Douglas Terrace | 3538 Douglas Ave
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Douglas Terrace 3538 Douglas Ave
202 Unit Apartment Building For Sale Racine, WI 53402
INVESTMENT HIGHLIGHTS
- Eight Buildings Feature 15 Distinct Floor Plans
- Amenities Include a Brand-New Pool, Sundeck, and Dog Park
- 42 Remodeled Units; 160 Units Present Value Add Opportunity
EXECUTIVE SUMMARY
Douglas Terrace Apartments is a premier 202-unit market-rate community situated at 3538-3706 Douglas Avenue in the vibrant city of Racine, Wisconsin. This well-maintained property represents a prime investment opportunity in a growing market. Call for Offers is scheduled for Thursday, February 6, 2025.
Douglas Terrace Apartments is composed of eight buildings featuring 15 distinct floor plans. The unit mix includes the following: (8) A1 studio units with one bathroom; (64) B1 one-bedroom, one-bathroom units; (24) B2 one-bedroom, one-bathroom units; (3) B3 one-bedroom, one-bathroom units; (4) B4 one-bedroom, one-bathroom units; (1) B5 one-bedroom, one-bathroom unit; (8) B6 one-bedroom, one-bathroom units; (4) B7 one-bedroom, one-bathroom units; (2) B8 one-bedroom, one-bathroom units; (16) C1 two-bedroom, one-bathroom units; (24) C2 two-bedroom, one-bathroom units; (24) C3 two-bedroom, one-bathroom units; (2) C4 two-bedroom, two-bathroom units; (2) C5 two-bedroom, two-bathroom units; and (16) D1 three-bedroom, two-bathroom units. Currently, 43 units have been remodeled, offering immediate income potential, while the remaining 159 units provide a lucrative value-add opportunity upon renovation.
Douglas Terrace Apartments is composed of eight buildings featuring 15 distinct floor plans. The unit mix includes the following: (8) A1 studio units with one bathroom; (64) B1 one-bedroom, one-bathroom units; (24) B2 one-bedroom, one-bathroom units; (3) B3 one-bedroom, one-bathroom units; (4) B4 one-bedroom, one-bathroom units; (1) B5 one-bedroom, one-bathroom unit; (8) B6 one-bedroom, one-bathroom units; (4) B7 one-bedroom, one-bathroom units; (2) B8 one-bedroom, one-bathroom units; (16) C1 two-bedroom, one-bathroom units; (24) C2 two-bedroom, one-bathroom units; (24) C3 two-bedroom, one-bathroom units; (2) C4 two-bedroom, two-bathroom units; (2) C5 two-bedroom, two-bathroom units; and (16) D1 three-bedroom, two-bathroom units. Currently, 43 units have been remodeled, offering immediate income potential, while the remaining 159 units provide a lucrative value-add opportunity upon renovation.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 6.75 AC |
| No. Units | 202 | Building Size | 223,206 SF |
| Property Type | Multifamily | Average Occupancy | 97% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1966/1995 |
| Building Class | C | Parking Ratio | 1.39/1,000 SF |
| Sale Type | Investment |
| No. Units | 202 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.75 AC |
| Building Size | 223,206 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built/Renovated | 1966/1995 |
| Parking Ratio | 1.39/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Tile Floors
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Patio
SITE AMENITIES
- Playground
- Pool
- Property Manager on Site
- Package Service
- Pet Play Area
- Storage Space
- Maintenance on site
- Sundeck
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 8 | $968.50 | 450 |
| 1+1 | 110 | $1,126 | 676 - 865 |
| 2+1 | 64 | $1,188 | 779 - 993 |
| 2+2 | 4 | $1,271 | 1,144 - 1,400 |
| 3+2 | 16 | $1,469 | 1,185 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $13,853,500 | |
| Land Assessment | $801,800 | Total Assessment | $14,655,300 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$801,800
Improvements Assessment
$13,853,500
Total Assessment
$14,655,300
ZONING
| Zoning Code | R5 |
| R5 |
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Douglas Terrace | 3538 Douglas Ave
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