Shopping Strip
Goodwill Anchored Retail
1804 Lake Shore Dr E, Ashland, WI 54806
Listing Price: $1,725,000
Investment Overview
Marcus & Millichap is pleased to present the fee simple interest in 1804 Lake Shore Drive E, an 18,831-square-foot, retail center, located in Ashland, Wisconsin. This opportunity is offered at an 8.56 percent CAP rate, at an asking price of $1,725,000.
The subject asset is anchored by Goodwill Industries, who just signed a fresh five-year lease. They occupy over half of the center and reimburse for their pro-rata share of taxes, CAM, and insurance. The other tenants include Charter Communications and Snap Fitness. The property is a fully stabilized, 100 percent occupied retail center, priced significantly below its replacement cost at $91.60 per square-foot. The asset is adjacent to a Tractor Supply Co. and a L&M Fleet Supply.
In 2023, ownership replaced the roof and parking lot. The tenants agreed to contribute to these capital repairs and are currently repaying the cost associated with these expenses through the next five years.
Please reach out to Marcus & Millichap with additional questions and interest.
Goodwill Anchored Retail
Investment Highlights
- Over 60 Percent of the Property's Income comes from Goodwill Industries, who just Signed a Fresh Five-Year Lease
- Ownership just Replaced the Roof and Parking Lot, Tenants Contributed to these Projects and are Currently Repaying the Cost Over the Next Five Years
- Goodwill Occupies 53 Percent of the GLA and Reimburses for their Proportionate Share of Taxes, CAM and Insurance
- Fully Stabilized Three-Tenant, 18,831-Square-Foot Strip Center | 8.56 Percent CAP Rate
- Well Positioned in a Dense Retail Corridor | National Tenants Surround the Subject Asset (Tractor Supply Co, Walmart Supercenter, O'Reilly Auto Parts, and more.)
- Priced Significantly Below Replacement Cost | Priced at a $91.60 per Square-Foot
Exclusively Listed By
Broker of Record
-
Todd Lindblom
First Vice President/Regional Manager
Listing Price: $1,725,000
Investment Highlights
- Over 60 Percent of the Property's Income comes from Goodwill Industries, who just Signed a Fresh Five-Year Lease
- Ownership just Replaced the Roof and Parking Lot, Tenants Contributed to these Projects and are Currently Repaying the Cost Over the Next Five Years
- Goodwill Occupies 53 Percent of the GLA and Reimburses for their Proportionate Share of Taxes, CAM and Insurance
- Fully Stabilized Three-Tenant, 18,831-Square-Foot Strip Center | 8.56 Percent CAP Rate
- Well Positioned in a Dense Retail Corridor | National Tenants Surround the Subject Asset (Tractor Supply Co, Walmart Supercenter, O'Reilly Auto Parts, and more.)
- Priced Significantly Below Replacement Cost | Priced at a $91.60 per Square-Foot
Investment Overview
Marcus & Millichap is pleased to present the fee simple interest in 1804 Lake Shore Drive E, an 18,831-square-foot, retail center, located in Ashland, Wisconsin. This opportunity is offered at an 8.56 percent CAP rate, at an asking price of $1,725,000. The subject asset is anchored by Goodwill Industries, who just signed a fresh five-year lease. They occupy over half of the center and reimburse for their pro-rata share of taxes, CAM, and insurance. The other tenants include Charter Communications and Snap Fitness. The property is a fully stabilized, 100 percent occupied retail center, priced significantly below its replacement cost at $91.60 per square-foot. The asset is adjacent to a Tractor Supply Co. and a L&M Fleet Supply. In 2023, ownership replaced the roof and parking lot. The tenants agreed to contribute to these capital repairs and are currently repaying the cost associated with these expenses through the next five years. Please reach out to Marcus & Millichap with additional questions and interest.
Exclusively Listed By
Broker of Record
-
Todd Lindblom
First Vice President/Regional Manager
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