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Bank Owned - 3077 Mayfair Rd

3077 N Mayfair Rd, Wauwatosa, WI 53222

$3,975,000

45,321 SF | Office

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Office Property For Sale - In Contract

Price:
$3,975,000
Building Size:
45,321 SF
Price/SF:
$87.71
Property Type:
Office
Property Sub-type:
Office Building
Property Use Type:
Investment
Distressed:
Yes
Cap Rate:
11.34%
Building Class:
B
Tenancy:
Multiple
Lot Size:
2.21 SF
Listing ID
18197926
Last Updated
28 days ago

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Description

We are pleased to present a rare investment and redevelopment opportunity to acquire an A+ located suburban office building along the Mayfair Road corridor. The bank-owned subject property is located at 3077 N Mayfair Rd in Wauwatosa, Wisconsin in between The Mayfair Collection and Mayfair Mall. This multi-tenant Class B office building consists of 45,321 SF on 2.16 acres and is 83.87% leased to Milwaukee Career College (MCC). MCC has leased their space through the end of 2020.

The subject property is excellently located in one of the hottest retail corridors in southeastern Wisconsin. Located at the light-controlled intersection of N Mayfair Rd (Highway 100) and W Burleigh St, the property sits in between The Mayfair Collection and Mayfair Mall. One block west of the subject property, The Mayfair Collection is a multi-phase project consisting of mixed-use retail, residential, restaurant, and office developments. The first phase opened in April 2014 and consists of 270,000 square feet of retail space. The second phase will contain approximately 200,000 square feet and is estimated to open in early 2016. Tenants announced for the second phase consist of a 40,000 square foot Whole Foods grocery store, 140-room Hilton Homewood Suites, three Bartolotta restaurants, and Corner Bakery Cafe. Approximately half a mile south of the subject property sits Mayfair Mall, Wisconsin' s largest mixed-use shopping center. Mayfair Mall consists of over 1.1M square feet of retail, office, and restaurant space. Included in Mayfair Mall are a parking structure, office towers and an 18-screen theater.

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

  Sep 14 vs. 3 mo.
prior
Y-O-Y
-
State
$71-0.2%-3.1%
-
Metro
$78-3.4%-6.3%
-
County
$75-3.1%-4.7%

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

Bank Owned - 3077 Mayfair Rd
  • Office
  • $3,975,000
  • 45,321 SF