1101 Mound Ave Racine, WI 53404-3333

Property Details for 1101 Mound Ave

Year built

1922

Lot size

1.22 lot acres

Property size

45,371 SF

Zone code

I2

Property type

Warehouses

Property subtype

Self storage facilities

APN

276 000003107000

APU

276000003107000

Description

This exceptional value-add opportunity presents a 55,000-square-foot flex space located at 1101 Mound Ave, Racine, WI 53404. The property, known as The Marquette, is a four-story, 1922-built building renovated in 2010, situated on a 1.2-acre lot. Currently vacant, this multi-tenant property offers significant redevelopment potential. The building features four loading docks and four dock-high doors, along with a 13-foot ceiling height. The asking price is $810,000, representing a price per square foot of $14.72 and a land value of $20 per square foot. The property boasts a 7.40% cap rate and a net operating income (NOI) of $59,996. The existing layout includes a 2,200-square-foot condo with three bedrooms and two bathrooms, along with two garages, offering a template for future residential units. The existing office space presents opportunities for retail or mixed-use development. The five vacant stories could be suitable for self-storage. The property's strategic location at the intersection of Mound Ave, Marquette Street, and Liberty Street, less than half a mile from downtown Racine and Lake Michigan, and within an Opportunity Zone, makes it an attractive investment for developers seeking a prime location with significant upside potential. The property is offered as a fee simple absolute ownership with a gross lease type. The net rentable square footage is 45,000 square feet.

Location Insight

City

Racine

County

Racine

State

Wisconsin

Longitude

-87.7935

Latitude

42.7296

CBSA code

39540

CBSA name

RACINE, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments