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Marcus & Millichap Sells Central Park Apartments In Racine For $4.5 Million With 48 Units
SOLD
$4,500,000
Wisconsin
See Similar DealsMultiFamily45,600 SF
Sold 01/21/2025
SOLD
Marcus & Millichap Sells Central Park Apartments In Racine For $4.5 Million With 48 Units
4217 Durand Avenue
See Similar DealsMultiFamily45,600 SF
Sold 01/21/2025
Summary
WISCONSIN
Asset Type:MultiFamily
Price Per Square Foot:$98
Total Square Footage:45,600 SF
Transaction Type:Sale
The property involved in the transaction is a multifamily asset located at 4217 Durand Avenue in Racine, WI. The sale price for the property was $4,500,000, comprising 48 units. The total square footage of the asset is 45,600, resulting in a price per unit of $93,750 and a price per square foot of $99.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $4,500,000
- Units: 48
- Square Feet: 45,600
- Price Per Unit: $93,750
- Price Per Square Foot: $99
- Market: Racine, WI
- Sale Date: 01/21/2025
Eric Bell and Jordan Callaway from Marcus & Millichap represented the seller in the transaction, facilitating the deal and securing the buyer who assumed a 3.07% Freddie Mac loan.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$240,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,987.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$21,332.30
Annual Debt Service$255,987.55
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