Walgreens NNN Lease
For Sale
Contact for pricing
812 N Main St, Lake Mills, WI 53551
Walgreens NNN lease extended through 2038 with options.
Property Size14,844 SF
Price / SF$187.18
Days on Market158
Property Features for 812 N Main St
General Information
Standard status
Active
Size
14,844 SF
Total Parking Spaces
60
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$229,232
Building Details
Year Built
2007
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
CBRE - Madison
(608) 663-5445
Listed By:
Brian Wolff · License #WI 45380-90
Source:
Crexi
Added: Mar 6
Changed: Aug 7
Last Checked: Aug 9 at 1:47PM
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 CBRE - Madison
Investment Insights
Based on property information with market context.
The Walgreens property benefits from its location at the hard corner of the signalized intersection of North Main Street and East Tyranena Park Road, with traffic counts of 11,300 and 6,700 vehicles per day, respectively. It is situated feet from the on-ramp to Interstate 94, which sees 40,800 vehicles per day and provides access to downtown Milwaukee, located 52.5 miles to the east. The absolute NNN lease, originally set to expire in 2034, has been extended through 2038 and includes approximately 12.3 years of primary term remaining, along with eleven 5-year options to renew. The property size is 14,844 square feet.
Key Highlights
- Absolute NNN lease extended through 2038, offering ±12.3 years of primary term remaining.
- Located at a hard corner, signalized intersection with high traffic volume (North Main Street: 11,300 VPD; East Tyranena Park Road: 6,700 VPD).
- Proximity to Interstate 94 on‑ramp (40,800 VPD) providing direct access to Milwaukee.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$144,623
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,892,460
$2.9M
Cap Rate 7%
$2,066,043
$2.1M
Cap Rate 9%
$1,606,922
$1.6M
Market Conditions
NOI Build-Up for 14,844 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$201.3K $13.56/SF
− Vacancy
−$8.5K −$0.57/SF
EGI
$192.8K $12.99/SF
− OpEx
−$48.2K −$3.25/SF
NOI
$144.6K $9.74/SF
Area
Jefferson County, WI
Vacancy
4.20%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,892,460
Cap Rate 7%
$2,066,043
Cap Rate 9%
$1,606,922
Alternative Uses
Best Use
Specialty Retail
$2.07M
$1.81M – $2.41M
NOI $144,623 @ 7.0% cap · market cap 5.20%
Second Best
Retail
$2.05M
$1.79M – $2.39M
NOI $143,343 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$3.48M
$3.05M – $4.06M
NOI $243,893 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
312
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53551, WI
8,920
Population
4,048
Households
2.2
Avg Household Size
41
Median Age
45%
College-Educated
96%
High-School Grad
39.6 sq mi
ZIP Area
225
Density / Sq Mi
$89,841
Median Household Income
$53,503
Median Earnings
$1,089
Median Rent
$322,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Drug store - Walgreens NNN lease extended through 2038 with options.
Where is this drug store located?
The property is located at 812 N Main St Lake Mills, WI.
What is the asking price?
The asking price for this property is $2,778,570.
What are key features of this property?
This property features: Absolute NNN lease extended through 2038, offering ±12.3 years of primary term remaining.; Located at a hard corner, signalized intersection with high traffic volume (North Main Street: 11,300 VPD; East Tyranena Park Road: 6,700 VPD).; Proximity to Interstate 94 on‑ramp (40,800 VPD) providing direct access to Milwaukee.
