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5600 Spring St
Racine, WI 53406
Piggly Wiggly | NNN | Mt Pleasant · Retail Property For Sale
Investment Highlights
- Single-Tenant Piggly Wiggly | Triple-Net Lease with Below Market Rents
- Five-Acre Site with 230 Parking Spaces
- Strong Community Drivers Including National Retailers, a Large Hospital, and Multiple Schools
- 26-Year History at this Location, Demonstrating Long-Term Performance
- Located at the Signalized Intersection of Spring Street and S. Newman Road, Which Sees a Combined Traffic Volume of 26,600 Vehicles per Day
- Average Household Income of $106,253 Within a Mile Radius
Executive Summary
This single-tenant Piggly Wiggly investment offers long-term stability backed by a 26-year operating history and a triple-net lease with four years remaining and four additional five-year renewal options. The property sits on over five acres with 230 parking spaces and is priced below replacement cost at $95.14 per square foot. Located at a signalized intersection with strong daily traffic, the site benefits from excellent visibility and convenient access through multiple ingress and egress points. The surrounding area features powerful demand drivers, including Village Center, Ascension All Saints Hospital, and a strong mix of national retailers such as Kohl’s, Festival Foods, Starbucks, and Walmart Neighborhood Market. With dense, affluent demographics and more than 69,000 residents within three miles, the property is well positioned for continued long-term performance.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Supermarket
Building Size
40,362 SF
Building Class
B
Year Built
1975
Price
$3,840,000
Price Per SF
$95.14
Cap Rate
7.80%
NOI
$299,710
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.18
Lot Size
5.23 AC
Parking
230 Spaces (5.7 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Pylon Sign
Property Taxes
| Parcel Number | 151-032212057000 | Improvements Assessment | $1,919,400 |
| Land Assessment | $1,402,600 | Total Assessment | $3,322,000 |
Property Taxes
Parcel Number
151-032212057000
Land Assessment
$1,402,600
Improvements Assessment
$1,919,400
Total Assessment
$3,322,000
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