1509 Washington St Two Rivers, WI 54241-3044

Property Details for 1509 Washington St

Year built

1950

Lot size

0.64 lot acres

Property size

12,786 SF

Zone code

B1

Property type

Turn key restaurants

APN

53-000-071-074.09

APU

5300007107409

Description

This exceptional investment opportunity presents a newly constructed (2024) Starbucks in Two Rivers, Wisconsin. Located in a thriving downtown area and major tourist destination, this single-story, 2,262 square foot building sits on a 0.64-acre lot and boasts 23 parking spaces, a drive-through with ample stacking space, and an outdoor patio. The property benefits from its proximity to three marinas, the Cobblestone Hotel & Suites (55 rooms), Neshotah Beach, and numerous local attractions including museums and hiking trails. The tenant, Starbucks Corporation, provides a corporate guarantee and a BBB+ credit rating, ensuring financial stability. The 10.4-year lease (expiring 02/28/2035) includes four five-year renewal options with rent bumps scheduled for 2030 and within the option periods. The property's NOI is $140,000, resulting in a 6.35% cap rate. This is the only Starbucks within a nine-mile radius, minimizing competition and maximizing market share. The asking price is $2,205,000. The property's location within the active "Two Rivers Main Street" program ensures consistent foot traffic and exposure to a steady stream of visitors throughout the year. This net lease investment offers limited landlord responsibilities and a strong return on investment in a desirable location. The property's APN is 53-000-071-074.09.

Location Insight

City

Two Rivers

County

Manitowoc

State

Wisconsin

Longitude

-87.5678

Latitude

44.1469

CBSA code

31820

CBSA name

MANITOWOC, WI MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments