1583 Forest Home Ave Milwaukee, WI 53204

Property Details for 1583 Forest Home Ave

Year built

2019

Lot size

0.70 lot acres

Property size

7,515 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee-simple ownership of a 7,515 square foot O'Reilly Auto Parts store in Milwaukee, WI. Located at 1583 W Forest Home Ave, 53204, this property boasts a strong 5.90% cap rate and a substantial net operating income (NOI) of $143,940. The property sits on a 0.7-acre lot and benefits from a long-term, 20-year net lease (NN) with O'Reilly Auto Parts, a Fortune 500 company and an investment-grade tenant (BBB rating by S&P). The lease commenced September 23, 2019, and has approximately 14.8 years remaining, featuring built-in rent bumps of 6% in 2029 and 2034, and four 5-year lease options. The property's prime location at a high-traffic intersection (approx. 22,287 vehicles per day) ensures excellent visibility and accessibility. Surrounding national retailers further enhance the property's desirability and contribute to a robust retail corridor. The property's resilience is underscored by the essential nature of the auto parts retail business, particularly given the aging vehicle population and the increasing number of years consumers keep their cars. Furthermore, the property's location within a Milwaukee Opportunity Zone adds to its investment appeal. The asking price is $2,439,661, translating to a price per square foot of $324.64. This is a compelling investment opportunity offering strong returns, stability, and significant long-term growth potential. The building was constructed in 2019.

Location Insight

City

Milwaukee

County

Milwaukee

State

Wisconsin

Longitude

-87.9328

Latitude

43.0093