1022 Washington St

Investment Highlights

Pizza Hut vacating December 2024 after 35+ year occupancy. 16%+ cap on current income Large 0.55 acre corner lot Upscale, 6 story, 81 unit apartment complex just constructed 0.3 miles from the subject property Located in coveted TIF Zone Ideal downtown location on city's main thoroughfare with 9k vehicles per day Drive-thru permitted

Executive Summary

The subject property offers a rare opportunity for a developer or owner-user to acquire a large lot of land in downtown Manitowoc, WI. Pizza Hut has occupied the 2,251 square foot building for 35+ years and will be vacating December 8th, 2024 (Landlord has the option to terminate early). Drive-thru's are permitted at the site. The 0.55 AC lot is situated on the hard corner on Washington St and 11th St with daily traffic counts over 9,000 vehicles per day. Subject property is located in a TIF Zone. Directly across the street is Manitowoc?s public park which is a central hub for the local community. Festivals, movies, fairs, concerts and much more are frequently held there which drives foot traffic to the immediate area. On top of that, the city recently raised funds to invest in the infrastructure of downtown Manitowoc. The city is the economic engine for the immediate region and is a vibrant, waterfront community on Lake Michigan just 35 minutes south of Green Bay, WI. An upscale six story, 81-unit apartment complex, ?River North Apartments,? was just constructed only 0.3 miles from the subject property was completed in the fall of 2022 which drives traffic and growth to the immediate area.Broker of Record: Daniel Walsh | WI Lic# 58230-90

• Sale Type    Investment or Owner User
• Sale Conditions    1031 Exchange 1031 Exchange Build to Suit Redevelopment Project 1031 Exchange
• Property Type    Retail Retail General Retail Convenience Store General Retail Fast Food General Retail Restaurant Retail
• Building Size    2,251
• Building Class    C
• Year Built    1971
• Price    430,000
• Price Per SF    191
• Cap Rate    16.26
• NOI    69,906
• Tenancy    Single
• Building Height    1 Story
• Building FAR    0.09
• Land Acres    0.55 AC
• Opportunity Zone    Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.