15350 Bluemound Rd, Elm Grove, WI 53122-2307

Property Details for 15350 Bluemound Rd

Lot size

0.91 lot acres

Zone code

B

Property type

Commercial real estate

APN

EGV 1111982

APU

EGV1111982

Description

This exceptional investment opportunity presents a fee-simple ownership of a 15,340-square-foot Walgreens located at 15350 W Bluemound Rd, Elm Grove, WI 53122. The property boasts a strong 14-year remaining lease term (commencing November 21, 2023, and expiring November 30, 2038) with a corporate guarantee from Walgreens, an absolute NNN lease structure, and attractive 5% rent increases every five years. The asking price is $4,908,800, representing a price per square foot of $320 and a 6.25% cap rate based on a current NOI of $306,800. The single-story building sits on a 38,876-square-foot lot and benefits from its strategic location at a bustling intersection with over 86,300 vehicles passing daily. This high-traffic area is further enhanced by its proximity to Brookfield Square Mall, a major regional shopping center attracting 4.1 million annual visitors, and a strong demographic profile featuring average household incomes exceeding $177,000 within a one-mile radius. The location also benefits from the presence of eight colleges and universities in the surrounding trade area. The lease includes twelve, five-year options. This is a rare opportunity to acquire a stable, high-performing Walgreens with significant long-term growth potential.

Location Insight

City

Elm Grove

County

Waukesha

State

Wisconsin

Longitude

-88.106

Latitude

43.0365

CBSA code

33340

CBSA name

MILWAUKEE-WAUKESHA-WEST ALLIS, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments