Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1505 Racine Ave Waukesha, WI 53186-6826

    • Grocery and convenience stores
    • 2,229 SF
    • 0.83 lot acres
    OFF-MARKET
    Last Sale
    Aug 01, 2023
    $500,000
    Value Estimations
    $550,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0989320
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Harlfinger's Service Inc / Auto Repair Shop
    • Phillips 66 / Gas Station

    Property Details for 1505 Racine Ave

    Year built
    1985
    Lot size
    0.83 lot acres
    Property size
    2,229 SF
    Zone code
    B-1
    Property type
    Grocery and convenience stores
    APN
    WAKC1337970
    APU
    WAKC1337970

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $580,000
      ML approach
      $630,000

    • Alternative Use

      Use
      Estimation
      SERVICE STATION (FULL SERVICE)
      $385,000
      Current use
      MEDICAL BUILDING
      $370,000
      Change: -5% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Waukesha
    County
    Waukesha
    State
    Wisconsin
    Longitude
    -88.2072
    Latitude
    42.9969
    CBSA code
    33340
    CBSA name
    MILWAUKEE-WAUKESHA-WEST ALLIS, WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $6,007
    $221,400
    $165,700
    $387,100
    -
    $0.00
    $0.00
    $400,766

    Comparable in this City

    • Value Estimation by Request
      1,624 SF

      304 Grand Ave

      CONVENIENCE STORE (W/FUEL PUMP) • 1,624 SF
      304 Grand Ave, Waukesha, WI 53186-4914
      View Details
    • Value Estimation
      $1,780,000
      15,150 SF

      1663 Arcadian Ave

      GROCERY, SUPERMARKET • 15,150 SF
      1663 Arcadian Ave, Waukesha, WI 53186-5391
      View Details
    • Value Estimation
      $1,140,000
      7,286 SF

      2001 Golf Rd

      CONVENIENCE STORE (W/FUEL PUMP) • 7,286 SF
      2001 Golf Rd, Waukesha, WI 53186
      View Details
    • Value Estimation
      $875,000
      5,497 SF

      924 Fleetfoot Dr

      CONVENIENCE STORE (W/FUEL PUMP) • 5,497 SF
      924 Fleetfoot Dr, Waukesha, WI 53186-6306
      View Details
    • Value Estimation
      $1,010,000
      924 SF

      1436 Moreland Blvd

      CONVENIENCE STORE (W/FUEL PUMP) • 924 SF
      1436 Moreland Blvd, Waukesha, WI 53186-3912
      View Details
    • Value Estimation
      $525,000
      2,157 SF

      101 Broadway

      CONVENIENCE STORE (W/FUEL PUMP) • 2,157 SF
      101 Broadway, Waukesha, WI 53186-5006
      View Details

    Similar Nearby for Sale

    • $1,075,000
      11,989 SF

      Waukesha Retail Center - High Occupancy

      Prime Waukesha storefront, strong cash flow.
      237 Harrison Ave, Waukesha, WI 53186
      View Details
    • $1,750,000
      1 SF

      Restaurant Property in High-Traffic Area

      Restaurant property with drive-thru, patio, and high visibility.
      2423 Kossow Rd, Vernon, WI 53186
      View Details
    • $675,000
      6,000 SF

      High-Visibility Commercial Property For Sale

      Commercial property with updated systems, ideal for various business uses.
      1344 Whiterock Ave, Waukesha, WI 53186
      View Details
    • $1,075,000
      11,989 SF

      Waukesha Executive Office Building

      Prime Waukesha location, 2,000 rentable sq ft.
      501 Grand Ave, Waukesha, WI 53186
      View Details
    • Contact for pricing

      Waukesha Retail Strip Center

      100% occupied retail strip center in affluent Milwaukee suburb.
      120 E Sunset Dr, Waukesha, WI 53186
      View Details
    • $299,900
      2,400 SF

      Waukesha Commercial Building - Great Potential

      Restaurant, Apartment, High Traffic Area
      1220 The Strand, Waukesha, WI 53186
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      900 SF

      Retail Space with High Visibility

      Retail space available with high traffic and full access.
      12400-12450 W National Ave, New Berlin, WI 53186
      View Details
    • $12 SF/Yr
      14,800 SF

      Retail Space on Greenfield Avenue

      Retail space with high visibility and dedicated turn lane.
      14005-14199 W Greenfield Ave, New Berlin, WI 53186
      View Details
    • $16 SF/Yr
      2,114 SF

      Waukesha Freestanding Mixed-Use Building

      Versatile live/work or office space in Waukesha.
      1826 E Main St, Waukesha, WI 53186
      View Details
    • Contact for pricing
      15,722 SF

      Pewaukee Crossing Retail Center

      High-traffic retail space, multiple suites available
      N20W22951 Watertown Rd, Waukesha, WI 53186
      View Details
    • $16 SF/Yr
      4,280 SF

      Commercial Kitchen and Flex Space

      Commercial kitchen and flex space available for rent.
      1930 West Bluemound Rd, Waukesha, WI 53186
      View Details
    • Contact for pricing

      Modern Commercial Space in Waukesha

      Like-new commercial property with flexible floor plans and ample parking.
      N8 Johnson Dr, Waukesha, WI 53186
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1505 Racine Ave
    Waukesha, WI 53186-6826
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.