8042 22Nd Ave Kenosha, WI 53143
- Lifestyle centers
- 51,072 SF
- 4.31 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 8042 22Nd Ave
- Year built
- 1977
- Lot size
- 4.31 lot acres
- Property size
- 51,072 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional value-add opportunity presents a 51,072 square foot retail center in Kenosha, Wisconsin, anchored by Ollie's Bargain Outlet and Huntington Bank. The property boasts a strong tenant mix, including Family Dollar and Cost Cutters, with 10 tenants in total operating primarily on net leases. A new 10-year lease with Ollie's commenced in May 2024, further solidifying the center's long-term stability. Ollie's also benefits from a 20-year roof warranty beginning in Fall 2021. The property features two one-story buildings on a 4.31-acre lot with 154 parking spaces and excellent visibility at a signalized hard-corner intersection. With 92% occupancy, the property currently generates a NOI of $366,935, and a pro-forma NOI of $426,252, representing an 8.00% cap rate and a pro-forma cap rate of 9.29%. Four tenants have rental increases built into their leases. The property's strategic location in a densely populated area, with over 117,472 residents within five miles, and proximity to schools, major corporations, hospitals, and other retailers, ensures consistent demand and strong future growth potential. The asking price is $4,586,000. Built in 1977, this property offers a compelling investment opportunity with significant upside potential. The property is located at 8042 22nd Ave, Kenosha, WI 53143.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Kenosha
- County
- Kenosha
- State
- Wisconsin
- Longitude
- -87.8358
- Latitude
- 42.5575
