
Key Highlights
- 12,360‑square‑foot building with 12 residential units and 2 commercial storefronts
- Fully occupied apartment building in Downtown Racine
- Rear parking lot included with the property
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
$127,926
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
8.88%
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%
$2,558,520
$2.6M
Cap Rate 7%
$1,827,514
$1.8M
Cap Rate 9%
$1,421,400
$1.4M
Market Conditions
NOI Build-Up for 12,360 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
$222.5K $18.00/SF
− Vacancy
−$17.8K −$1.44/SF
EGI
$204.7K $16.56/SF
− OpEx
−$76.8K −$6.21/SF
NOI
$127.9K $10.35/SF
Area
Racine County, WI
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,558,520
Cap Rate 7%
$1,827,514
Cap Rate 9%
$1,421,400
Alternative Uses
Best Use
Mixed Use
$1.83M
$1.60M – $2.13M
NOI $127,926 @ 7.0% cap · market cap 8.88%
Second Best
Retail
$1.80M
$1.57M – $2.10M
NOI $125,757 @ 7.0% cap · market cap 8.73%
Theoretical Best
Office A
$2.97M
$2.60M – $3.47M
NOI $208,063 @ 7.0% cap · market cap 14.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,397
Businesses Nearby
Explore this area
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
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 - Fully occupied building combines residential apartments, commercial storefronts, rear parking, and updated tenant amenities.
Where is this apartment building located?
The property is located at 614 6th St Racine, WI.
What is the asking price?
The asking price for this property is $1,440,000.
What are key features of this property?
This property features: 12,360‑square‑foot building with 12 residential units and 2 commercial storefronts; Fully occupied apartment building in Downtown Racine; Rear parking lot included with the property
