1022 Washington St Manitowoc, WI 54220-5207

Property Details for 1022 Washington St

Year built

1971

Lot size

0.17 lot acres

Property size

2,251 SF

Property type

Drive through restaurants

APN

52-000-241-200.00

APU

5200024120000

Description

This exceptional redevelopment opportunity presents a 2,251 square foot building on a 0.55-acre lot in Manitowoc, Wisconsin's vibrant downtown. Currently occupied by a Pizza Hut franchisee with a lease expiring December 8, 2024, this property offers significant potential for a quick-service restaurant (QSR) or similar business. The building, constructed in 1971, sits on a hard corner with over 9,000 vehicles passing daily on Washington Street. The property's C-1 Commercial District zoning permits drive-thru service. An additional 0.15-acre lot is potentially available, requiring subdivision. The location benefits from its proximity to a recently completed 81-unit apartment complex and Manitowoc's central public park, which hosts numerous community events. The city's ongoing downtown revitalization, including infrastructure improvements and significant private investment, further enhances the property's value. The asking price is $430,000, representing a 16.26% cap rate based on the current net operating income (NOI) of $69,906. This fee-simple property offers a rare chance to capitalize on Manitowoc's growth and strong location. The property includes APN numbers 52-000-241-200, 52-000-241-140, and 52-000-241-190. The property is located at 1022 Washington St, Manitowoc, WI 54220.

Location Insight

City

Manitowoc

County

Manitowoc

State

Wisconsin

Longitude

-87.6617

Latitude

44.0891

CBSA code

31820

CBSA name

MANITOWOC, WI MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments