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Aspirus St. Luke’s Superior Clinic 109 N 28th St E 28,928 SF Office Building Superior, WI 54880 $10,005,000 ($345.86/SF) 6.65% Cap Rate
Investment Highlights
- Investment Grade Credit: This is a corporate lease with Aspirus Health (S&P:AA-) parent company, offering a full backstop of the lease obligations
- Absolute NNN Lease Structure: The tenant is responsible for all property expenses, including roof and structure
- Stable Long-Term Yield: With just under 7 years of term remaining, the asset offers durable and predictable cash flow from a “sticky” medical tenant.
- Dominant Regional Health System: Headquartered in Wausau, WI, Aspirus Health (S&P: AA-) is a dominant healthcare network operating 18 hospitals
- Aggressive Rent Growth: The lease features 3.00% annual rental increases, providing superior income growth.
- Favorable Demographics: According to the U.S. Census Bureau, Superior has a favorable population
Executive Summary
Broker of Record
Matt Fitzgerald
License # 51983-90, 938105-91 (WI)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Matt Fitzgerald
License # 51983-90, 938105-91 (WI)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
28,928 SF
Building Class
B
Year Built
1997
Price
$10,005,000
Price Per SF
$345.86
Cap Rate
6.65%
NOI
$665,333
Tenancy
Single
Building Height
1 Story
Typical Floor Size
28,928 SF
Building FAR
0.82
Lot Size
0.81 AC
Zoning
C3
Parking
100 Spaces (3.46 Spaces per 1,000 SF Leased)
Amenities
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Health Care and Social Assistance
- -
- -
- -
To everyone who calls the Northland home, Aspirus St. Luke’s and Aspirus Lake View offer medical excellence, advanced technology and authentic compassion. They are part of Aspirus Health, a network of 18 hospitals and 130 outpatient locations across northeastern Minnesota, northern and central Wisconsin, and the Upper Peninsula of Michigan. Founded as Aspirus St. Luke's – Duluth's’ first hospital – nearly 150 years ago, they are deeply invested in the communities they serve. The people they care for are their neighbors. That’s why you can expect to receive the best care, close to home, from a team that is passionate about your health and well-being.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Health Care and Social Assistance | - | - | - |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 02-802-07098-15 | Improvements Assessment | $3,570,900 |
| Land Assessment | $99,000 | Total Assessment | $3,669,900 |
Property Taxes
Parcel Number
02-802-07098-15
Land Assessment
$99,000
Improvements Assessment
$3,570,900
Total Assessment
$3,669,900
Contacts
-
Michael Moreno -
Rahul Chhajed -
Tyler Swade -
Kyle Mackulak -
Matthews Real Estate Investment Services
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