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LensCrafters 4518 E Washington Ave 3,486 SF 100% Leased Retail Building Madison, WI 53704 $2,772,000 ($795.18/SF) 6.25% Cap Rate
Investment Highlights
- Strong Corporate Lease Guaranty – The Lease is Guaranteed by Luxottica of America, Inc., a Wholly Owned Subsidiary of EssilorLuxottica
- Rapid Growth in the Eye Care Industry – The U.S. Eye Care Market was Valued at Approximately $27 billion in 2024
- High-Visibility Madison Retail Corridor – Prime Location Along E. Washington Ave/US-151 – Excellent Exposure and Convenient Access to I-90/94
- National Optical Retail Platform – LensCrafters is One of North America’s Leading Optical Retailers (947 Locations) – Nationally Recognized Brand
- Real Estate Advantage – Shadow-Anchored by East Towne Mall – Wisconsin’s Top-Rated Super Regional Mall with 4.8 Million Annual Visitors
Executive Summary
Lee & Associates is pleased to present the exclusive opportunity to acquire the fee simple interest in a newly constructed, 3,486 square foot single-tenant retail property leased to LensCrafters at 4518 E. Washington Avenue in Madison, Wisconsin. Completed in 2024, the property is situated on approximately 0.70 acres in the city's dominant east side retail corridor. The asset is secured by a corporate guaranty from Luxottica of America, Inc., a wholly owned subsidiary of EssilorLuxottica S.A. (S&P: A), one of the world's largest optical companies with approximately $28 billion in annual revenue and more than 5,900 North American retail locations. The property is leased on a double-net (NN) lease with approximately eight years of remaining primary term, 10% rent increases every five years, and two 5-year renewal options.
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Building Size
3,486 SF
Building Class
B
Year Built
2024
Price
$2,772,000
Price Per SF
$795.18
Cap Rate
6.25%
NOI
$173,250
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.11
Lot Size
0.70 AC
Zoning
CC-T
Amenities
- Signage
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 0810-281-0601-2 | Improvements Assessment | $1,183,000 |
| Land Assessment | $577,200 | Total Assessment | $1,760,200 |
Property Taxes
Parcel Number
0810-281-0601-2
Land Assessment
$577,200
Improvements Assessment
$1,183,000
Total Assessment
$1,760,200
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