Value-Add Opportunity - Luck, WI
8.50% CAP Rate | Significant Pro-Forma Returns | Value-Add Medtail Center
Marketing description
We are pleased to exclusively offer for sale the 15,000 SF Evergreen Plaza located at 2547 State Road 35 in Luck, Wisconsin. This offering presents a compelling value-add investment opportunity with one 1,750 SF vacant suite, representing approximately 11.7% of the gross leasable area, providing immediate upside through lease-up. The property features a low average in-place rent of $12.14 PSF, along with significant annual rental escalations that enhance long-term income growth.
Investment highlights
Value-add potential is supported by one 1,750 SF vacant suite representing 11.7% of the GLA, below-market average in-place rent of $12.14 PSF, and significant annual rental escalations.
Attractive pricing offers strong returns, including a day-one cap rate of 8.50% and a 9.42% cash-on-cash return at the asking price, with pro forma projections of a 9.71% cap rate and a 13.46% cash-on-cash return at 100% occupancy in year two.
The property features landlord-friendly lease structures, with net leases in place across all existing tenants and minimal landlord responsibilities.
The ideal tenant roster consists of approximately 50% medical users and 50% traditional retail users and is anchored by Luck Clinic and Amery Hospital and Clinic, the only acute care provider in Luck.
The property is located in a quaint and affluent area with an average household income exceeding $90,030 within a three-mile radius.
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