For Sale
$850,000

245 Main StSun Prairie, WI 53590

High-yield, fully leased investment

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional mixed-use property, located at 245 E Main St in Sun Prairie, Wisconsin, presents a compelling investment opportunity. The 5,700 square foot building, constructed in 1894 with multiple renovations, boasts a prime downtown location, offering immediate cash flow. Currently 100% occupied with four tenants, including Sun Prairie Flowers by Hen and Chick, the retail space enjoys a long-term lease with a built-in option to extend to 2031. The four apartment units, featuring desirable amenities such as exposed brick and updated kitchens, are all currently under-rented, providing significant upside potential for rental income. The property sits on a 0.091-acre lot and is zoned commercial (Comm). With a stabilized investment profile, a 6.00% cap rate, and a $850,000 asking price ($148.42/sq ft and $212,500/unit), this asset offers a strong return on investment. The building features two stories and benefits from a 3% annual rent bump provision in the leases. The property's convenient location places it within walking distance of local restaurants and the farmer's market, ensuring high visibility and tenant appeal. Lease options are available, adding further flexibility for the future owner. The property's Dane County location (APN: 0811-054-4089-2) and strong tenant history make this a truly attractive investment. The current leases have approximately six years remaining. This is a rare opportunity to acquire a well-positioned, income-producing property in a thriving Wisconsin community.

Highlights

  • $850,000 asking price for a stabilized mixed-use investment property.
  • Located at 245 E Main St, Sun Prairie, WI 53590, this 5,700 square foot building features 4 units (retail and apartments) on a 0.091-acre lot.
  • 100% occupancy with four tenants, including Sun Prairie Flowers, under a modified lease with a remaining term of 6 years and 3% annual rent bumps.
  • The property boasts a 6.00% cap rate, $148.42 price per square foot, and $212,500 price per unit.
  • Built in 1894 with multiple renovations, the two-story building features exposed brick and updated kitchens in the apartments.

Property Details for 245 Main St

Property type
Retail properties, NNN properties
Square Feet
5,727 SF
Year Built
1894
Buildings
1
Stories
2
Lot Size (sq. ft)
3,964 SF
Units
4

Location Insight

City
Sun Prairie
County
Dane
State
Wisconsin
Latitude
43.1828086
Longitude
-89.2112893
245 Main St, Sun Prairie, Wisconsin

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245 Main St
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