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1022 Washington St

2,251 SF Retail Building Manitowoc, WI 54220 $430,000 ($191/SF) 16.26% Cap Rate

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Investment Highlights

Pizza Hut vacating December 2024 after 35+ year occupancy. 16%+ cap on current income
Large 0.55 acre corner lot
Upscale, 6 story, 81 unit apartment complex just constructed 0.3 miles from the subject property

Located in coveted TIF Zone
Ideal downtown location on city's main thoroughfare with 9k vehicles per day
Drive-thru permitted

Executive Summary

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

Offering Memorandum

Property Facts

Sale Type

Investment or Owner User

Sale Conditions

1031 Exchange

Property Type

Retail

Property Subtype

Freestanding

Building Size

2,251 SF

Building Class

Year Built

1971

Price

$430,000

Price Per SF

$191

Cap Rate

16.26%

NOI

$69,906

Tenancy

Single

Building Height

1 Story

Building FAR

0.09

Lot Size

0.55 AC

Opportunity Zone

Yes

Zoning

Commercial General - Intended to accommodate the heavy service industries at locations directly accessible to the City’s arterial and transportation systems.

Parking

11 Spaces (4.89 Spaces per 1,000 SF Leased)

Frontage

97 FT on Washington Street

Amenities

Signage

MAJOR TENANTS

Accommodation and Food Services
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There’s nothing cookie-cutter about Pizza Hut. Not their pizzas. Not their people. And definitely not the way they live life. Around here, they don’t settle for anything less than food they are proud to serve. And they don’t just clock in. Not when they can also become their best, make friends, and have fun while they're at it. They're the pizza company that lives life unboxed. They are not for people who want to blend in: pushing boundaries is part of their heritage. They have thousands of restaurants and many team members in multiple countries. Whether it’s the original Stuffed Crust or putting a pizza in outer space, they never stop driving themselves to deliver hot pizzas, fast every time – anywhere one wants to enjoy it. At Pizza Hut, they don’t just make pizza. They make people happy. Pizza Hut was built on the belief that pizza night should be special, and they carry that belief into everything they do.