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1010 Fond Du Lac Ave, Kewaskum, WI 53040
Value-Add Retail Strip Center For Sale
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 9.14% below local median, there’s significant opportunity to improve the property’s value.
For Sale: $1,499,900
Why It Leases So Well
Near a Busy Grocery Anchor:
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.
High-Visibility Corner:
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.
No Competing Retail Nearby:
As of March 31, 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.
Best Renovation in the Area:
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
Right-Sized Suites:
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.
Value-Add Opportunity
Current rents average $15.51/SF/YR (modified gross), with 84.58% of space on that basis.
Compared to other surveyed properties
  • 9.14% below the median of $17.07/SF/YR (modified gross)
  • 24.34% 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 9.01 is 7.21% below median of 9.71.
Buying the property at a discount lets investors profit by aligning 1010 Fond Du Lac with market norms.
Value-Add Opportunities
NNN Lease Conversion
84.58% of square footage is on a modified gross lease. Converting to professionally-written NNN leases can increase NOI and reduce landlord expense exposure.
Improve Signage
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.
Better Lease Enforcement
Implementing consistent lease enforcement would increase profit. For example, water is not currently billed back although the leases allow it.
Tighten Property Management
Earlier snow removal and consistent litter pickup would improve tenant satisfaction and justify higher rents.

Exclusively Listed By:
Mark Kvetkovskiy
Senior Associate, Retail Real Estate
Office: 414.946.6022