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Property profile & analytics
OFF-MARKET
Estimated value
$520,000
Warehouses
1215 Lockwood Ave Racine, WI 53403-2035
Entity Owned
7-yr Hold
Free & Clear
Property ID
US92-0611200
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1955
Total area
6,492 SF
Lot
0.86 ac (37,592 SF)
Zoning code
I1
APN
276 000009868005
UPID
US92-0611200
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Savage Powder Coating Powder Coating Service
-
Nostam Inc Hardware & Home Improvement Interior Design
-
Crystal Lake Millworks Construction Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$360k
Blend (final)
Blend
$520k
Owner & transaction history
1215 Lockwood LLC · 7 yrs held
1215 Lockwood LLC
since 2019
4 recorded transactions
Zoning & alternative use
I1 · Racine, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$370,000
+50.0%
Retail stores
$350,000
+41.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Racine submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Racine submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$370,000
Change: +50% · Conversion: Difficult
RETAIL STORES
$350,000
Change: +42% · Conversion: Moderate
Blend value · Realmo final
$520k
Range $468k – $572k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$80 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$8,435
Tax year 2023
Assessed value
$221,000
Assessed 2023
Previous assessed
$221,000
+0.0% YoY
Effective rate
3.82%
On assessed value
Assessed land
$38,600
Assessed improvement
$182,400
Land market value
$42,749
Improvement market value
$202,007
Total market value
$244,756
Applied tax rate
276.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
1955
Heating
YES
Stories
1
Total area
6,492 SF
Lot
0.86 ac (37,592 SF)
Zoning code
I1
APN
276 000009868005
UPID
US92-0611200
Jurisdiction
RACINE
Zoning & alternative use
I1 · Racine, WI
Zoning I1 · permitted uses
I1 · Racine, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Racine. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$370,000
RETAIL STORES
Est. value
$350,000
COMMERCIAL (GENERAL)
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1955
Heating
YES
Stories
1
Lot
0.86 ac
Current owner
From public records · entity-resolved
1215 Lockwood LLC
Entity
Free & Clear · 7 yrs held
Mailing address
3114 PHILLIPS AVE, MOUNT PLEASANT, WI 53403-3505
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 24, 2019
$120,000
1215 Lockwood LLC
National Ln Investors LP
Grant Deed
—
Jul 19, 2017
$210,462
National Ln Investors LP
Sheriff / Racine County|matson Properties LLC
Trustees Deed
related
—
Dec 17, 2013
$180,000
Matson Properties LLC
Nostam INC
Warranty Deed
—
—
—
Nostam INC
—
Deed Of Trust
related
$218,830 · Us Bank NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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