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Office Medical

Sierra Professional Center

1515 S Green Bay Rd, Mount Pleasant, WI 53406

Listing Price: $992,000

Cap Rate
9.00%
Rentable SF
8,095
Occupancy
100.0%
Year Built
2001
Lot Size
0.85 acres

Investment Overview

The Sierra Professional Building is a stand-alone three-tenant office medical building that is situated on a 0.85-acre lot in Mount Pleasant, Wisconsin. The building is currently 100 percent occupied, with Care Net Wisconsin's lease set to memorialize on or before December 1st, 2021. All three tenants operate under Modified Gross leases providing a new owner the opportunity to rapidly increase their return by converting the leases to more favorable terms. Sweet Smiles recently exercised their option to extend their lease through April of 2024. They currently sublease their space from Forefront Dermatology, who was previously a tenant in this location. Forefront Dermatology is the guarantor of the lease. They operate in 18 states and have over 175 board-certified dermatologists. The Allergy, Asthma and Sinus clinic, is practices under new ownership; but the entity itself has been at the location for over 15 years. The three medical tenants offer a new owner excellent synergy at a prime location in Southeastern Wisconsin. Strategically located just south of the Washington Avenue and Green Bay Intersection which sees traffic counts in excess of 75,000 vehicles per day. The property is situated just a few miles from I-94 which is a main north/south artery from Chicago to Milwaukee, and from the $10 Billion Foxconn development project which is supposed to provide 13,000 jobs. The subject property is also three miles from Ascension and All Saints Hospital. Mount Pleasant is a village in Racine County, Wisconsin, and is part of the Milwaukee Racine-Waukesha metropolitan area, located approximately 28 miles south of Milwaukee and 60 miles north of Chicago. The Village of Mount Pleasant is a community rooted in a rich agricultural history; one that has always relied greatly on the natural environment which its original settlers depended.

Investment Highlights

  • 100% Occupied Multi-Tenant Medical Office Building With Excellent Synergy Between the Tenants
  • Sweet Smiles Dentistry Recently Exercised its Three Year Option Demonstrating Their Commitment to Their Location
  • Over 41,076 Vehicles Per Day Pass by the Property
  • Strong Demographics | +79,000 People Within a Three-Mile Radius and Average Household Incomes of $71,000 Annually
  • Unemployment in 2020 in this Area was 3.80%
  • Low Real Estate Taxes ($3.60 Per Square-Foot)
  • Extremely High Visibility From Green Bay Road, a Major North-South Corridor
  • Priced Below Replacement Cost ($122.54 Per Square-Foot)

Exclusively Listed By

Broker of Record

  • Todd Lindblom

    Vice President/Regional Manager

    (262) 364-1964

    License(s) WI: 56163-90

    Wisconsin

Office Medical

Sierra Professional Center

Listing Price: $992,000

Cap Rate
9.00%
Rentable SF
8,095
Occupancy
100.0%
Year Built
2001
Lot Size
0.85 acres

Investment Highlights

  • 100% Occupied Multi-Tenant Medical Office Building With Excellent Synergy Between the Tenants
  • Sweet Smiles Dentistry Recently Exercised its Three Year Option Demonstrating Their Commitment to Their Location
  • Over 41,076 Vehicles Per Day Pass by the Property
  • Strong Demographics | +79,000 People Within a Three-Mile Radius and Average Household Incomes of $71,000 Annually
  • Unemployment in 2020 in this Area was 3.80%
  • Low Real Estate Taxes ($3.60 Per Square-Foot)
  • Extremely High Visibility From Green Bay Road, a Major North-South Corridor
  • Priced Below Replacement Cost ($122.54 Per Square-Foot)

Investment Overview

The Sierra Professional Building is a stand-alone three-tenant office medical building that is situated on a 0.85-acre lot in Mount Pleasant, Wisconsin. The building is currently 100 percent occupied, with Care Net Wisconsin's lease set to memorialize on or before December 1st, 2021. All three tenants operate under Modified Gross leases providing a new owner the opportunity to rapidly increase their return by converting the leases to more favorable terms. Sweet Smiles recently exercised their option to extend their lease through April of 2024. They currently sublease their space from Forefront Dermatology, who was previously a tenant in this location. Forefront Dermatology is the guarantor of the lease. They operate in 18 states and have over 175 board-certified dermatologists. The Allergy, Asthma and Sinus clinic, is practices under new ownership; but the entity itself has been at the location for over 15 years. The three medical tenants offer a new owner excellent synergy at a prime location in Southeastern Wisconsin. Strategically located just south of the Washington Avenue and Green Bay Intersection which sees traffic counts in excess of 75,000 vehicles per day. The property is situated just a few miles from I-94 which is a main north/south artery from Chicago to Milwaukee, and from the $10 Billion Foxconn development project which is supposed to provide 13,000 jobs. The subject property is also three miles from Ascension and All Saints Hospital. Mount Pleasant is a village in Racine County, Wisconsin, and is part of the Milwaukee Racine-Waukesha metropolitan area, located approximately 28 miles south of Milwaukee and 60 miles north of Chicago. The Village of Mount Pleasant is a community rooted in a rich agricultural history; one that has always relied greatly on the natural environment which its original settlers depended.

Exclusively Listed By

Broker of Record

  • Todd Lindblom

    Vice President/Regional Manager

    (262) 364-1964

    License(s): WI: 56163-90

    Wisconsin

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