3131 13Th StMilwaukee, WI 53215

Property Details for 3131 13Th St

Year built

1974

Lot size

0.95 AC

Property size (Sq ft)

10,530 SF

Zone code

LB2

Property type

Retail properties

Property subtype

Banks

APN

535-0525-112

APU

5350525112

Description

This exceptional investment opportunity presents a 10,770 square foot, single-tenant retail property fully leased to a credit-rated BMO Harris Bank. Located at 3131 South 13th Street in Milwaukee, Wisconsin, this property boasts a strong 5.34% cap rate and a substantial net operating income (NOI) of $78,783. The absolute NNN lease, commencing January 28, 2022, and expiring January 27, 2034, offers a remaining lease term of approximately 9.2 years, with three five-year renewal options. Rent increases are structured as one percent (1%) plus the year-over-year CPI increase. The property, built in 1974 and scheduled for a refresh in 2025, sits on a 0.95-acre lot with 59 parking spaces and excellent visibility. The property features a two-lane drive-thru and benefits from a favorable LB2 (Local Business District) zoning. The tenant, BMO Harris Bank, a significant market share leader with over $52 million in total 2023 deposits and an 11.23% market share, holds an A+ (S&P) / A3 (Moody's) credit rating and boasts over $550 billion in assets. This investment offers a secure, long-term income stream with built-in rent growth, minimal landlord responsibilities, and an additional $1,375 annual income from a parking easement. The property's location on a main commercial thoroughfare ensures high visibility and accessibility. The asking price is $1,475,000, translating to a price per square foot of $136.95. The property's parcel number is 535-0525-112.

• CAP approach

  CAP return

  Valuation

  6%

  $2,794,935

  6.5%

  $2,579,940

  7%

  $2,395,659

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,693,978

  Geo Method

  $3,456,262

• Alternative Use

  Use

  Valuation

  Residential

  $2,176,276

  Hospitality

  $1,993,457

  Educational

  $1,658,533

  Medical

  $1,715,572

  Retail

  $2,579,940

Location Insight

City

Milwaukee

County

Milwaukee

State

Wisconsin

Latitude

42.9874

Longitude

-87.9292

CBSA code

33340

CBSA name

MILWAUKEE-WAUKESHA-WEST ALLIS, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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