Whiting Place Apartments 1408 Strongs Ave

http://www.whitingplacecbre.com/
CBRE, as exclusive advisor to the owner of record, is pleased to present for your investment consideration a 100 percent fee simple interest in a mixed-use asset totaling 21 apartment units and 10,339 SF of commercial space at 1405 Strongs Avenue in Stevens Point, Wisconsin. Whiting Place Apartments (“Whiting Place” or the “Property”), constructed in 1923 and designated on the National Register of Historic
Places, was formerly a ~120-guest room hotel known as Hotel Whiting and was redeveloped in 1988 to accommodate the current building use. Ownership has since substantially restored historic elements, modernized the units and common areas, and improved the financial performance of both the residential and commercial components. At the asking price, the Property delivers a going-in 7.7% CAP rate, with a 15%+ cash-on-cash return requiring only 25% down at closing.
The apartment portion of the Property drives the investment opportunity with quickly rising in-place rents that have increased 29.4% in the past year and boasts some of the largest units in the market. Stevens Point’s stable economy, low unemployment rate, and limited new construction reduce vacancy risks and position the property well for continued market rent growth.
The commercial component offers increasing yield for the Property, with new tenants completely occupying the first floor of the building. Additionally, value-add upside remains in the vacant- but finished- 7,402-SF space on the lower level, with potential to further amenitize the building with storage, a fitness center, a community room, or more commercial tenancy. Additional opportunities exist to increase rooftop telecom income on one of the tallest buildings in Stevens Point, and maximize the value of the heated underground parking which has only recently been offered for rent.
Whiting Place is well situated in downtown Stevens Point just a block south from the walkable Main Street and three blocks from the Wisconsin River with panoramic views to the West. The location offers tenants convenient access to local and regional employers with immediate access East and West on State Trunk Highway 66, and North and South via Business 51, as well as Interstate 39 serving over 35,000 VPD.
1408 Strongs Avenue represents a rare opportunity to acquire a well-located income-producing property in one of Wisconsin’s growing markets. With a strong existing tenant roster, minimal capital requirements, competitive acquisition financing, and additional opportunities to grow rent and other income, this property is poised to deliver outsized returns to investors seeking stable cash flow and long-term capital growth.