3131 13Th St Milwaukee, WI 53215
- Banks
- 10,530 SF
- 0.95 lot acres
Current Use by Public Records
- BMO Harris Bank Mortgage / Mortgage Lender
- BMO Bank N.A Branches / Mortgage Lender / Bank
- ATM (Harris Bank) / Atm
- Bank of the West / Bank
Property Details for 3131 13Th St
- Year built
- 1974
- Lot size
- 0.95 lot acres
- Property size
- 10,530 SF
- Zone code
- LB2
- Property type
- Banks
- APN
- 535-0525-112
- APU
- 5350525112
Description
This exceptional investment opportunity presents a 10,770 square foot, single-tenant retail property fully leased to a credit-rated BMO Harris Bank. Located at 3131 South 13th Street in Milwaukee, Wisconsin, this property boasts a strong 5.34% cap rate and a substantial net operating income (NOI) of $78,783. The absolute NNN lease, commencing January 28, 2022, and expiring January 27, 2034, offers a remaining lease term of approximately 9.2 years, with three five-year renewal options. Rent increases are structured as one percent (1%) plus the year-over-year CPI increase. The property, built in 1974 and scheduled for a refresh in 2025, sits on a 0.95-acre lot with 59 parking spaces and excellent visibility. The property features a two-lane drive-thru and benefits from a favorable LB2 (Local Business District) zoning. The tenant, BMO Harris Bank, a significant market share leader with over $52 million in total 2023 deposits and an 11.23% market share, holds an A+ (S&P) / A3 (Moody's) credit rating and boasts over $550 billion in assets. This investment offers a secure, long-term income stream with built-in rent growth, minimal landlord responsibilities, and an additional $1,375 annual income from a parking easement. The property's location on a main commercial thoroughfare ensures high visibility and accessibility. The asking price is $1,475,000, translating to a price per square foot of $136.95. The property's parcel number is 535-0525-112.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,015,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $755,000
- 6.5%
- $820,000
- 7%
- $815,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $725,000
- Geo Method
- $885,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $750,000
- Retail
- $895,000
- Mixed-Use
- $900,000
- Hospitality
- $895,000
- Educational
- $1,030,000
- Residential Income
- $830,000
- Energy
- $1,030,000
- Income-Based Land
- $850,000
- Food Service
- $925,000
Location Insight
- Map
- Local Demand
- City
- Milwaukee
- County
- Milwaukee
- State
- Wisconsin
- Longitude
- -87.9292
- Latitude
- 42.9874
- CBSA code
- 33340
- CBSA name
- MILWAUKEE-WAUKESHA-WEST ALLIS, WI METROPOLITAN STATISTICAL AREA
