Downtown Office
For Sale
$9,504,914
109 N 28th St E, Superior, WI 54880
Office building offered for sale with 28,928 square feet and a stated 6.65% cap rate.
Property Size28,928 SF
Price / SF$328.57
Days on Market93
Property Features for 109 N 28th St E
General Information
Standard status
Active
Size
28,928 SF
Property subtype
Commercial
Occupancy
100%
Lease Term
±6.66 YRS
Net Operating Income
$665,344
Additional Details
Cap Rate
6.65%
Building Details
Year Built
1997
Listing Agency:
Matthews
Listed By:
Michael Moreno · License #01982943 (CA)
(949) 432-4511
Source:
Matthews
Added: Jun 4
Changed: Sep 3
Last Checked: Sep 4 at 2:07AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews
Investment Insights
Based on property information with market context.
This office building is being offered for sale in Superior, Wisconsin. The property totals 28,928 square feet and is presented with a stated 6.65% cap rate in the public remarks.
Located at 109 N 28th St E, the building provides a straightforward office configuration for buyers seeking an income-oriented commercial property. Further details regarding current tenanting, suite layout, and condition are not provided in the information submitted here.
Located at 109 N 28th St E, the building provides a straightforward office configuration for buyers seeking an income-oriented commercial property. Further details regarding current tenanting, suite layout, and condition are not provided in the information submitted here.
Key Highlights
- Office building built in 1997
- 28,928 SF office building offered for sale
- Stated 6.65% cap rate
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$431,533
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,630,660
$8.6M
Cap Rate 7%
$6,164,757
$6.2M
Cap Rate 9%
$4,794,811
$4.8M
Market Conditions
NOI Build-Up for 28,928 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$676.9K $23.40/SF
− Vacancy
−$101.5K −$3.51/SF
EGI
$575.4K $19.89/SF
− OpEx
−$143.8K −$4.97/SF
NOI
$431.5K $14.92/SF
Area
Douglas County, WI
Vacancy
15.00%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,630,660
Cap Rate 7%
$6,164,757
Cap Rate 9%
$4,794,811
Alternative Uses
Best Use
Office B
$6.16M
$5.39M – $7.19M
NOI $431,533 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.12M
$7.98M – $10.64M
NOI $638,453 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Explore this area
Business Placement
Demographics for 54880, WI
30,400
Population
14,325
Households
2.1
Avg Household Size
39
Median Age
28%
College-Educated
94%
High-School Grad
166.1 sq mi
ZIP Area
183
Density / Sq Mi
$66,942
Median Household Income
$40,813
Median Earnings
$901
Median Rent
$176,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building offered for sale with 28,928 square feet and a stated 6.65% cap rate.
Where is this office building located?
The property is located at 109 N 28th St E Superior, WI.
What is the asking price?
The asking price for this property is $9,504,914.
What are key features of this property?
This property features: Office building built in 1997; 28,928 SF office building offered for sale; Stated 6.65% cap rate
