245 Main St Sun Prairie, WI 53590-2237

Property Details for 245 Main St

Year built

1894

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.09 lot acres

Property size

5,727 SF

Property type

Commercial real estate

APN

0811-054-4089-2

APU

81105440892

Description

This exceptional mixed-use property, located at 245 E Main St in Sun Prairie, Wisconsin, presents a compelling investment opportunity. The 5,700 square foot building, constructed in 1894 with multiple renovations, boasts a prime downtown location, offering immediate cash flow. Currently 100% occupied with four tenants, including Sun Prairie Flowers by Hen and Chick, the retail space enjoys a long-term lease with a built-in option to extend to 2031. The four apartment units, featuring desirable amenities such as exposed brick and updated kitchens, are all currently under-rented, providing significant upside potential for rental income. The property sits on a 0.091-acre lot and is zoned commercial (Comm). With a stabilized investment profile, a 6.00% cap rate, and a $850,000 asking price ($148.42/sq ft and $212,500/unit), this asset offers a strong return on investment. The building features two stories and benefits from a 3% annual rent bump provision in the leases. The property's convenient location places it within walking distance of local restaurants and the farmer's market, ensuring high visibility and tenant appeal. Lease options are available, adding further flexibility for the future owner. The property's Dane County location (APN: 0811-054-4089-2) and strong tenant history make this a truly attractive investment. The current leases have approximately six years remaining. This is a rare opportunity to acquire a well-positioned, income-producing property in a thriving Wisconsin community.

Location Insight

City

Sun Prairie

County

Dane

State

Wisconsin

Longitude

-89.2113

Latitude

43.1828

CBSA code

31540

CBSA name

MADISON, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments