Dick's Sporting Goods - 131 N Milwaukee St
131 N Milwaukee St, Boise, ID 83704
Marketing description
131 North Milwaukee Street is a 44,283-square-foot single-tenant retail building on a 4.11-acre (179,118 SF) parcel in the heart of West Boise's primary retail corridor. The mid-box improvement was originally constructed in 1989 and fully renovated in 2014 to Dick's Sporting Goods' prototype. It is a single-story building in good condition, 100% occupied by Dick's Sporting Goods (Store #1202).
The site offers approximately 293 feet of frontage along Milwaukee Street, a north/south arterial carrying roughly 22,000 vehicles per day, with two travel lanes in each direction and a center turn lane. Access is provided by a curb cut on Milwaukee Street together with reciprocal cross-access and parking easements shared with the surrounding Westpark Towne Plaza. The level, at-grade parcel is zoned MX-3 (Mixed-Use: Active) by the City of Boise, sits in FEMA Flood Zone X (minimal flood hazard), and is served by all municipal utilities. CBRE estimates a remaining economic life of approximately 30 years.
Single-tenant Dick's Sporting Goods retail building located in West Boise's primary retail corridor adjacent to Boise Towne Square on Milwaukee Street with high traffic counts and strong cross-access connectivity.
Investment highlights
- Priced at $8,950,000 - a 6.36% going-in cap rate on current in-place NN rent of $597,821 ($13.50/SF), or $202/SF
- 100% leased to Dick's Sporting Goods, Inc., a publicly traded corporation with more than 850 locations nationally.
- Tenant recently exercised its first five-year renewal option, extending the lease term through January 31, 2031, with three additional five-year options remaining through 2046.
- Contractual rent increases provide future income growth, with minimum rent stepping from $13.50/SF today to $15.00/SF by the final option period.
- 44,283 SF single-tenant retail building on 4.11 acres, renovated in 2014 to Dick's Sporting Goods.
- Adjacent to Boise Towne Square and surrounded by major traffic-driving retailers and restaurants including In-N-Out Burger, Chick-fil-A, Cabela's, Target, Kohl's, and Nordstrom Rack.
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