1022 Washington St - Freestanding FOR SALE


Manitowoc, WI 54220
$430,000 USD
310-793-6069
1022 Washington St, Manitowoc, WI for Sale
$430,000 USD
Freestanding - FOR SALE
1/10
null | 16.26% Cap Rate

1022 Washington St
Manitowoc, WI 54220


HIGHLIGHTS

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

OVERVIEW

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

FOR SALE DETAILS

PRICE

$430,000 USD

PRICE/SF

$191 USD /SF

CAP RATE

16.26%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Convenience Store, Fast Food, Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1971

SPRINKLERS

-

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.55 AC

LAND SF

23,958 SF

ZONING

Commercial General

APN/PARCEL ID

000-241-200

ASK ABOUT THIS PROPERTY

CJ BrillTranswestern Real Estate ServicesMore Info
310-793-6069

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CJ BrillTranswestern Real Estate ServicesMore Info
310-793-6069

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.