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Innovative Renal Care MOB 4775 N Green Bay Ave 13,287 SF 100% Leased Office Building Milwaukee, WI 53209 $1,278,726 ($96.24/SF) 9.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Corporate Guarantee from Leading Operator
- Below-Market Rents with Rent Growth – Lease provides for 2% & 3% rental increases annually
- Recent Renovation – Site underwent renovation in 2021 and 2025 making it more energy efficient and modernized
- Growing Industry Insulated from Macroeconomic Changes
- Likelihood of Renewal – Tenant has operated at this location since 2005
- Top MSA with Good Demographics
EXECUTIVE SUMMARY
Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the fee simple interest in the land and building of a multi-tenant medical office clinic located in Milwaukee, Wisconsin (the “Property”).
The Property consists of 0.75 acres and a 13,287-square-foot medical clinic that was built in 1959 and has since been renovated multiple times, most recently 2025, to the exact specifications of the primary Tenant. The Property is located at the intersection of West Hampton Avenue and North Green Bay Avenue with over 60,000 vehicles per day. There are over 370,000 in population in the five-mile radius earning more than $82,000 in average household income.
The primary Tenant, ARA-Milwaukee Dialysis, LLC, moved to the site in 2005 to grow its presence in Milwaukee. The initial term of the lease was for ten (10) years and they have now extended the lease multiple times with the current lease term expiring March 31, 2027. Their current rent is $99,654 with two percent (2%) rental increases annually.
Innovative Renal Care (IRC) is a leading U.S.-based kidney care provider headquartered in Franklin, TN. Formed through the 2021 merger of American Renal Associates and IRC, the organization operates over 250 dialysis centers across 25 states, partnering with more than 400 nephrologists and serving approximately 15,000 patients nationwide. Innovative Renal Care is backed by Nautic Partners, a middle market private equity firm focused on healthcare, services, and industrials.
In Association with: BJ Feller - WI Lic. #57176-90
The Property consists of 0.75 acres and a 13,287-square-foot medical clinic that was built in 1959 and has since been renovated multiple times, most recently 2025, to the exact specifications of the primary Tenant. The Property is located at the intersection of West Hampton Avenue and North Green Bay Avenue with over 60,000 vehicles per day. There are over 370,000 in population in the five-mile radius earning more than $82,000 in average household income.
The primary Tenant, ARA-Milwaukee Dialysis, LLC, moved to the site in 2005 to grow its presence in Milwaukee. The initial term of the lease was for ten (10) years and they have now extended the lease multiple times with the current lease term expiring March 31, 2027. Their current rent is $99,654 with two percent (2%) rental increases annually.
Innovative Renal Care (IRC) is a leading U.S.-based kidney care provider headquartered in Franklin, TN. Formed through the 2021 merger of American Renal Associates and IRC, the organization operates over 250 dialysis centers across 25 states, partnering with more than 400 nephrologists and serving approximately 15,000 patients nationwide. Innovative Renal Care is backed by Nautic Partners, a middle market private equity firm focused on healthcare, services, and industrials.
In Association with: BJ Feller - WI Lic. #57176-90
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
13,287 SF
Building Class
B
Year Built/Renovated
1959/2025
Price
$1,278,726
Price Per SF
$96.24
Cap Rate
9.50%
NOI
$121,479
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
13,287 SF
Building FAR
0.41
Lot Size
0.75 AC
Zoning
Lb1 - commercial
AMENITIES
- Bus Line
- Fenced Lot
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- ARA-Milwaukee Dialysis, LLC
- Health Care and Social Assistance
- 9,026 SF
- $11.04
- Double Net
- Mar 2027
- LH Concessions, LLC
- Accommodation and Food Services
- 2,188 SF
- $7.68
- Full Service
- Jun 2027
- Meyer Labratories
- Professional, Scientific, and Technical Services
- 2,073 SF
- $6.66
- Modified Gross
- Feb 2028
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| ARA-Milwaukee Dialysis, LLC | Health Care and Social Assistance | 9,026 SF | $11.04 | Double Net | Mar 2027 | |
| LH Concessions, LLC | Accommodation and Food Services | 2,188 SF | $7.68 | Full Service | Jun 2027 | |
| Meyer Labratories | Professional, Scientific, and Technical Services | 2,073 SF | $6.66 | Modified Gross | Feb 2028 |
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PROPERTY TAXES
| Parcel Number | 232-0001-110-4 | Improvements Assessment | $1,287,400 |
| Land Assessment | $40,900 | Total Assessment | $1,328,300 |
PROPERTY TAXES
Parcel Number
232-0001-110-4
Land Assessment
$40,900
Improvements Assessment
$1,287,400
Total Assessment
$1,328,300
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Innovative Renal Care MOB | 4775 N Green Bay Ave
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