Two Net Leased Storefronts at 7.5% Cap in Park East
Sold
1550-60 N. Water St.
Milwaukee, WI 53202
2,861 SF
Commercial Condos
The Details
- Two NNN leased storefronts
- 1,373 SF end cap unit leased to coffee shop
- 1,488 SF leased to vape shop
- Both long-term tenants with new 5-year extensions
- Leases include annual escalations
- Projected 2019 NOI: $54,484
- Projected Cap Rate: 7.5%
- Located in trendy Park East area at Pleasant St. and Water St.
- Lots of newer residential developments in the area
- Zoning: RED
Two triple net leased storefronts at the corner of Water St. and Pleasant St. are available for sale. The 1,373 square foot end cap unit is leased to a coffee shop and a 1,488 square foot unit on Water is leased to a vape shop. Both are long-term tenants who recently exercised a five year renewal option. These units have strong income with annual rent escalations in a trendy part of Milwaukee.
Park East is a booming neighborhood in downtown Milwaukee. The neighborhood has a number of high-value residences with entertainment, shopping, dining and retail throughout. The neighborhood also includes an updated RiverWalk and ready access to the rest of downtown.
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