BROKER OPINION OF VALUE
Chatsworth Dr LOTS 3000 & 3001 Chatsworth Dr Beloit, WI 53511
Bill Mears, CCIM, SIOR Broker O: (608) 314-8251 | C: (608) 359-3031 bill@mcguiremears.com
Adam Shultz Managing Broker O: (608) 314-8257 | C: (608) 201-4794 adam@mcguiremears.com
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Chatsworth Dr LOTS 3000 & 3001 Chatsworth Dr Beloit, WI 53511
3000 & 3001 Chatsworth Dr
The 43-acre property at 3000 & 3001 Chatsworth Dr, adjacent to I-90 near the Beloit exit, presents a significant opportunity for residential development despite its commercial zoning. With a total frontage of 3,907' along the interstate, the property offers excellent visibility and access, supported by a high volume of daily traffic (57,000 on I-90 and 12,700 on Milwaukee Rd). Its proximity to major retailers like Walmart and Menards, along with other t commercial services and entertainment options, enhances its potential appeal to residential developers.
Strengths: - High visibility from I-90 and substantial traffic volumes enhance the property's appeal - Close access to I-90 and I-43 ensures connectivity - Nearby commercial amenities support residential lifestyle needs
Weaknesses: - Access via residential streets, particularly Chatsworth and Deerpath, may limit commercial development possibilities - The Pilot property blocks access for further commercial expansion Opportunities: - The local shortage of housing and a trend towards renting could drive demand for new residential projects - Potential for support through Beloit's TIF allocations for housing developments - High visibility location that could attract multifamily developers
Threats: - Rising construction costs and fluctuating interest rates could impact development feasibility
This property is optimally positioned for a residential project, leveraging its location, visibility, and surrounding amenities, despite the initial zoning and access challenges.
BROKER OPINION OF VALUE The BOV was calculated by analyzing the median average of five comparable sales in Beloit and Janesville. Given the proximity to I-90 and nearby commercial amenities, these comparable are well-matched to the subject properties. Although zoned for commercial use, access to the sites is through a residential neighborhood, which negitively impacts their value. Additional factors keeping the value moderated include the high costs of development, construction, and fluctuating interest rates.
Broker opinion of value: $2,781,136 / median average $64,904 Per acre
Bill Mears, CCIM, SIOR Broker O: (608) 314-8251 | C: (608) 359-3031 bill@mcguiremears.com
Adam Shultz Managing Broker O: (608) 314-8257 | C: (608) 201-4794 adam@mcguiremears.com
Coldwell Banker Commercial
McGuire Mears & Associates
Chatsworth Dr LOTS 3000 & 3001 Chatsworth Dr Beloit, WI 53511
PROPERTY DESCRIPTION The property comprises 43 acres split across two parcels located at 3000 and 3001 Chatsworth Drive, positioned just off the I-90 Beloit exit. These parcels feature 3,907' of frontage along the interstate and are adjacent to single and multiple-family residential areas. Access is via residential streets, limiting commercial appeal. Zoned commercial, their optimal use is for residential development, potentially including multi-family units, condos, and single-family homes. The location is near Milwaukee Rd, Beloit's main commercial corridor, close to various amenities such as Walmart, Menards, a multiplexes theater, restaurants, and motels.
OFFERING SUMMARY 3000 Lot Size:
22.18 Acres
3001 Lot Size:
20.67 Acres
Total Lot Size:
42.85 Acres
Zoning:
C-1 & C-3
APN's
22020005 & 22010005
PROPERTY HIGHLIGHTS High visibility site from I-90
3,907' of I-90 frontage Adjacent to quality neighborhood development
Close proximity to commercial amenities
Bill Mears, CCIM, SIOR Broker O: (608) 314-8251 | C: (608) 359-3031 bill@mcguiremears.com
Adam Shultz Managing Broker O: (608) 314-8257 | C: (608) 201-4794 adam@mcguiremears.com
Coldwell Banker Commercial
McGuire Mears & Associates
Chatsworth Dr LOTS 3000 & 3001 Chatsworth Dr Beloit, WI 53511
Bill Mears, CCIM, SIOR Broker O: (608) 314-8251 | C: (608) 359-3031 bill@mcguiremears.com
Adam Shultz Managing Broker O: (608) 314-8257 | C: (608) 201-4794 adam@mcguiremears.com
Coldwell Banker Commercial
McGuire Mears & Associates
Chatsworth Dr LOTS 3000 & 3001 Chatsworth Dr Beloit, WI 53511
Bill Mears, CCIM, SIOR Broker O: (608) 314-8251 | C: (608) 359-3031 bill@mcguiremears.com
Adam Shultz Managing Broker O: (608) 314-8257 | C: (608) 201-4794 adam@mcguiremears.com
Coldwell Banker Commercial
McGuire Mears & Associates
Chatsworth Dr LOTS 3000 & 3001 Chatsworth Dr Beloit, WI 53511
★
3000 & 3001 CHATSWORTH DR Beloit, WI 53511 Price:
★
N/A Lot Size:
41.15 Acres
1
701 MYRTLE WAY Janesville, WI 53546 Price:
1
$825,000 Lot Size:
11.57 Acres
Price/SF:
$1.64 Price/Acre:
$71,305.10
2
800 MYRTLE WAY Janesville , WI 53546 Price:
2
$1,859,747 Lot Size:
14.68 Acres
Price/SF:
$2.91 Price/Acre:
$126,685.76
3
PARKMEADOW NORTH 2600-2605 & 2710-2765 Claremont Dr , Beloit , WI 53511 Price: $750,000 Lot Size:
3
11.54 Acres
Price/SF:
$1.49 Price/Acre:
$64,991.33
Bill Mears, CCIM, SIOR Broker O: (608) 314-8251 | C: (608) 359-3031 bill@mcguiremears.com
Adam Shultz Managing Broker O: (608) 314-8257 | C: (608) 201-4794 adam@mcguiremears.com
Coldwell Banker Commercial
McGuire Mears & Associates
Chatsworth Dr LOTS 3000 & 3001 Chatsworth Dr Beloit, WI 53511
4
4701 LEXUS LN Janesville, WI 53546 Price:
4
$1,400,000 Lot Size:
24.00 Acres
Price/SF:
$1.34 Price/Acre:
$58,333.33
5
1751 APEX DR Beloit, WI 53511 Price:
5
$990,000 Lot Size:
54.56 Acres
Price/SF:
$0.42 Price/Acre:
$18,145.16
Bill Mears, CCIM, SIOR Broker O: (608) 314-8251 | C: (608) 359-3031 bill@mcguiremears.com
Adam Shultz Managing Broker O: (608) 314-8257 | C: (608) 201-4794 adam@mcguiremears.com
Coldwell Banker Commercial
McGuire Mears & Associates
Chatsworth Dr LOTS 3000 & 3001 Chatsworth Dr Beloit, WI 53511
NAME/ADDRESS
PRICE LOT SIZE
701 Myrtle Way Janesville, WI 800 Myrtle Way Janesville , WI
1
$825,000 11.57 Acres
2
$1,859,747 14.68 Acres
Parkmeadow North 2600-2605 & 2710-2765 Claremont Dr Beloit , WI
3
$750,000 11.54 Acres
4701 Lexus Ln Janesville, WI 1751 Apex Dr Beloit, WI
4
$1,400,000 24.00 Acres
5
$990,000 54.56 Acres
AVERAGES
$1,164,949 23.27 ACRES
Bill Mears, CCIM, SIOR Broker O: (608) 314-8251 | C: (608) 359-3031 bill@mcguiremears.com
Adam Shultz Managing Broker O: (608) 314-8257 | C: (608) 201-4794 adam@mcguiremears.com
Coldwell Banker Commercial
McGuire Mears & Associates
Chatsworth Dr LOTS 3000 & 3001 Chatsworth Dr Beloit, WI 53511
BILL MEARS, CCIM, SIOR
Broker
Direct: (608) 314-8251 Cell: (608) 359-3031 bill@mcguiremears.com
WI #48260-90 // IL #471.017381
ADAM SHULTZ
Managing Broker
Direct: (608) 314-8257 Cell: (608) 201-4794 adam@mcguiremears.com
WI #89836-94 // IL #475.186989
Bill Mears, CCIM, SIOR Broker O: (608) 314-8251 | C: (608) 359-3031 bill@mcguiremears.com
Adam Shultz Managing Broker O: (608) 314-8257 | C: (608) 201-4794 adam@mcguiremears.com
Coldwell Banker Commercial
McGuire Mears & Associates
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