receivership sale - value-add mixed use building in racine, wi - … · 2019-12-02 · 477 elm...

P R O P E R T Y O V E R V I E W

P R O P E R T Y H I G H L I G H T S

D E TA I L S

Sale Price Subject To Offer

NOI $99,491.10

Occupancy 81.00%

Lot Size 2.11 Acres

Building Size 40,700 SF

Year Built 1967

Zoning B-2 (Community Retail

District)

Traffic Count 30,000 VPD

Washington Square ("The Property") is a 40,700 SF mixed use multi-tenant retail/officebuilding located along Washington Avenue, just east of the Washington Avenue & GreenBay Road intersection in Racine, Wisconsin. The building has twenty (20) units and iscurrently 81% occupied providing investors the opportunity to add-value through leaseup. Tenants include Society's Assets, State Farm Insurance, Profiles Hair Salon, and severalother retail and office users. At the existing 81% occupancy rate, the center produces anNOI of approximately $99,491.10. Washington Square is located in the heart of Racine'sprominent commercial corridor. Neighboring retailers include Walmart, Walgreens, BigLots, Dollar General, Kohl's, Best Buy, Chick-Fil-A, McDonald's, Starbucks, among others.

MATTHEW TARSHIS Executive Vice President

ZACK PEARLSTEIN Senior Associate

ANDREW PICCHIETTI Associate

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracyand make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors,omissions, change of price, rental or otther conditions, prior sale, lease or financing, or withdrawal without notice.

[email protected] (P) 847.602.2005 (C) 847.602.2005


[email protected] (P) 847.780.8063 (C) 847.542.9058Frontline Real Estate Partners

f r o n t l i n e r e p a r t n e r s . c o m

477 Elm PlaceHighland Park, IL 60035

5200 WASHINGTON AVENUE | RACINE, WI 53406

Receivership Sale - Value-Add Mixed Use Building In Racine, WI

• Ability to add value through lease-up at current 81% occupancy

• Monument signage along Washington Avenue providing visibility and exposure to

over 30.000 VPD

• 147 on-site dedicated parking spaces

477 Elm Place, Highland Park, IL 60035 www.frontlinerepartners.com

Washington Square Income Statemet

5200 Washington Avenue,

Racine, Wisconsin 53406 Income

Base Rent $392,685.96Total Gross Income $392,685.96

Operating Expenses

Non-Recoverable Expenses

Electrical R&M $150.00

HVAC R&M $15,000.00

Locks & Keys R&M $1,596.85

Utilities $4,839.20

Total Non-Recoverable Expenses $21,586.05

Recoverable Expenses

Taxes (2018) $84,556.37

Insurance $2,932.83

Plumbing R&M $1,743.28

Elevator R&M $5,208.00

Lot/Sidewalk R&M $1,350.00

Electrical R&M $5,000.00

Roof R&M $10,000.00

Misc R&M $10,000.00

Snow Removal $19,270.00

Trash Removal $10,477.48

Janitorial $23,125.21

Landscape $2,811.45

Property Management Fee $18,767.10

Utilities $76,367.09

Total Recoverable Expenses $271,608.81

Total Expenses $293,194.86

Net Operating Income $99,491.10

477 Elm Place, Highland Park, IL 60035

www.frontlinerepartners.com

5200 Washington Ave, Racine Rent Roll Breakdown

Tenant Unit # Area (SF) Pro Rata Lease

End

Monthly

Net Rent

Annual Rent Rent Per SF

State Farm Insurance 100 873 2.86% $1,101.00 $13,212.00 $15.13

Beltone Hearing 102 1,120 3.66% $1,921.00 $23,052.00 $20.58

Skin Candy Tattoo 104 1,550 5.00% $2,003.00 $24,036.00 $15.51

Boiler Room 106 1,326 4.34% 2/28/22 $2,773.00 $33,276.00 $25.10

Profiles Hair Salon 107 1,364 4.46% $1,744.00 $20,928.00 $15.34

Bliss 2 Massage 111 950 3.10% 11/30/21 $1,108.33 $13,299.96 $14.00

B Rashel Salon 112 530 1.73% 8/31/22 $662.50 $7,950.00 $15.00

Legendary Comics 113 475 1.55% $752.00 $9,024.00 $19.00

Michael Graham

Insurance

116 720 2.35% $1,163.00 $13,956.00 $19.38

Captain’s Chair 117 750 2.45% $1,385.00 $16,620.00 $22.16

Thomas Kasen 200B 120 0.40% $275.00 $3,300.00 $27.50

Society’s Assets 202-

225

14,694 48.00% 11/30/20 $17,167.00 $206,004.00 $14.02

Dr. Martin J Poe 203 406 1.35% $669.00 $8,028.00 $19.77

Vacant 105 300 0.98%

Vacant 108 733 2.40%

Vacant 109 733 2.40%

Vacant 110 866 2.85%

Vacant 118 590 1.93%

Vacant 119 1,625 5.31%

Vacant 200 880 2.88%

Total 30,605 100.00% $32,723.83

$392,685.96

FOR SALE

5200 Washington Avenue | Racine, WI 53406


ADDITIONAL PHOTOS










FOR SALE



LOCATION MAPS










FOR SALE



DEMOGRAPHICS MAP










HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

TOTAL HOUSEHOLDS 5,304 32,519 57,047

# OF PERSONS PER HH 2.3 2.4 2.5

AVERAGE HH INCOME $53,750 $58,641 $58,977

AVERAGE HOUSE VALUE $174,865 $192,040 $193,665

POPULATION 1 MILE 3 MILES 5 MILES

TOTAL POPULATION 12,369 78,735 143,217

POPULATION DENSITY 12,369 78,735 143,217

MEDIAN AGE 38.6 37.1 36.4

MEDIAN AGE (MALE) 36.7 35.1 35.0

MEDIAN AGE (FEMALE) 40.0 38.7 37.7

FOR SALE



ADDITIONAL PHOTOS










receivership sale - value-add mixed use building in racine, wi - … · 2019-12-02 · 477 elm...

Documents