Citi%20Black_edited_edited.png

Property

HOT OFF MARKET 4 Unit In A+ Condition

3800 Southwood Dr. Racine, WI 53406

$450,000

Pricing/Terms Explained 

Icon.png

$112,500 Per Unit

** Buyer's Premium Waived

12
Beds

4
Baths

4,974
Sq. Ft.

1968
Yr. Built

100%
Occupancy

Details Web Sheet.png

8
Spaces

2
Stories

Forced Air
Heat

Separate
Laundry Per Unit

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

Multifamily

In Place NOI
$23,000

Target CAP Rate
-

Today's Market Value
$495,000

Target Purchase Price
$450,000

 



Units
4

Projected NOI
$39,400

Market CAP Rate
-

Value w/Market Rents
$580,000

Cost Per Unit
$112,500

Investment Strategy
Purchase at target price with 20% down payment. Upon lease expirations, raise rents to market rate. Refinance and pull cash out based on higher value of the property. 

About The Property
Incredible opportunity to pick up four rowhouse-style units in beautiful Racine, Wisconsin. The fourplex consists of all 3-bedroom units, each with its own basement. Two of the units were built as an extension in 2006 and the other 2 have undergone a recent full remodel. The mechanicals including the furnace and boilers are relatively new and in excellent condition. The building comes with 10 parking spaces and is located on a corner lot within a quiet community. The property is strongly rented however there is an opportunity to raise rents given the lack of high-quality rental options currently on the market in the area

About The Neighborhood
Racine is mid-size coastal town in southeast Wisconsin, 22 miles south of Milwaukee and 70 miles north of Chicago. With a population of 78,000, it has a diverse economy of tourism, manufacturing and corporate offices. Multinational chemical company SC Johnson & Son is headquartered in Racine along with Dremel Corp, JI Chase and Reliance Controls Corp. Founded in 1834, Racine has distinct roots from Denmark with many immigrants settling in the area pre-WWI. Today the town is known for its Danish pastries as well as its vast outdoor areas including North Beach which was included in USA Today’s list of “51 Great American Beaches”. It is also home to several Frank Lloyd Wright buildings and large-scale shopping complexes. 

Due Diligence

Documents
Citipoint conducts a thorough document review on every property. For access to more documents such as leases, inspection reports, warranties, etc please fill out our Document Request Form.

Rents, expirations, security deposits, balances and more.

door.png

Utility expense, services, insurance, taxes, and more.

Expenses.png

Who pays what - Landlord Vs. Tenant

Utilities.png

Comparable multi family properties that have sold in the area.

House.png

Comparable multi family units that have been rented in the area.

House.png

Market report showing trends and insights.

Market Report.png
Lock.png

Locked.

Property
Financials

Purchase Price of Property


Property Current
This column shows the current financial state of the subject property. These inputs are factual and they are based on verified information.



Year 2 Pro Forma
This column is based on a stabilized condition of the subject property. These inputs assume proper property performance by using our investment suggestions (proper management, bringing rents up to market rate, vacancy absorption, etc).



Debt Service
This column allows the user to add custom financing scenarios.

Property
Performance

View the return metrics based on various inputs. 

"Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs. 


 

arrow&v

Questions for Citipoint?
 

arrow&v

Thanks for submitting!

Citi%20Black_edited_edited.png

Learn how Citipoint can scale your real estate business.
 

Deal Flow - Learn how we source properties.

Management - Competitive rates and unparalleled service.

Value Add - Assistance with Lease Up, Construction, and Accelerated Appreciation.

Financing - Direct access to preferred lenders for Acquisition and Refinance options. 

Citi%20Black_edited.png

Privacy Policy    I    Terms of Service    I    Members



 

Copyright.png

2021, by Citipoint



 

Contact Us      |      About      |      Resources      |      Tools      |      Leasing    |    Property Mgmt



 

Insta.png
fb.png