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Douglas Avenue Apartments 1639 Douglas Ave 34 Unit Apartment Building $1,300,000 ($38,235/Unit) 8.82% Cap Rate Racine, WI 53404
Executive Summary
Stabilized 34-Unit (Multifamily + Commercial) with New Roof & Proven Cash Flow
Smart investors: welcome to 1639 Douglas Ave in Racine, WI—a stabilized and cash-flowing multifamily investment with immediate income and long-term upside. This 34-unit property (plus a rentable commercial suite) has maintained consistently strong occupancy, and offers future rent growth potential through light operational improvements.
32 residential units + 2 commercial units (one of which is being used as property management office)
New roof installed in 2023 – major capex item off the table
Monthly gross rent: $17,700, with room to grow
10.76% cash-on-cash return, 8.82% cap rate, and 1.45 debt coverage ratio
Forecasted 18.2% IRR and strong long-term equity growth
Professional management in place and willing to stay on for a seamless transition
Smart investors: welcome to 1639 Douglas Ave in Racine, WI—a stabilized and cash-flowing multifamily investment with immediate income and long-term upside. This 34-unit property (plus a rentable commercial suite) has maintained consistently strong occupancy, and offers future rent growth potential through light operational improvements.
32 residential units + 2 commercial units (one of which is being used as property management office)
New roof installed in 2023 – major capex item off the table
Monthly gross rent: $17,700, with room to grow
10.76% cash-on-cash return, 8.82% cap rate, and 1.45 debt coverage ratio
Forecasted 18.2% IRR and strong long-term equity growth
Professional management in place and willing to stay on for a seamless transition
Property Facts
| Price | $1,300,000 | Building Class | C |
| Price Per Unit | $38,235 | Lot Size | 0.40 AC |
| Sale Type | Investment | Building Size | 20,976 SF |
| Cap Rate | 8.82% | Average Occupancy | 91% |
| No. Units | 34 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1928 |
| Property Subtype | Apartment | Parking Ratio | 0.95/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | B2 | ||
| Price | $1,300,000 |
| Price Per Unit | $38,235 |
| Sale Type | Investment |
| Cap Rate | 8.82% |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.40 AC |
| Building Size | 20,976 SF |
| Average Occupancy | 91% |
| No. Stories | 2 |
| Year Built | 1928 |
| Parking Ratio | 0.95/1,000 SF |
| Zoning | B2 |
Amenities
Unit Amenities
- Heating
- Refrigerator
- Oven
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 30 | - | - |
| 1+1 | 2 | - | - |
| 2+1 | 2 | - | - |
1 1
Walk Score®
Very Walkable (79)
Property Taxes
| Parcel Number | 276-000019301000 | Improvements Assessment | $677,600 |
| Land Assessment | $46,900 | Total Assessment | $724,500 |
Property Taxes
Parcel Number
276-000019301000
Land Assessment
$46,900
Improvements Assessment
$677,600
Total Assessment
$724,500
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Douglas Avenue Apartments | 1639 Douglas Ave
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