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Bank Owned - 3077 Mayfair Rd

3077 N Mayfair Rd, Wauwatosa, WI 53222

$4,500,000

45,321 SF | Office

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Price:
$4,500,000
Building Size:
45,321 SF
Price/SF:
$99.29
Property Type:
Office
Property Sub-type:
Office Building
Property Use Type:
Investment
Distressed:
Yes
Cap Rate:
10.61%
Occupancy:
89%
Building Class:
B
Tenancy:
Multiple
Lot Size:
2.21 SF
Listing ID
18197926
Last Updated
5 days ago

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Description

We are pleased to present the opportunity to acquire an A located suburban office building. The bank owned subject property is located at 3077 N Mayfair Rd in Wauwatosa, Wisconsin along the Mayfair Road corridor. This multi tenant Class B office building consists of 45,321 SF on 2.41 acres and is 89.3% leased to two tenants; Milwaukee Career College (MCC) and Dermatology Associates of Wisconsin (Dr. Sid Herszenson). MCC, the anchor tenant, has leased their space through the end of 2020. The Dermatology lease runs through 2014 with two (2) options to extend for five (5) years each.

The subject property is located at the corner of a light controlled intersection on N. Mayfair Road and W. Burleigh Street in Wauwatosa, WI. Wauwatosa is located on the western portion of Milwaukee county which lies in the heart of the Milwaukee Metropolitan Statistical Area (MSA). The MSA has over 1.5 million people in Milwaukee, Waukesha, Washington, and Ozaukee counties. The property benefits from its strong location along the Mayfair Road corridor. This area has some of the highest land values in the metropolitan area due to the location of Mayfair Shopping Center, the largest mixed use shopping center in Wisconsin. The subject property, located less than one mile north of Mayfair Shopping Center, has an average daily traffic count of 29,600 vehicle along Mayfair Road. Less than one half mile west of the property is an on/off ramp to Highway 45, providing easy access to the property.

Financial Summary

  • Actual
  • $477,450

Map of 3077 N Mayfair Rd, Wauwatosa, WI 53222 (Milwaukee County)

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Asking Price Index Trends for Wauwatosa, WI Office For Sale

  Mar 14 vs. 3 mo.
prior
Y-O-Y
-
State
$71-2.1%-4.2%
-
Metro
$82-2.5%-1.4%
-
County
$77-3.3%-7.1%

View Wauwatosa Market Trends for other property types for sale or lease. Learn more about the chart info.

Created 5/31/2013
Bank Owned - 3077 Mayfair Rd
  • Office
  • $4,500,000
  • 45,321 SF