2408 10th St Menominee, MI 49858-2004

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.

Location Insight

City

Menominee

County

Menominee

State

Michigan

Longitude

-87.6126

Latitude

45.1207

CBSA code

31940

CBSA name

MARINETTE, WI-MI MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments