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Multifamily

Belle Harbor

134 Main St, Racine, WI 53403

Listing Price: $9,550,000

Cap Rate
7.20%
Number of Units
78
Price/Unit
$122,436

Investment Overview

Racine is the approximate 16-square mile county seat of Racine County, with a population of 77,536. Surrounded by villages reveling in their small town charm, bordered by scenic rolling farmland, and overlooking majestic Lake Michigan, Racine promises the Midwest’s rural serenity while also functioning as the thriving hub of several nationally renowned companies and economic staples. Numerous Racine-headquartered companies serve as economic drivers i this manageable city, including S.C. Johnson, CNH Industrial, Modine Manufacturing, and Dremel Corporation. Racine is also home to several healthcare facilities, including Ascension All Saints Health Care System and Aurora Healthcare Hospital, which collectively employ nearly 5,000 individuals. Retail and restaurants also proliferate the area, making up 10% of Racine residents’ jobs. The Racine Unified School District offers four K-8 schools, three middle schools, and three high schools, in addition to both private and parochial early learning, K-8, and high schools. Post- high school educational institutions in the area include Gateway Technical College and the two-year center of UW-Parkside. Amidst this promising center of industry and opportunity is the lifestyle provided by this unique Midwestern city. Residents benefit from the cosmopolitan appeal of the area and have access to a variety of culinary, cultural, retail, and recreational experiences. Residents and visitors appreciate the Racine Art Museum, Wind Point Lighthouse, Racine Heritage Museum, and Racine Theatre Guild. Additionally, the city proudly hosts tours of Frank Lloyd Wright’s architecture and other signature events and festivals. Most appealing to its residents is Racine’s picturesque location, situated at the shore of Lake Michigan and at the mouth of the Root River. With the county’s thousands of acres of parkland, individuals are invited to hike, swim, fish, cycle, and participate in organized sports. Parks, a golf course, and the Racine Zoo are all a short walk from Belle Harbor Lofts. Most notably, in the Lofts’ very own neighborhood is Racine North Beach, Wisconsin’s first beach to be designated a Certified Blue Wave clean beach and included in USA TODAY’s “Top 5 Best Freshwater Beaches.” With a cost of living 18% lower than the national average, a future job growth projection of 28%, and over a third of its population renting their residences, Racine delivers a solid multifamily market. Belle Harbor is an especially attractive rental option with grocery stores, post office, library, schools, beaches, and recreational facilities all within a mile from this well-appointed apartment development.

Investment Highlights

  • Comprised of 78 urban-chic loft-inspired units
  • Available units have been recently upgraded, featuring LVT flooring and stainless steel appliances; other refreshing highlights include new carpet, countertops, cabinet hardware, and light fixtures.
  • Hotel-like community amenities including a media room, elevator, fitness center, clubhouse, picnic area, nearby bus stop, and professional onsite management.

Exclusively Listed By

Broker of Record

  • Todd Lindblom

    First Vice President/Regional Manager

    (262) 364-1900

    License(s) WI: 56163-90

    Wisconsin

Multifamily

Belle Harbor

Listing Price: $9,550,000

Cap Rate
7.20%
Number of Units
78
Price/Unit
$122,436

Investment Highlights

  • Comprised of 78 urban-chic loft-inspired units
  • Available units have been recently upgraded, featuring LVT flooring and stainless steel appliances; other refreshing highlights include new carpet, countertops, cabinet hardware, and light fixtures.
  • Hotel-like community amenities including a media room, elevator, fitness center, clubhouse, picnic area, nearby bus stop, and professional onsite management.

Investment Overview

Racine is the approximate 16-square mile county seat of Racine County, with a population of 77,536. Surrounded by villages reveling in their small town charm, bordered by scenic rolling farmland, and overlooking majestic Lake Michigan, Racine promises the Midwest’s rural serenity while also functioning as the thriving hub of several nationally renowned companies and economic staples. Numerous Racine-headquartered companies serve as economic drivers i this manageable city, including S.C. Johnson, CNH Industrial, Modine Manufacturing, and Dremel Corporation. Racine is also home to several healthcare facilities, including Ascension All Saints Health Care System and Aurora Healthcare Hospital, which collectively employ nearly 5,000 individuals. Retail and restaurants also proliferate the area, making up 10% of Racine residents’ jobs. The Racine Unified School District offers four K-8 schools, three middle schools, and three high schools, in addition to both private and parochial early learning, K-8, and high schools. Post- high school educational institutions in the area include Gateway Technical College and the two-year center of UW-Parkside. Amidst this promising center of industry and opportunity is the lifestyle provided by this unique Midwestern city. Residents benefit from the cosmopolitan appeal of the area and have access to a variety of culinary, cultural, retail, and recreational experiences. Residents and visitors appreciate the Racine Art Museum, Wind Point Lighthouse, Racine Heritage Museum, and Racine Theatre Guild. Additionally, the city proudly hosts tours of Frank Lloyd Wright’s architecture and other signature events and festivals. Most appealing to its residents is Racine’s picturesque location, situated at the shore of Lake Michigan and at the mouth of the Root River. With the county’s thousands of acres of parkland, individuals are invited to hike, swim, fish, cycle, and participate in organized sports. Parks, a golf course, and the Racine Zoo are all a short walk from Belle Harbor Lofts. Most notably, in the Lofts’ very own neighborhood is Racine North Beach, Wisconsin’s first beach to be designated a Certified Blue Wave clean beach and included in USA TODAY’s “Top 5 Best Freshwater Beaches.” With a cost of living 18% lower than the national average, a future job growth projection of 28%, and over a third of its population renting their residences, Racine delivers a solid multifamily market. Belle Harbor is an especially attractive rental option with grocery stores, post office, library, schools, beaches, and recreational facilities all within a mile from this well-appointed apartment development.

Exclusively Listed By

Broker of Record

  • Todd Lindblom

    First Vice President/Regional Manager

    (262) 364-1900

    License(s): WI: 56163-90

    Wisconsin

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