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Virtual Drive-By

Michaels Multi-tenant

3424 Kohler Memorial Dr. · Sheboygan, WI 53081 · Specialty Retail

Asking price
$9,500,000
Cap rate
8.00%
NOI
$768,048

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Lease

Lease type—
Term remaining—
Expiration—
Rent bumps—
Options—
Ground leaseNo
Credit profile—
TenancyMulti

Planning a 1031 Exchange

Give us your relinquished sale close date and we will calculate your 45-day identification and 180-day closing deadlines, track the clock, and surface matching inventory before it expires. We coordinate directly with your Qualified Intermediary and can introduce one if you have not yet engaged an exchange accommodator. Investment Grade does not provide tax or legal advice.

Property

Building SF100,050
Price / SF$95
Year built1966
Lot size13.06 ac
TypeShopping Center
Days on market18

Need year-one bonus depreciation

Building age, size and improvement mix drive how much of this asset a cost segregation study can accelerate into year one. Tell us your tax year and entity and we will model the deduction.

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.

Property overview

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.​

Take the next step on this property

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Asking-market observation aggregated from public listing sources, last observed Sep 25, 2026. Figures are asking price and asking cap rate as published by the listing party, not a verified closed transaction. Lease terms shown where reported by the listing party and not independently verified. Shown for market reference only; this is not an offering. Investment Grade Income Property, LP represents buyers on a cooperating commission basis.