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Providence Building 332 W Superior St 48,300 SF 100% Leased Office Building Duluth, MN 55802 $2,925,000 ($60.56/SF) 8.42% Cap Rate
Investment Highlights
- Nearly Fully Occupied Building
- Well-Maintained Building
- Strategic Economic Hub
- Prominent Building
- Market Advantage
- Vibrant Community
Executive Summary
Nearly Fully Occupied Building -
The Providence building has a small vacant unit. Historically, the building has a history of high occupancy rates. Centrally located in downtown Duluth, the building offers excellent visibility, prominent signage, and benefits from high traffic counts.
Prominent Building -
This historic downtown landmark presents a range of possibilities, from maintaining its use as a traditional office space to various conversion opportunities. It features sweeping views of Canal Park and Lake Superior, enhancing its appeal.
Well-Maintained Building -
The building has undergone significant capital improvements, including upgraded windows, new A/C units, modernized elevators, and an improved sprinkler system. The roof receives biannual servicing to ensure optimal maintenance.
Market Advantage -
The Duluth CBD has seen no new office developments in the past decade, with no properties currently under construction, and nothing has been delivered in the downtown CBD submarket for the past ten years.
Strategic Economic Hub -
Duluth serves as a key economic center for northern Minnesota and Wisconsin. Home to the Port of Duluth-Superior, the farthest inland port on the Great Lakes, it plays a crucial role in shipping and logistics for the Upper Midwest.
Vibrant Community -
Duluth offers a dynamic and diverse community with a thriving educational and cultural scene. Residents are deeply connected to the region’s natural beauty, enjoying an abundance of outdoor recreational activities in the city’s picturesque surroundings.
Flexible Seller -
Partial seller financing options are available. Aggressive loan terms are achievable on this package.
The Providence building has a small vacant unit. Historically, the building has a history of high occupancy rates. Centrally located in downtown Duluth, the building offers excellent visibility, prominent signage, and benefits from high traffic counts.
Prominent Building -
This historic downtown landmark presents a range of possibilities, from maintaining its use as a traditional office space to various conversion opportunities. It features sweeping views of Canal Park and Lake Superior, enhancing its appeal.
Well-Maintained Building -
The building has undergone significant capital improvements, including upgraded windows, new A/C units, modernized elevators, and an improved sprinkler system. The roof receives biannual servicing to ensure optimal maintenance.
Market Advantage -
The Duluth CBD has seen no new office developments in the past decade, with no properties currently under construction, and nothing has been delivered in the downtown CBD submarket for the past ten years.
Strategic Economic Hub -
Duluth serves as a key economic center for northern Minnesota and Wisconsin. Home to the Port of Duluth-Superior, the farthest inland port on the Great Lakes, it plays a crucial role in shipping and logistics for the Upper Midwest.
Vibrant Community -
Duluth offers a dynamic and diverse community with a thriving educational and cultural scene. Residents are deeply connected to the region’s natural beauty, enjoying an abundance of outdoor recreational activities in the city’s picturesque surroundings.
Flexible Seller -
Partial seller financing options are available. Aggressive loan terms are achievable on this package.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
48,300 SF
Building Class
B
Year Built/Renovated
1895/1995
Price
$2,925,000
Price Per SF
$60.56
Cap Rate
8.42%
NOI
$246,427
Percent Leased
100%
Tenancy
Multiple
Building Height
7 Stories
Typical Floor Size
6,900 SF
Building FAR
6.93
Lot Size
0.16 AC
Opportunity Zone
Yes
Zoning
Commercial
Parking
210 Spaces (4.35 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Signage
- Air Conditioning
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
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- Professional, Scientific, and Technical Services
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- -
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Lorem Ipsum
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Jan 0000
MSA Professional Services began in 1919 as a rural land survey company in Wisconsin. It has evolved into a multidisciplinary firm offering consulting services across multiple sectors. The company provides engineering, architectural design, and planning services with a focus on community infrastructure development. MSA maintains a 100% employee-owned structure and operates through various regional offices. Their work spans both public and private projects with an emphasis on sustainable community solutions.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Professional, Scientific, and Technical Services | - | - | Lorem Ipsum | Jan 0000 |
Walk Score®
Very Walkable (84)
Bike Score®
Very Bikeable (72)
Property Taxes
| Parcel Number | 010041000840 | Improvements Assessment | $1,549,300 |
| Land Assessment | $196,700 | Total Assessment | $1,746,000 |
Property Taxes
Parcel Number
010041000840
Land Assessment
$196,700
Improvements Assessment
$1,549,300
Total Assessment
$1,746,000
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Providence Building | 332 W Superior St
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