Add Listing
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

    1616 Melvin Ave Racine, WI 53404-1563

    • Warehouses
    • 9,200 SF
    • 1.97 lot acres
    OFF-MARKET
    Last Sale
    Dec 30, 2020
    $1,100,000
    Value Estimations
    $1,130,000
    Show details
    Cap Rate Potential
    7.9%
    Warehouses
    Location Intelligence
    Property ID
    US92-1075649
    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

    • Pete's Crete LLC / Construction Company / General Contractor
    • Melvin Avenue Storage / Storage Facility

    Property Details for 1616 Melvin Ave

    Year built
    1997
    Lot size
    1.97 lot acres
    Property size
    9,200 SF
    Zone code
    I2
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    276 000021249009
    APU
    276000021249009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,125,000
      ML approach
      $1,200,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,490,000
      6.5%
      $1,375,000
      7%
      $1,275,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,565,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Racine
    County
    Racine
    State
    Wisconsin
    Longitude
    -87.8023
    Latitude
    42.756
    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
    $20,710
    $48,600
    $769,400
    $818,000
    -
    $53,824
    $852,106
    $905,930

    Comparable in this City

    • Value Estimation by Request
      1,860 SF

      1608 Yout St

      MINI-WAREHOUSE, STORAGE • 1,860 SF
      1608 Yout St, Racine, WI 53404-2160
      View Details
    • Value Estimation
      $1,730,000
      2,560 SF

      2242 Northwestern Ave

      MINI-WAREHOUSE, STORAGE • 2,560 SF
      2242 Northwestern Ave, Racine, WI 53404-2519
      View Details
    • Value Estimation by Request
      12,850 SF

      2635 Golf Ave

      MINI-WAREHOUSE, STORAGE • 12,850 SF
      2635 Golf Ave, Racine, WI 53404-1605
      View Details
    • Value Estimation by Request
      5,740 SF

      917 Dr Martin Luther King Dr

      MINI-WAREHOUSE, STORAGE • 5,740 SF
      917 Dr Martin Luther King Dr, Racine, WI 53404-3007
      View Details
    • Value Estimation by Request
      4,440 SF

      2024 Memorial Dr

      MINI-WAREHOUSE, STORAGE • 4,440 SF
      2024 Memorial Dr, Racine, WI 53404-2100
      View Details
    • Value Estimation by Request
      500 SF

      916 Lasalle St

      MINI-WAREHOUSE, STORAGE • 500 SF
      916 Lasalle St, Racine, WI 53404
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Warehouse Space with Freight Elevator

      Updated warehouse space featuring freight elevator, dock, and drive-in access.
      1101 Mound Ave, Racine, WI 53404
      View Details
    • Contact for pricing
      40,000 SF

      Racine Industrial Property for Sale

      64,700 SF industrial property on 1.27 acres near downtown.
      1760 State St, Racine, WI 53404
      View Details
    • $1,249,900
      71,646 SF

      Racine Commercial Building with Market

      71,646 sq ft building with indoor market and commercial kitchen.
      2210 Rapids Dr, Racine, WI 53404
      View Details
    • $675,000
      5,757 SF

      Racine Industrial Property For Sale

      100% occupied industrial property with lease in place until 2026.
      1913 Melvin Ave, Racine, WI 53404
      View Details
    • $150,000
      2,177 SF

      1626 Rapids Dr, Racine, WI 53404

      Commercial real estate • 2,177 SF
      1626 Rapids Dr, Racine, WI 53404
      View Details
    • $1,249,900
      32,748 SF

      Racine Retail and Flex Gym

      Versatile property with diverse tenants and development potential in Racine.
      2300 Rapids Dr, Racine, WI 53404
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      438,426 SF

      Mound Avenue Office & Warehouse

      Racine, WI: Executive Suites & Warehouse Space Available
      1220 Mound Ave, Racine, WI 53404
      View Details
    • Contact for pricing
      14,000 SF

      Racine Retail Space for Lease

      Retail space available in historic Racine's Belle City Square.
      2202 Northwestern Ave, Racine, WI 53404
      View Details
    • Contact for pricing
      68,432 SF

      Racine Retail Space For Lease

      Large 68,432 SF retail space with excellent visibility.
      2619 S Green Bay Rd, Racine, WI 53404
      View Details
    • Contact for pricing
      408,875 SF

      Move-in Ready Economical Space

      Move-in ready space suitable for small businesses and start-ups.
      1220 Mound Ave, Racine, WI 53404
      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.
    1616 Melvin Ave
    Racine, WI 53404-1563
    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.
    Sign Up Successful!
    You now have access to more from Realmo!