West Allis Walgreens For
6101 W Greenfield Ave, West Allis, WI 53214
For Sale
Contact for pricing
Net leased Walgreens in Milwaukee MSA with long-term lease.
Property Size14,487 SF
Price / SF$327.88
Days on Market229
Property Features for 6101 W Greenfield Ave
General Information
Standard status
Size
Property subtype
Occupancy
Lease Type
Investment Type
Net Operating Income
Building Details
Year Built
Tenancy
Listing Agency:
The Boulder Group
Listed By:
John Feeney · License IL #475154756
(847) 562-9280
Source:
Crexi
Added: Mar 26
Changed: Oct 26
Last Checked: Nov 8 at 8:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Boulder Group
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property is a single tenant net leased Walgreens located within the Milwaukee MSA in West Allis, Wisconsin. The building has been operating since 2008. The current lease runs through July 2033 and has options totaling fifty years. The lease is absolute triple net. Sales at this location have increased year-over-year for the last three years. The 14,487 square-foot building is positioned on West Greenfield Avenue, which experiences 11,400 vehicles per day. West Greenfield Avenue intersects with I-41/I-894 (173,000 VPD) and connects to I-94 (161,000 VPD). The property is located near several regional shopping centers and popular entertainment options. Nationally recognized tenants occupying surrounding centers include Walmart, Target, Menards, ALDI, Walmart, Burlington, McDonald’s, and Starbucks. The property is located less than 2 miles southwest of American Family Field, the stadium for the Milwaukee Brewers, less than 2 miles east of the Wisconsin State Fair Park and the Milwaukee Mile Speedway, and 1 mile southwest of the Clement J Zablocki Veterans Affairs Medical Center, which is a 637-bed medical facility that receives 500,000 visits annually. There are over 456,000 people living within a 5-mile radius, with an average household income exceeding $87,461. The property is just 4 miles southwest of Marquette University and 5 miles southwest of downtown Milwaukee.
Key Highlights
- Absolute triple net lease with no landlord responsibilities.
- Long‑term lease with Walgreens running through July 2033, plus options totaling fifty years.
- Established Walgreens location operating successfully since 2008, with increasing year‑over‑year sales for the last three years.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$195,293
Cap Rate
4.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,905,860
$3.9M
Cap Rate 7%
$2,789,900
$2.8M
Cap Rate 9%
$2,169,922
$2.2M
Market Conditions
NOI Build-Up for 14,487 SF
Gross rent
$274.7K $18.96/SF
− Vacancy
−$14.3K −$0.99/SF
EGI
$260.4K $17.97/SF
− OpEx
−$65.1K −$4.49/SF
NOI
$195.3K $13.48/SF
Area
Milwaukee County, WI
Vacancy
5.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,905,860
Cap Rate 7%
$2,789,900
Cap Rate 9%
$2,169,922
Alternative Uses
Best Use
Specialty Retail
$2.79M
$2.44M – $3.25M
NOI $195,293 @ 7.0% cap · market cap 4.11%
Second Best
Retail
$2.09M
$1.83M – $2.44M
NOI $146,637 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,478 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,234
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53214, WI
34,297
Population
17,530
Households
2
Avg Household Size
37
Median Age
28%
College-Educated
93%
High-School Grad
7.1 sq mi
ZIP Area
4,831
Density / Sq Mi
$62,712
Median Household Income
$46,304
Median Earnings
$999
Median Rent
$178,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- LGH Dockside Inc — 1431 s 72nd st, west allis, wi 53214
- Supplement Warehouse Retail Store — 7110 W Greenfield Ave, West Allis, WI 53214
- Pick 'n Save Pharmacy — 6760 W National Ave, West Allis, WI 53214
- Aurora Pharmacy — 6609 W Greenfield Ave, West Allis, WI 53214
- COVID-19 Drive-Thru Testing at Walgreens — 6101 W Greenfield Ave, West Allis, WI 53214
Frequently Asked Questions
What type of property is this?
Drug store - Net leased Walgreens in Milwaukee MSA with long-term lease.
Where is this drug store located?
The property is located at 6101 W Greenfield Ave West Allis, WI.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Absolute triple net lease with no landlord responsibilities.; Long‑term lease with Walgreens running through July 2033, plus options totaling fifty years.; Established Walgreens location operating successfully since 2008, with increasing year‑over‑year sales for the last three years.
