Apartment Building with Detached
For Sale
$549,000
939 College Avenue, Racine, WI 53403
Brick multifamily property with five distinct units, on-site laundry, and a detached garage.
Property Size5,017 SF
Price / SF$109.43
Days on Market279
Property Features for 939 College Avenue
General Information
Standard status
Active
Size
5,017 SF
Property subtype
Multi-Family / Multi-Family
Occupancy
100%
Financials
Gross Income
$56,700
Average Monthly Rent
$945
Units
Unit Mix
1 x 3/4-bedroom, 4 x 1BR
Multifamily Units
5
Amenities
coin operated washer and dryer
detached garage
Full, Yes
Brick
Building Details
Year Built
1920
Construction
brick
Listing Agency:
Image Real Estate, Inc.
Listed By:
Patricia S Lemke · License #56232-90
(262) 770-9570
Source:
Compass
Added: Nov 29, 2025
Changed: Sep 2
Last Checked: Aug 30 at 10:58PM
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 Image Real Estate, Inc.
Investment Insights
Based on property information with market context.
This 1920 brick apartment property contains five units, including one larger three- or four-bedroom residence and four one-bedroom apartments. Each unit is equipped with a stove and refrigerator. A detached garage serves the property, while the basement includes coin-operated laundry equipment and additional space identified for possible storage or rental use.
The building is located at 939 College Avenue in Racine, near Lake Michigan, Downtown, and Gateway Technical College. The property is fully occupied and combines a varied unit mix with practical tenant amenities and accessory space.
The building is located at 939 College Avenue in Racine, near Lake Michigan, Downtown, and Gateway Technical College. The property is fully occupied and combines a varied unit mix with practical tenant amenities and accessory space.
Key Highlights
- Five‑unit apartment property with one three- or four‑bedroom unit and four one‑bedroom units
- 1920 brick building at 939 College Avenue, Racine, WI 53403
- Fully occupied property near Lake Michigan, Downtown, and Gateway Technical College
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
$47,682
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
8.69%
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%
$953,640
$953.6K
Cap Rate 7%
$681,171
$681.2K
Cap Rate 9%
$529,800
$529.8K
Market Conditions
NOI Build-Up for 5,017 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
$90.3K $18.00/SF
− Vacancy
−$3.6K −$0.72/SF
EGI
$86.7K $17.28/SF
− OpEx
−$39.0K −$7.78/SF
NOI
$47.7K $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%
$953,640
Cap Rate 7%
$681,171
Cap Rate 9%
$529,800
Alternative Uses
Best Use
Apartment 5plus
$681.2K
$596.0K – $794.7K
NOI $47,682 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,454 @ 7.0% cap · market cap 15.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,320
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 - Brick multifamily property with five distinct units, on-site laundry, and a detached garage.
Where is this apartment building located?
The property is located at 939 College Avenue Racine, WI.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Five‑unit apartment property with one three- or four‑bedroom unit and four one‑bedroom units; 1920 brick building at 939 College Avenue, Racine, WI 53403; Fully occupied property near Lake Michigan, Downtown, and Gateway Technical College
