Sherwin Williams / Jersey Mike’s / Great Clips
Prime retail corridor outparcel to Kohl’s and Walmart Supercenter. Other area retailers include Walgreen’s, Aldi, Pick n’ Save, Festival Foods, and many more.
Investment grade tenant makes up 58% of rent. Sherwin Williams has performed outstandingly during the prolonged Covid-19 Pandemic. Other retailers provide further stability due to their internet resistant business model.
Long term leases from Sherwin Williams and Jersey Mike’s protect 83% of the NOI for the foreseeable future and with market rates increasing, renewal or backfill at the current rate or better for Great Clips is probable.
INTERNET RESISTANT NATIONAL TENANT LINEUP
Sherwin Williams, Jersey Mike’s Subs, and Great Clips are all long-standing national brands. All tenants remained open and paying during the COVID-19 pandemic. All three businesses are inherently internet resistant providing an incoming investor comfort for the future. Sherwin William has 6 and a half years of term remaining, Jersey Mike’s Subs has 9 years remaining, and Great Clips has three and a half years. Nearly 60% of the total rent comes from credit rated Sherwin Williams (BBB) further adding stability to a property with strong fundamentals.
LOCATED WITHIN THE PRIMARY RETAIL CORRIDOR
Property is well located as an outlot to Kohl’s and adjacent to Walmart. It sits amongst all the other national tenants in Neenah including Aldi, Pick n’ Save, CVS, Festival Foods, Walgreens, Taco Bell, Culver’s, and many more.
NEWER CONSTRUCTION BUILDING BELOW REPLACEMENT COST
The property was newly constructed in 2018 and was built out with the latest prototype for each of the three tenants. Offered below replacement cost, and with highly attractive rents when compared to new construction rates today a prospective investor will feel at ease knowing the rents are replaceable.
STRONG DEMOGRAPHICS PULLED FROM A WIDE AREA
Neenah is prominently located along US Highway 41 just south of Appleton. It draws from Menasha, Appleton and Oshkosh as well as communities to the west due to its proximity and relatively easy access. There are over 62,000 people within 5 miles and over 215,000 people within 10 miles. The surrounding areas anticipate continued population growth while household incomes continue to rise.
Address: 1165 West Winneconne Ave, Neenah, WI
Cap Rate: 6.02%
Total Rent: $149,000
Lease Types: NNN
Term: Sherwin Williams / 6.5 years | Jersey Mike’s / 9 years | Great Clips / 3.5 years
Year Built: 2018
Size: 6,000 SF | 1.07 Acres
Parking Spaces: 47 Spaces