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    118 3Rd St Ashland, WI 54806

    For Sale
    $1,199,000

    Class A Office, High NOI, Lake Superior Views

    Property size:
    14,400 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    360
    This exceptional Class A office building, located at 118 3rd St E in Ashland, WI, presents a compelling investment opportunity. Boasting 14,400 square feet of net rentable space in a single, 100% occupied unit, the property offers a strong NOI of $150,792 and a compelling 12.58% cap rate. Built in 2000 and extensively renovated in 2019, the building features 86 parking spaces, key card access, a standby generator, and full handicap accessibility. The interior comprises over 6,000 square feet of flexible open space, 12 private offices, two conference rooms, two server rooms, two mechanical rooms, a mother's room, a lounge, and two phone rooms. Situated on a 1.4-acre lot on a highly trafficked state highway, this property benefits from its proximity to Lake Superior and the Ashland marina, enjoying over 6,000 average daily vehicle counts. The current lease is a NNN, single-tenant agreement expiring December 31, 2024. Modern amenities include fiber optic internet and upgraded electrical systems. The asking price is $1,199,000, reflecting a price per square foot of $83.26. This is a rare opportunity to acquire a high-quality, well-maintained office building in a desirable location with significant upside potential.

    Property Features for 118 3Rd St

    General Information

    Property type
    Office space
    Square Feet
    14,400 SF
    Class
    A
    Lot Size
    60,984 SF

    Building Details

    Year Built/Renovated
    2000/2019
    Buildings
    1
    Stories
    1
    Units
    1

    HighLights

    • Class A office building, 14,400 square feet, 100% occupied.
    • Strong NOI of $150,792 and 12.58% cap rate.
    • Located at 118 3rd St E, Ashland, WI, on a 1.4‑acre lot with high traffic counts.
    • Built in 2000, extensively renovated in 2019, featuring 86 parking spaces and modern amenities.
    • NNN lease, single tenant, expiring December 31, 2024; Asking price: $1,199,000 ($83.26/SF).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ashland
    County
    Ashland
    State
    Wisconsin
    Longitude
    -90.8814485
    Latitude
    46.5906456

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    FAQs

    What type of property is this?
    Office space - Class A Office, High NOI, Lake Superior Views
    Where is this office space located?
    The property is located at 118 3Rd St Ashland, WI.
    What is the asking price?
    The asking price for this property is $1,199,000.
    What are key features of this property?
    This property features: Class A office building, 14,400 square feet, 100% occupied.; Strong NOI of $150,792 and 12.58% cap rate.; Located at 118 3rd St E, Ashland, WI, on a 1.4-acre lot with high traffic counts.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    118 3Rd St Ashland, WI 54806
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