BMO Harris Bank
| Status | Sold |
|---|---|
| Price | $1,262,000 |
| Cap Rate | 6.10% |
| NOI | $77,012 |
| Lease Type | Absolute NNN |
| Lease Term | 10 Years |
| Lease Start | September 2014 |
| Lease Expiration | September 2024 |
| Building Size | 2,809 SF |
| Lot Size | 49658 AC |
Overview
The property is located at the hard corner of Orchard Street and Durand Avenue within Racine’s primary retail corridor. The property consists of three drive-thrus and parking for 20 cars. The building is passed by over 21,000 cars per day. Elmwood Plaza Shopping Center, located across the street, hosts a weekly farmer’s market that brings additional foot traffic to the area.
The Durand Avenue retail corridor is home to Regency Mall, the area’s only super-regional mall, which is anchored by Boston Store, Burlington Coat Factory, and JCPenney. Other national retailers in the corridor include Target, The Home Depot, and Walgreens, in addition to numerous grocery stores and restaurants.
There are over 120,000 residents within a 5-mile radius of the property. In addition to the dense residential communities that surround the property, the branch’s visibility is enhanced by its prime location on Durand Avenue and the destination retail located in the area. Racine benefits from its proximity to Milwaukee, which is approximately 30 miles north on Interstate 94.
