Current Use by Public Records
- Retail properties & Spaces
Property Details for 11609 North Ave
- Lot size
- 0.30 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a 6,400 square foot, three-tenant retail strip center in Milwaukee, Wisconsin, situated on a 0.3-acre lot with 13 parking spaces. The property boasts a prominent hard corner location on North Avenue, a high-traffic thoroughfare with 35,550 vehicles per day, ensuring excellent visibility and accessibility. The center is 100% occupied by a mix of national tenants including 7-Eleven, Starbucks, and Circle K, with 7-Eleven comprising approximately 80% of the total annual rent. All tenants operate under absolute NNN leases, providing a passive income stream with minimal landlord responsibilities. The property features a strong tenant credit profile, including a corporate guarantee and investment-grade credit rating for the anchor tenant. Leases have an average of five years remaining, with built-in annual rent bumps ranging from 1.5% to 5%, offering excellent protection against inflation. The property's location is strategically advantageous, situated directly across from McDonald's and within walking distance of the University of Wisconsin-Milwaukee (approximately 123,000 students), other national retailers (Whole Foods, Pick n Save, Anytime Fitness), Ascension Columbia St. Mary's Hospital, Riverside University High School, Lake Michigan, and numerous museums. The property's proximity to a dense population base (over 140,900 residents within a 3-mile radius) and Marquette University (approximately 11,373 students) further enhances its investment appeal. The property was renovated in 2010 and offers a strong NOI of $149,848, resulting in a 6.75% cap rate. The asking price is $2,220,000, translating to a price per square foot of $346.88. This is a Class B property with a multi-tenant occupancy.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Milwaukee
- County
- Milwaukee
- State
- Wisconsin
- Longitude
- -87.8955
- Latitude
- 43.0601
