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

    1601 Packard Ave Racine, WI 53403

    • Retail space
    • 1,104 SF
    • 0.10 lot acres
    OFF-MARKET
    Last Sale
    Feb 05, 2024
    $90,000
    Value Estimations
    $90,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0157211
    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

    • Retail space

    Property Details for 1601 Packard Ave

    Year built
    1940
    Lot size
    0.10 lot acres
    Property size
    1,104 SF
    Zone code
    B2
    Property type
    Retail space
    APN
    276 000014504000
    APU
    276000014504000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $90,000
      ML approach
      $90,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $97,000
      Market price range: $28.9k - $97.3k
      AI Estimate
      $113,000
      Market price range: $39.7k - $113k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $60,000
      Current use
      COMMERCIAL (GENERAL)
      $65,000
      Change: +6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Racine
    County
    Racine
    State
    Wisconsin
    Longitude
    -87.8006
    Latitude
    42.7123
    CBSA code
    39540
    CBSA name
    RACINE, 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
    $2,780
    $13,300
    $64,700
    $78,000
    -
    $14,729
    $71,654
    $86,383

    Comparable in this City

    • Value Estimation
      $240,000
      540 SF

      1132 Memorial Dr

      RETAIL STORES (PERSONAL SERVICES) • 540 SF
      1132 Memorial Dr, Racine, WI 53403-1662
      View Details
    • Value Estimation
      $315,000
      5,923 SF

      215 6th St

      RETAIL STORES (PERSONAL SERVICES) • 5,923 SF
      215 6th St, Racine, WI 53403-1213
      View Details
    • Value Estimation
      $375,000
      14,040 SF

      416 6th St

      RETAIL STORES (PERSONAL SERVICES) • 14,040 SF
      416 6th St, Racine, WI 53403-1218
      View Details
    • Value Estimation
      $650,000
      9,474 SF

      2425 Memorial Dr

      RETAIL STORES (PERSONAL SERVICES) • 9,474 SF
      2425 Memorial Dr, Racine, WI 53403-3207
      View Details
    • Value Estimation
      $270,000
      10,800 SF

      1973 Taylor Ave

      RETAIL STORES (PERSONAL SERVICES) • 10,800 SF
      1973 Taylor Ave, Racine, WI 53403-2475
      View Details
    • Value Estimation
      $250,000
      6,400 SF

      301 Main St

      RETAIL STORES (PERSONAL SERVICES) • 6,400 SF
      301 Main St, Racine, WI 53403-1057
      View Details

    Similar Nearby for Sale

    • $415,000
      3,249 SF

      Historic Mixed-Use Building in Racine

      Two-story brick building with commercial space and luxury apartment.
      334 Main St, Racine, WI 53403
      View Details
    • $349,000
      6,104 SF

      6,100 SF Retail Building For Sale

      6,100 SF masonry building on 0.89 acre lot.
      144 S Lakeshore Dr, Racine, WI 53403
      View Details
    • $299,000
      3,105 SF

      Downtown Racine Mixed-Use Building

      Retail/office/residential building in downtown Racine on Main Street.
      420 Main St, Racine, WI 53403
      View Details
    • $1,200,000
      43,510 SF

      Racine Redevelopment Gem

      Historic Downtown Racine property, 43,510 sq ft.
      1012 Main St, Racine, WI 53403
      View Details
    • $265,000
      4,795 SF

      Racine Retail Property For Sale

      Retail property available for purchase in Racine, Wisconsin.
      1312 N Memorial Dr, Racine, WI 53403
      View Details
    • Contact for pricing
      27,160 SF

      Lake Avenue Office Building

      Historic Racine Office Space, Lake Views
      601 Lake Ave, Racine, WI 53403
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      12,000 SF

      Prime Retail Space in Racine

      Versatile commercial space with parking, drive-in door, and basement.
      1610 Washington Ave, Racine, WI 53403
      View Details
    • $11 SF/Yr
      8,505 SF

      330 Main St.

      Coworking space • 8,505 SF
      330 Main St, Racine, WI 53403
      View Details
    • Contact for pricing
      27,160 SF

      Harborview Professional Building: Racine, WI

      Downtown Racine Office Space: Lake Michigan Views
      601 Lake Ave, Racine, WI 53403
      View Details
    • Contact for pricing
      45,511 SF

      One Main Centre: Racine Office Space

      Downtown Racine office suites, 1,124-8,444 sq ft.
      1 Main St, Racine, WI 53403
      View Details
    • $15 SF/Yr
      3,500 SF

      Commercial Flex Space Available

      3,500 sq ft flex space with climate control.
      316 Sheridan Rd, Racine, WI 53403
      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.
    1601 Packard Ave
    Racine, WI 53403
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.