Single-Tenant Pediatric
For Sale
$2,970,444
2561 N 29th St, Milwaukee, WI 53210
Purpose-built 7,583-square-foot outpatient clinic built in 2010, secured by an absolute NNN lease with long remaining term.
Property Size7,583 SF
Price / SF$391.72
Days on Market44
Property Features for 2561 N 29th St
General Information
Standard status
Active
Size
7,583 SF
Property subtype
Single-Tenant Office Medical
Lease Type
Absolute Net
Additional Details
Cap Rate
6.75%
Highway Access
Yes
Amenities
Long-Term Absolute NNN Lease with ±10 Years Remaining Through April 2036 | Zero Landlord Responsibilities
Scheduled 1% Annual Rental Increases Providing Consistent Income Growth and Inflation Protection
Lease Guaranteed by the State of Wisconsin (Aa3 Moody's) | Institutional-Quality Credit Strength
Two (2) Five-Year Renewal Options Offering Up to 10 Additional Years of Occupancy
Near Fond du Lac Avenue (±20,098 VPD) and North Avenue (±10,812 VPD) with Access to I-43 and U.S. Highway 41
Milwaukee MSA with 1.58 Million Residents and $116,353 Average Household Income
Building Details
Building Size
7,583 SF
Year Built
2010
Tenancy
Single
Listing Agency:
Marcus & Millichap - Los Angeles
(310) 909-5426
Listed By:
Rob Narchi · License #License(s): CA: 01788517, CA: 01324570
(310) 909-5426
Source:
Marcusmillichap
Added: Jul 11
Changed: Aug 23
Last Checked: Aug 21 at 11:56AM
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 Marcus & Millichap - Los Angeles
Investment Insights
Based on property information with market context.
This single-tenant Children’s Wisconsin outpatient clinic is a purpose-built healthcare facility totaling 7,583 square feet and constructed in 2010. The property is secured by a long-term absolute NNN lease with approximately 10 years remaining through April 2036 and zero landlord responsibilities. Lease payments include scheduled 1% annual rental increases, plus two (2) five-year renewal options. The lease is guaranteed by the State of Wisconsin (Aa3 Moody’s), providing additional credit strength and long-term income durability.
The building is located along North 29th Street in Milwaukee and provides convenient access to Interstate 43 and U.S. Highway 41. It is near Fond du Lac Avenue and North Avenue, with daily traffic counts cited at approximately 120,098 VPD and 110,812 VPD, respectively. The surrounding area includes Marquette University and major healthcare and entertainment destinations listed in the offering materials.
The building is located along North 29th Street in Milwaukee and provides convenient access to Interstate 43 and U.S. Highway 41. It is near Fond du Lac Avenue and North Avenue, with daily traffic counts cited at approximately 120,098 VPD and 110,812 VPD, respectively. The surrounding area includes Marquette University and major healthcare and entertainment destinations listed in the offering materials.
Key Highlights
- 7,583 SF purpose‑built Children’s Wisconsin outpatient clinic built in 2010
- Single‑tenant absolute NNN lease with ~10 years remaining through April 2036
- Lease generates $200,505 annual base rent with 6.75% cap rate and 1% scheduled annual rental increases
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
$87,424
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
2.94%
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%
$1,748,480
$1.7M
Cap Rate 7%
$1,248,914
$1.2M
Cap Rate 9%
$971,378
$971.4K
Market Conditions
NOI Build-Up for 7,583 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
$159.2K $21.00/SF
− Vacancy
−$13.5K −$1.79/SF
EGI
$145.7K $19.22/SF
− OpEx
−$58.3K −$7.69/SF
NOI
$87.4K $11.53/SF
Area
Milwaukee, WI
Vacancy
8.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,748,480
Cap Rate 7%
$1,248,914
Cap Rate 9%
$971,378
Alternative Uses
Best Use
Healthcare Medical
$1.25M
$1.09M – $1.46M
NOI $87,424 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.13M
NOI $127,558 @ 7.0% cap · market cap 4.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
825
Businesses Nearby
Explore this area
Business Placement
Demographics for 53210, WI
25,588
Population
11,005
Households
2.3
Avg Household Size
32
Median Age
23%
College-Educated
87%
High-School Grad
2.6 sq mi
ZIP Area
9,842
Density / Sq Mi
$45,268
Median Household Income
$35,797
Median Earnings
$1,044
Median Rent
$153,400
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical center - Purpose-built 7,583-square-foot outpatient clinic built in 2010, secured by an absolute NNN lease with long remaining term.
Where is this medical center located?
The property is located at 2561 N 29th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $2,970,444.
What are key features of this property?
This property features: 7,583 SF purpose‑built Children’s Wisconsin outpatient clinic built in 2010; Single‑tenant absolute NNN lease with ~10 years remaining through April 2036; Lease generates $200,505 annual base rent with 6.75% cap rate and 1% scheduled annual rental increases
