2408 10th St Menominee, MI 49858-2004
- Commercial real estate
- 1.28 lot acres
Current Use by Public Records
- April Jensen NP / Nurse Practitioner
- Aurora Family Medicine / Medical Clinic
- ACL Lab / Laboratory
- Aurora Health Center / Medical Clinic
Property Details for 2408 10th St
- Lot size
- 1.28 lot acres
- Property type
- Commercial real estate
- APN
- 051-033-070-41
- APU
- 5103307041
Description
This exceptional investment opportunity presents a 4,540 square foot medical office building in Menominee, Michigan, currently 100% occupied by Advocate Aurora Health, a top 12 not-for-profit health system (Moody's Aa3 rating). The property boasts a strong 6.75% cap rate and a substantial net operating income (NOI) of $173,827. Built in 2018, the building sits on a 1.7-acre lot and benefits from a long-term, 20-year net lease with 13.9 years remaining. The lease includes 1% annual rent bumps and four 5-year renewal options, ensuring consistent income growth. Strategically located on 10th Street, a major thoroughfare with over 18,900 vehicles per day, the property enjoys high visibility and accessibility. Nearby amenities include numerous national retailers, and the property is conveniently located one mile from the Menominee-Marinette Regional Airport and across from the Menominee Fire Department. The surrounding area has a strong demographic profile, with 22,872 people residing within a five-mile radius, boasting an average annual household income of $65,560. This investment offers a secure, high-return opportunity with a credit-rated tenant and a proven track record. The asking price is $2,575,220, translating to a price per square foot of $567.23.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Menominee
- County
- Menominee
- State
- Michigan
- Longitude
- -87.6126
- Latitude
- 45.1207
- CBSA code
- 31940
- CBSA name
- MARINETTE, WI-MI MICROPOLITAN STATISTICAL AREA
