100% Leased | Grocery Shadow Anchor | 5.4 Million Annual Visits | 2008 Renovation
Standing steps from a high-traffic Piggly Wiggly (479,800 visits in 2024) while sitting on a corner with 5.4 million annual visits, 1010 Fond Du Lac Ave is a 100% leased, 2008-renovated strip center with upside potential. Priced 13.06% below market on a $/SF basis with modified gross rents 6.50% below local median, there’s significant opportunity to improve the property’s value.
Actual 2024 Cap Rate
Broker’s Pro-Forma Cap Rate
Gross Revenue Multiplier
GRM
Price Per Square Foot
Weighted Average Lease Term
WALT
Just 603 feet from Piggly Wiggly, which saw 479,800 visits in 2024. Piggly Wiggly’s consistent traffic brings daily exposure and walk-in business to 1010 Fond Du Lac Ave.
Located at Fond Du Lac Ave & County Road H, with 5.4 million visits in 2024. Strong drive-by traffic helps tenants attract and retain customers.
As of April 14, 2025, there’s zero retail space for lease within 6.5 miles (as per Crexi & Moody’s CRE). CoStar reports a 3.5% retail vacancy rate in Northern Washington County, showing limited retail availability.
Renovated in 2008, 1010 Fond Du Lac is the newest retail center within 7 miles (as per CoStar). Features include:
– 10′ 3″ tall windows for natural light and strong interior visibility
– 249.14 feet of frontage on Fond Du Lac Ave for strong street presence
– Updated façade and landscaping for curb appeal
Average unit size is 1,776 SF, ideal for mom and pop tenants. These sizes lease quickly because they appeal to a broad mix of users.
Current rents average $15.96/SF/YR (modified gross), with 68.23% of space on that basis.
100% Leased | Grocery Shadow Anchor | 5.4 Million Annual Visits | 2008 Renovation
Compared to other surveyed properties
- 6.50% below the median of $17.07/SF/YR (modified gross)
- 22.15% below the 75th percentile of $20.50/SF/YR
This rent gap gives investors a clear path to raise rents gradually over time, increasing cash flow and property value.
Because of the below-market rents, the property’s sale price is below comparables:
- Sale price of $115.68/SF is 13.06% under the median of $133.06/SF
- Gross revenue multiplier (GRM) of 8.81 is 8.32% below median of 9.61.
Buying the property at a discount lets investors profit by aligning 1010 Fond Du Lac with market norms.
68.23% of square footage is on a modified gross lease. Converting to professionally-written NNN leases can increase NOI and reduce landlord expense exposure.
Currently, only 2 tenants have channel signage, and there’s no pylon (street) sign. Requiring branded, consistent channel signage would enhance curb appeal.
A 2017 Signage Foundation study found that adding a pylon sign can boost rents by 15–25% due to improved visibility and traffic.
Implementing consistent lease enforcement would increase profit. For example, water is not currently billed back although the leases allow it.
Earlier snow removal and consistent litter pickup would improve tenant satisfaction and justify higher rents.
| Address | 1010 Fond Du Lac Ave, Kewaskum, WI 53040 |
| Tax Key | V4_018600P |
| 2024 Taxes | $12,989.03 |
| Gross Building Area (GBA) | 12,966 SF |
| Gross Leasable Area (GLA) | 10,654 SF |
| Lot Size | 1.45 Acre |
| Parking Spots | 64 |
| Year Built | 1945 (Renovated 2008) |
| Zoning | B-2 (Community Business District) |
| Foundation | Slab/Block |
| Exterior Walls | Brick, Stucco, |
| Roof | Rubber |
| Heating and Cooling | Gas forced air furnace and central air for each unit |
| Legal Description | 1010 Fond Du Lac Ave, Kewaskum Pt of Se Se Csm 6186 Lot 2 Doc 1115619 |
