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Shops Off Broadway (Massive Upside) 1501-1567 Broadway St N
128,929 SF 93% Leased 4-Star Retail Building Menomonie, WI 54751 £6,979,738 (£54/SF) 8% Net Initial Yield
Investment Highlights
- 129,000 Square Foot Neighborhood Center
- Massive Upside Opportunity | Landlord has an LOI from a National Tenant for the Remaining Vacant Space (See Agent for more Details)
- Shadow Anchors McDonald’s (Top 18% Nationwide), Taco Bell (Top 25% Nationwide) & Starbucks (Top 31% Nationwide) Via Placer.ai Ranks # of Annual Visits
- 93% Occupancy | Zero Lease Rollover until at least 2027 | 73% of the GLA is Leased until at least 2033
- 9.90% Pro Forma Cap Rate (based off of Terms Offered in the Lease LOI)
- Menomonie is Home to the University of Wisconsin-Stout Campus | 6,900+ Enrollment | NCAA Division III – WIAC
Executive Summary
The Shops off Broadway is a fully stabilized investment being offered at 93 percent occupancy. There is one vacant space, however the landlord has an LOI from a national tenant for the space. Thus, a future investor is strategically capturing the upside in the new lease by securing favorable terms that are not yet factored into the property’s current valuation, strategically positioning themselves to immediately benefit from the net operating income injection from the new tenant. The addition of the prospective national tenant significantly enhances the value of the investment, creating the opportunity for a purchaser to capture the incremental value in the form of a future sale or a refinance at the increased value.
Shops off Broadway is a 129,000 square foot neighborhood center that sits on more than 8 acres in the heart of the Interstate 94 exit corridor. The corridor is home to a large Fleet Farm, Marketplace Foods, Slumberland Furniture, Marshalls, multiple hotels and car dealerships, and several quick service and fast-food restaurants that drive the traffic to this area. The center shadow anchors a McDonald’s, Starbucks and Taco Bell and is adjacent to Walgreens, Arby’s and Wendy’s.
There is a Walmart Supercenter positioned on the north side of Interstate 94, which is in the top 46th percentile in the country in terms of number of annual visits. There is also a large Walmart distribution facility on the northeast side of town, which was 1 of the 25 distribution facilities chosen by Walmart to renovate with automated technologies to modernize its supply chain network.
The University of Wisconsin-Stout campus is located less than two miles away and is home to more than 6,900 students. The campus is 124 acres with 25 major academic buildings, 9 residence halls, and 245 laboratories.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | £637,967 | £4.73 |
Other Income | £199,503 | £1.48 |
Vacancy Loss | £120,104 | £0.89 |
Effective Gross Income | £717,366 | £5.31 |
Taxes | £51,423 | £0.38 |
Operating Expenses | £110,991 | £0.82 |
Total Expenses | £162,415 | £1.20 |
Net Operating Income | £554,952 | £4.11 |
Financial Summary (Actual - 2024)
Gross Rental Income | |
---|---|
Annual | £637,967 |
Annual Per SF | £4.73 |
Other Income | |
---|---|
Annual | £199,503 |
Annual Per SF | £1.48 |
Vacancy Loss | |
---|---|
Annual | £120,104 |
Annual Per SF | £0.89 |
Effective Gross Income | |
---|---|
Annual | £717,366 |
Annual Per SF | £5.31 |
Taxes | |
---|---|
Annual | £51,423 |
Annual Per SF | £0.38 |
Operating Expenses | |
---|---|
Annual | £110,991 |
Annual Per SF | £0.82 |
Total Expenses | |
---|---|
Annual | £162,415 |
Annual Per SF | £1.20 |
Net Operating Income | |
---|---|
Annual | £554,952 |
Annual Per SF | £4.11 |
Property Facts
Amenities
- Signage
- Signalised Intersection
- Enclosed Mall
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
THEY ARE… Dunham’s Sports, the Midwest’s largest sporting goods chain! Their roots go back to 1937 in West Bloomfield, MI, when a small shop called Dunham’s Bait & Tackle opened. Over the years with hard work, great customer service and attention to detail they have grown into a full line sporting goods chain serving customers in states, from Wyoming to Maryland. Every one of their stores nationally offers a full line of traditional sporting goods and athletic equipment as well as a wide variety of active and casual sports apparel and footwear. Their motto at Dunham’s Sports is Big Names…Low Prices. That is what they do everyday, gives their customers the choice of the name brands that they want at the lowest prices possible. Customers will notice this in every Dunham’s Sports store they go into where they will find Hot Deals and Sport Values at prices that may be too low to advertise.
Locally Owned & Operated Since 2011 - Online Pay - Clean - Secure - UW-Stout Alumni Owned Business. They take pride in storing your valuables like they are their own! They are dedicated to providing the best possible customer service. They are committed to offering you exceptional value for your hard earned money. They strive to ensure and amazing experience renting storage. Their website is easy to use and has all the features you need for a rich interactive experience. Pay your bill online 24/7. They make renting storage a hassle free experience. With over 12 years of experience in self storage, why trust your stored items anyplace else? Proud members of the Wisconsin Self Storage Association and past President of the Association. They understand the unique needs of the discerning storage customer!
Fitness 1440 provides the best gyms and 24 hour fitness centers across the US. For over a decade they’ve put their gym members on the path toward becoming a healthier, fitter you! Their gym services include personal training, group exercise, cardio, group training, and more. Their mission is to help you meet your health and fitness goals. Their founder launched FITNESS:1440™ in 2011, on the premise of giving more than they take. FITNESS:1440™ exists to provide the resources, insights, and support you need to feel your best. They understand what it is like to start a new fitness routine. Not everyone starts in the same place, and they take this into account while helping you develop a game plan. They have many options available to help you get in shape, and their goal is to provide you with everything you need to have the greatest chance of success.
Welcome to the Stout Craft Co. and Broadway Bowl in Menomonie, WI. Located in the Shop’s Off Broadway Mall. They offer a full menu featuring craft burgers, sandwiches, pizzas and appetizers! The Stout Craft Co. has a full service bar with over 18 beers on tap. They have LED TVs, and projection screens giving you ample viewing ability to watch your favorite sports teams. They even offer private sky box rooms for you to host a small party or watch the game with your friends. Do you like pool and darts? Stout Craft Co. has tables and boards and Axe Throwing! Broadway Bowl, located in the same building as the Stout Craft Co., features 20 bowling lanes, with nightly specials and many leagues of all skill sets. From Bowling Tournaments like the 2016 WI Senior Women’s State Tournament, to Major National Act Concerts like Rodney Atkins and Pop Evil, the Stout Craft Co. and Broadway Bowl is your one stop destination for entertainment in Menomonie, WI.
Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
Retailer | 23,200 SF | £4.15 | Triple Net | Jan 2027 | ||
Transportation and Warehousing | 39,400 SF | £1.78 | Triple Net | Nov 2043 | ||
Arts, Entertainment, and Recreation | 15,162 SF | £11.72 | Triple Net | Apr 2033 | ||
Accommodation and Food Services | 22,526 SF | £5.02 | Triple Net | Apr 2033 |
Nearby Major Retailers
PROPERTY TAXES
Parcel Numbers | Total Assessment | £2,630,112 (2023) | |
Land Assessment | £466,363 (2023) | Annual Taxes | £51,423 (£0.40/sf) |
Improvements Assessment | £2,163,749 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Presented by
Shops Off Broadway (Massive Upside) | 1501-1567 Broadway St N
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