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Property profile & analytics
OFF-MARKET
Estimated value
$13,470,000
Super regional malls
1235 Rpds Rd Manitowoc, WI 54220
Entity Owned
3-yr Hold
Free & Clear
Property ID
US92-0823801
Property profile
Verified
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Year built
1971
Total area
166,750 SF
Lot
12.45 ac (542,322 SF)
APN
52-826-402-070.00
UPID
US92-0823801
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$8.35M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$13.47M
Owner & transaction history
Fleet Farm Group LLC · 3 yrs held
Fleet Farm Group LLC
since 2022
Last sale
$13.2M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Manitowoc submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Manitowoc submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$13,920,000
ML approach
$8,350,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$16,465,000
Change: 0% · Conversion: Difficult
OFFICE BUILDING
$15,650,000
Change: 0% · Conversion: Moderate
AUTO REPAIR, GARAGE
$15,435,000
Change: 0% · Conversion: Difficult
RETAIL STORES
$9,990,000
Change: 0% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$9,070,000
Change: 0% · Conversion: Difficult
COMMERCIAL (GENERAL)
$8,405,000
Change: 0% · Conversion: Easy
WAREHOUSE, STORAGE
$8,125,000
Change: 0% · Conversion: Difficult
Blend value · Realmo final
$13.47M
Range $12.12M – $14.82M · ±10% · vs last sale $13.24M (Aug 16 2022)
Last sale anchor
$13.24M
Aug 16 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$81 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$218,787
Tax year 2023
Assessed value
$13,254,500
Assessed 2023
Previous assessed
$5,951,200
+122.7% YoY
Effective rate
1.65%
On assessed value
Assessed land
$949,100
Assessed improvement
$12,305,400
Land market value
$950,181
Improvement market value
$12,319,419
Total market value
$13,269,600
Applied tax rate
251.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Status
Off-Market
Year built
1971
Heating
NONE
Buildings
3
Stories
1
Total area
166,750 SF
Lot
12.45 ac (542,322 SF)
APN
52-826-402-070.00
UPID
US92-0823801
Jurisdiction
MANITOWOC
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$16.5M
OFFICE BUILDING
Est. value
$15.7M
AUTO REPAIR, GARAGE
Est. value
$15.4M
RETAIL STORES
Est. value
$10.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$9.1M
COMMERCIAL (GENERAL)
Est. value
$8.4M
WAREHOUSE, STORAGE
Est. value
$8.1M
RESTAURANT
OFFICE BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1971
Heating
NONE
Stories
1
Buildings
3
Lot
12.45 ac
Current owner
From public records · entity-resolved
Fleet Farm Group LLC
Entity
Free & Clear · 3 yrs held
Mailing address
2401 S MEMORIAL DR, APPLETON, WI 54915-1429
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 16, 2022
—
Fleet Farm Group LLC
Ff Portfolio Owner 2 LLC
Lease
—
Aug 16, 2022
$13,241,700
Ff Portfolio Owner 2 LLC
Mff Mortgage Borrower 19 LLC
Special Warranty Deed
$18,373,045 · Busey Bank
Apr 22, 2019
—
Mff Mortgage Borrower 19 LLC
—
Grant Deed
related
$250,000,000 · Keybank USA
Mar 27, 2019
—
Fleet Farm Group LLC
—
Deed
related
$400,000,000 · Golub Cap Markets LLC
Oct 17, 2016
—
Mff Mtg Borrower 19 LLC
Mills Properties LLC
Warranty Deed
$1,000,000,000 · Golub Cap Markets LLC
—
—
Fleet Farm Group LLC
—
Loan Modification
related
$400,000,000 · Golub Cap Markets LLC
—
—
Mills Properties INC
—
Loan Modification
related
$28,000,000 · Minnesota Life Insurance Co
—
—
Mills Properties INC
—
Deed Of Trust
related
$28,000,000 · Minnesota Life Insurance Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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