Skip to main content

Mixed-Use

Whiting Place

1408 Strongs Ave, Stevens Point, WI 54481

Listing Price: $2,995,000

Cap Rate
3.91%
Number of Units
22
Occupancy
95.0%
Price/Unit
$136,136
Price/Gross SF
$54.75
Gross SF
54,705

Investment Overview

Downtown City Living in a Historic Landmark – The elegance of the past mixes with contemporary amenities in this fine example of distinctive living in the heart of downtown Stevens Point. Whiting Place was originally built in 1923 as a hotel and has since been renovated to include 21 apartments with a retail suite on the ground floor. Once known as one of the tallest buildings in Stevens Point, the plans of the apartment units vary but each unit retains the historic floor, wall and woodwork treatments. While these finishes compliment the historic features of the corridors and sustain the integrity of the entire building, each unit has been improved with modern amenities to include a range, refrigerator, microwave and laundry hook-ups in the two-bed units. Each unit maintains an individual boiler, water heater and central air conditioner. The tenants pay for gas and electric. Potential Upside with Retail Lease-Up – Whiting Place has 25,200 square feet of retail space that is currently vacant. The previous tenant was paying $8.72/sf while the market rate is closer to $12/sf. Assuming lease-up at the previous rental amount, an investor can realize a cash on cash return of over 27 percent, yielding a cap rate over 11 percent.

Investment Highlights

  • Downtown City Living in a Historic Landmark
  • Potential Upside with Retail Lease-Up
  • Over 26 Percent Cash on Cash Return on Pro Forma

Exclusively Listed By

Financing By

Listing Price: $2,995,000

Cap Rate
3.91%
Number of Units
22
Occupancy
95.0%
Price/Unit
$136,136
Price/Gross SF
$54.75
Gross SF
54,705

Investment Highlights

  • Downtown City Living in a Historic Landmark
  • Potential Upside with Retail Lease-Up
  • Over 26 Percent Cash on Cash Return on Pro Forma

Investment Overview

Downtown City Living in a Historic Landmark – The elegance of the past mixes with contemporary amenities in this fine example of distinctive living in the heart of downtown Stevens Point. Whiting Place was originally built in 1923 as a hotel and has since been renovated to include 21 apartments with a retail suite on the ground floor. Once known as one of the tallest buildings in Stevens Point, the plans of the apartment units vary but each unit retains the historic floor, wall and woodwork treatments. While these finishes compliment the historic features of the corridors and sustain the integrity of the entire building, each unit has been improved with modern amenities to include a range, refrigerator, microwave and laundry hook-ups in the two-bed units. Each unit maintains an individual boiler, water heater and central air conditioner. The tenants pay for gas and electric. Potential Upside with Retail Lease-Up – Whiting Place has 25,200 square feet of retail space that is currently vacant. The previous tenant was paying $8.72/sf while the market rate is closer to $12/sf. Assuming lease-up at the previous rental amount, an investor can realize a cash on cash return of over 27 percent, yielding a cap rate over 11 percent.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower