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    Property profile & analytics

    1913 Melvin Ave Racine, WI 53404

    • Auto shops
    • 5,757 SF
    • 1.77 lot acres
    For Sale
    View listing
    $675,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0944459
    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

    • Truck Profix / Truck Repair Shop

    Property Details for 1913 Melvin Ave

    Year built
    1983
    Lot size
    1.77 lot acres
    Property size
    5,757 SF
    Zone code
    I2
    Property type
    Auto shops
    APN
    276 000020936003
    APU
    276000020936003

    Description

    This exceptional investment opportunity presents a 5,757-square-foot industrial warehouse located at 1913 Melvin Avenue, Racine, Wisconsin, 53404. The property, built in 1983, sits on a 1.76-acre lot and boasts a 100% occupancy rate with a net lease in place until October 30, 2026. The lease features a tenant, Cardinal Express Logistics, and includes annual rent bumps of 3%. The warehouse features six dock-high doors, a 16-foot ceiling height, and ample parking for 12 semi-trailers, 10 semi-trucks, and 9 cars. The building is constructed of concrete block and offers 6 drive-in bays and 3 drive-through bays. Electrical service includes 600 amp 480/277 volt 3-phase and 400 amp 240 volt 3-phase. The property is zoned I-2 General Industrial and has a 2023 assessed value of $236,000 with taxes totaling $6,016.21. The asking price is $675,000, resulting in a strong 9.16% cap rate and a substantial net operating income (NOI) of $61,800. This is a rare opportunity to acquire a net-leased truck repair building with trailer parking, ensuring a stable income stream for years to come. The property's features and location make it an ideal investment for those seeking a secure and high-return industrial property. The APN is 276-00-00-20936-003.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $393,000
      Market price range: $168k - $645k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $355,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Racine
    County
    Racine
    State
    Wisconsin
    Longitude
    -87.8054
    Latitude
    42.755
    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
    $6,016
    $44,600
    $191,400
    $236,000
    -
    $49,394
    $211,974
    $261,368

    Comparable in this City

    • Value Estimation by Request
      7,612 SF

      1626 Douglas Ave

      AUTO REPAIR, GARAGE • 7,612 SF
      1626 Douglas Ave, Racine, WI 53404-2722
      View Details
    • Value Estimation
      $225,000
      9,200 SF

      1820 Melvin Ave

      AUTO REPAIR, GARAGE • 9,200 SF
      1820 Melvin Ave, Racine, WI 53404-1504
      View Details
    • Value Estimation
      $315,000
      10,015 SF

      1824 Charles St

      AUTO REPAIR, GARAGE • 10,015 SF
      1824 Charles St, Racine, WI 53404-2303
      View Details
    • Value Estimation
      $235,000
      490 SF

      1401 Dr Martin Luther King Dr

      AUTO REPAIR, GARAGE • 490 SF
      1401 Dr Martin Luther King Dr, Racine, WI 53404-2747
      View Details
    • Value Estimation
      $220,000
      1,792 SF

      2100 Rpds Dr

      AUTO REPAIR, GARAGE • 1,792 SF
      2100 Rpds Dr, Racine, WI 53404-2009
      View Details
    • Value Estimation
      $80,000
      1,760 SF

      1504 Douglas Ave

      AUTO REPAIR, GARAGE • 1,760 SF
      1504 Douglas Ave, Racine, WI 53404-2720
      View Details

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    • $675,000
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      Racine Industrial Property For Sale

      100% occupied industrial property with lease in place until 2026.
      1913 Melvin Ave, Racine, WI 53404
      View Details
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    Racine, WI 53404
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    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
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