1408 Strongs Ave Stevens Point, WI 54481-2960

Property Details for 1408 Strongs Ave

Lot size

1.28 lot acres

Property type

Commercial real estate

APN

281-24-0832202503

APU

281240832202503

Description

This exceptional mixed-use property, located at 1408 Strongs Ave, Stevens Point, WI 54481, presents a compelling investment opportunity. The 17,741 square foot building, constructed in 1923 and renovated in 1988, boasts 21 apartment units and 10,339 square feet of fully occupied commercial space. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $170,065, with a pro-forma NOI projected at $286,147. The asking price is $3,400,000, representing a current cap rate of 5.00% and a pro-forma cap rate of 8.42%. The average unit size is substantial, and rents have increased significantly year-over-year. The property sits on a 0.98-acre lot and is zoned B-3 Central Business District. Additional income potential exists through vacant lower-level commercial space (7,402 sq ft), rooftop telecom opportunities, and recently implemented heated underground parking rental. The building's prime downtown location, close to major employers, amenities, and transportation routes, ensures strong tenant demand and future growth potential. This is a rare chance to acquire a well-positioned, income-producing asset in a thriving Wisconsin market. The property is listed as a 100% fee simple interest, with a triple net (NNN) lease type. The building is five stories, with one building on the property. The property is listed on the National Register of Historic Places.