Listed by Colliers - Milwaukee, Wisconsin
$9,500,000
Memorial Plaza
Details
APN 5928-121-5832, 5928-121-5841, 5928-121-5831, 5928-121-5843
Property Type Retail
Sub Type Shopping Center
Square Footage 100,050
Cap Rate 8.00%
NOI $768,048
Occupancy 93.62%
Tenancy Multi
Brand/Tenant McDonald's, Harbor Freight
Price per SqFt $95
Year Built 1966
Buildings 1
Acreage 13.060
Zoning SC Suburban Commercial
Parking Spaces 400 spaces
Parking per 1,000 SqFt 4.00
Investment Type Value Add
Ground Lease No
Retail | 8.00% CAP | Value-Add
Marketing description
Memorial Plaza is an exciting value-add retail center located along one of Sheboygan's primary retail corridors at 3424 Kohler Memorial Drive. The property is anchored by a strong lineup of national retailers including Harbor Freight, Michaels, and Dunham's Sports, creating consistent daily traffic and a durable merchandising mix that serves both local residents and regional shoppers. The center totals approximately 100,000 square feet and is currently 93.62% occupied, offering investors a compelling combination of in-place cash flow and upside. Memorial Plaza benefits from excellent visibility and access along Highway 23, one of Sheboygan's key commercial corridors, with strong traffic counts and direct connectivity to Interstate 43.
Investment highlights
- The property is 94% occupied with a 5.5-year weighted average lease term (WALT), providing stable, long-term cash flow from established tenants and limited near-term rollover risk.
- Memorial Plaza features a resilient tenant mix of value-oriented and necessity-driven retailers that generate consistent foot traffic and repeat visits. The diverse lineup supports cross-shopping and extended dwell times, while limiting exposure to e-commerce disruption.
- Benefits from excellent visibility and access along Highway 23, which carries approximately 32,300 VPD and serves as a primary corridor connecting downtown Sheboygan to Interstate 43. The property is strategically positioned at the highway exit on a corner parcel, providing strong exposure from multiple directions.
- Standalone buildings are separately parceled outlots, creating both flexibility and reduced management burden. This structure presents an opportunity to immediately monetize the Pizza Ranch parcel, while benefiting from passive income streams through ground leases with minimal landlord responsibilities for McDonald's and Marcus Theatres.
- A 6,410 SF vacant unit presents an immediate leasing opportunity, offering upside potential to drive cash flow and enhance returns.
- Sheboygan retail market demonstrates exceptionally strong fundamentals, with vacancy rates of just 1.4% for spaces exceeding 30,000 square feet across an inventory of more than 3.5 million square feet. This limited availability underscores the high demand for large-format retail space and creates meaningful barriers to entry for new competition.
Listing Contacts
Listed by Colliers - Milwaukee, Wisconsin
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$768,048.00
$64,004.00/mo
Valuation Metrics
0
DSCR
8.08%
Cap Rate
8.08%
ROI
Map
Zoning
SC CommercialGeneral CommercialSuburban Commercial District
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View all 49 uses Last updated Jan 21, 2026 For deeper zoning details, reports are available at Zoneomics
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