Multifamily Investment Opportunity | Four (4) Family | 4208 Marquette Dr, Racine, Wi

4208 Marquette Drive, Racine, WI

$300,000

Price

4,117 sqft

Building Size

0.21 acres

Lot Area

Overview
Building Size
4,117 sqft
Lot Area
0.21 acres
Units
4
Year Built
1967
Floors
2
Parking Spots
8
Description

SVN-Hintze Commercial Real Estate is pleased to present 4208 Marquette Drive in Racine, Wisconsin. (23.5 Miles South of Milwaukee, WI & 80 Miles North of Chicago, IL). The subject property is a 4-Unit multifamily apartment complex built in 1967 and it is situated on 0.21 acres of land. Marquette Drive is located three blocks North of 3 Mile Road, less than a mile from HWY 32, and approximately 9.5 Miles East of I-94.

The property consists of Four (4) units in one, two-story brick building. Three (3) of the units are 3- Bedroom/1.5 Baths and they rent for $875. One (1) of the units is a 2- Bedroom/1.5 Bath and it rents for $750. Tenants are responsible for: Gas (Heat, A/C, Hot-Water), Electric, and Phone/Internet. The Landlord is responsible for Water, Sewer, and Trash.

The sale of 4208 Marquette Drive in Racine, Wisconsin gives an investor the opportunity to purchase an easy to manage, turnkey investment property with upside potential via: rental rate growth & value appreciation. Racine County has seen nearly a decade of robust Job Growth at 11.2% + and this growth is expected to continue within the County due to its geographic location in between Chicago and Milwaukee. Foxconn's $10 Billion Facility is expected to create at least 13,000 new jobs in the market alone.

Racine is a City in and the County seat of Racine County, Wisconsin, United States. It is located on the shores of Lake Michigan at the mouth of the Root River. Racine is located 22 miles south of Milwaukee. As of the 2010 U.S. census, the city had a population of 78,860, making it the fifth-largest city in Wisconsin. The City is one of the most affordable in Wisconsin when it comes housing – specifically market rate rentals & single family home(s). In January 2017, it was rated "the most affordable place to live in the world" by the Dermographia International Housing Affordability survey.

Racine is the headquarters of a number of industries, including: J. I. Case heavy equipment, S. C. Johnson & Son Cleaning and Chemical Products, Dremel Corporation, Reliance Controls Corporation Time Controls and Transfer Switches, Twin Disc, Arthur B. Modine Heat Exchangers, and Foxconn’s $10 Billion Flat Screen TV Manufacturing Plant (projected to create 13,000 jobs).

The Mitchell & Lewis Company, a wagonmaker in the 19th century, began making motorcycles and automobiles as Mitchell-Lewis Motor Company at the start of the 20th century. Racine is also home to InSinkErator, manufacturers of the first garbage disposal.
Racine was also historically home to the Horlicks malt factory, where malted milk balls were first developed, and the Western Publishing factory where Little Golden Books were printed.

Prominent architects in Racine's history include A. Arthur Guilbert and Edmund Bailey Funston, and the City is home to several works by Frank Lloyd Wright. It has several Immigrant Communities, and is by far one of the most diverse communities (both: racially & ethnically) in the State which has lead to nearly a decade of 11.2% + Job Growth.


TENANT PAYS: Gas (Heat, A/C, & Hot-Water), Electric, and Phone/Internet
LANDLORD PAYS: Water, Sewer, & Trash

Electric

Gas (Furnace, A/C, & Hot-Water)

Highlights
  • Robust Unit Mix – Featuring 3-Bed/1.5 Bath Units – Extremely Rare In The Sub-market (High Demand, Low Vacancy)
  • Former Community Care Facility, Re-Positioned & Renovated for: Highest & Best Use – Market Rate Multifamily Rentals
  • Updates & Capital Improvements - Completed in 2019: Kitchens & Baths, New Carpet, New Vinyl Flooring (Baths & Kitchens), New Fixtures, Fresh Paint, Hardwood Flooring Restored, Exterior Improvements: Patio(s) in the Front & Back as well as Refurbished 2nd Floor Balconies, Windows & Roof (Updated: w/in the past 8 Years)
  • Property Re-Tenanted – Qualified Tenant(s) - 12-Month Leases
  • Turnkey Investment Opportunity located in a sub-market that has seen 11.2% Job Growth for Nearly 10 Years and expects even greater growth over the next decade (Foxconn, Etc...)

Location