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Office Medical

Sierra Professional Center

1515 S Green Bay Rd, Mount Pleasant, WI 53406

Listing Price: $1,190,000

Cap Rate
8.65%
Gross SF
8,223
Rentable SF
8,095
Price/Gross SF
$144.72
Occupancy
71.0%
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 .85-acre lot in Mount Pleasant, Wisconsin. The building is currently occupied by two medical tenants with the remaining 2,338 square-foot vacant space is buildout for an Urgent Care. The two 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 and by leasing out the remaining 28.9% of the building. Sweet Smiles sublets its space from Forefront Dermatology which operates in 18 states and has over 175 board-certified dermatologists, The current owner will master-lease the one remaining vacant space for a period of two years under a gross lease providing a new owner ample time to lease out the one vacant space. 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

  • Value-Add Opportunity by Filling the Remaining 2,338 Vacant Space and Converting the Leases to More Favorable Terms
  • 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 the Area was 3.80%
  • Low Real Estate Taxes
  • Extremely High Visibility From Green Bay Road, a Major North-South Corridor
  • Strong Mix of Medical Tenants
  • Priced Below Replacement Cost (147.00 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: $1,190,000

Cap Rate
8.65%
Gross SF
8,223
Rentable SF
8,095
Price/Gross SF
$144.72
Occupancy
71.0%
Year Built
2001
Lot Size
0.85 acres

Investment Highlights

  • Value-Add Opportunity by Filling the Remaining 2,338 Vacant Space and Converting the Leases to More Favorable Terms
  • 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 the Area was 3.80%
  • Low Real Estate Taxes
  • Extremely High Visibility From Green Bay Road, a Major North-South Corridor
  • Strong Mix of Medical Tenants
  • Priced Below Replacement Cost (147.00 Per Square-Foot)

Investment Overview

The Sierra Professional Building is a stand-alone three-tenant office medical building that is situated on a .85-acre lot in Mount Pleasant, Wisconsin. The building is currently occupied by two medical tenants with the remaining 2,338 square-foot vacant space is buildout for an Urgent Care. The two 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 and by leasing out the remaining 28.9% of the building. Sweet Smiles sublets its space from Forefront Dermatology which operates in 18 states and has over 175 board-certified dermatologists, The current owner will master-lease the one remaining vacant space for a period of two years under a gross lease providing a new owner ample time to lease out the one vacant space. 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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