Medical Office Building For
For Sale
$3,400,000
123 Northridge St, Marshfield, WI 54449
20,361 SF building with leased and vacant space.
Property Size20,361 SF
Lot Size2.70 Acres
Price / SF$166.99
Days on Market102
Property Features for 123 Northridge St
General Information
Standard status
Active
Size
20,361 SF
Lot size
2.70 Acres
Taxes and HOA fees
Annual Taxes
$57,017
Listing Agency:
CENTURY 21 GOLD KEY
(715) 387-2121
Listed By:
RITA BLENKER · License #2828790
(715) 387-2121
Source:
Exprealty
Added: May 15
Changed: Aug 23
Last Checked: Aug 22 at 5:02PM
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 CENTURY 21 GOLD KEY
Investment Insights
Based on property information with market context.
This 20,361 square foot building presents an investment opportunity. A portion of the building, 10,944 square feet, is currently leased to a tenant. The remaining 9,417 square feet is available for lease or owner occupancy. The building contains over 15 private offices, conference rooms, and a workroom with cubicles. Originally constructed for use as a medical facility, the building is equipped with a full sprinkler system and an alarm system. The property is situated on a 2.7-acre lot, providing ample parking for tenants.
Key Highlights
- Substantial 20,361 sq ft building with existing tenant.
- 10,944 sq ft currently leased to a strong tenant.**
- Significant 9,417 sq ft available for lease or owner occupancy.**
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
$180,958
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
5.32%
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%
$3,619,160
$3.6M
Cap Rate 7%
$2,585,114
$2.6M
Cap Rate 9%
$2,010,644
$2.0M
Market Conditions
NOI Build-Up for 20,361 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
$305.4K $15.00/SF
− Vacancy
−$64.1K −$3.15/SF
EGI
$241.3K $11.85/SF
− OpEx
−$60.3K −$2.96/SF
NOI
$181.0K $8.89/SF
Area
Wood County, WI
Vacancy
21.00%
Lease Rate
$15.00 /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%
$3,619,160
Cap Rate 7%
$2,585,114
Cap Rate 9%
$2,010,644
Alternative Uses
Best Use
Office B
$2.59M
$2.26M – $3.02M
NOI $180,958 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.95M
$3.46M – $4.61M
NOI $276,504 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
Explore this area
Business Placement
Demographics for 54449, WI
26,417
Population
12,455
Households
2.1
Avg Household Size
43
Median Age
27%
College-Educated
94%
High-School Grad
172.4 sq mi
ZIP Area
153
Density / Sq Mi
$66,611
Median Household Income
$43,612
Median Earnings
$812
Median Rent
$194,400
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 - 20,361 SF building with leased and vacant space.
Where is this office building located?
The property is located at 123 Northridge St Marshfield, WI.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Substantial 20,361 sq ft building with existing tenant.; 10,944 sq ft currently leased to a strong tenant.**; Significant 9,417 sq ft available for lease or owner occupancy.**
