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Riverfront Office Center 2 Office Properties Offered at $7,537,968 CAD in Sheboygan, WI
INVESTMENT HIGHLIGHTS
- Unique opportunity in downtown Sheboygan to purchase a multi-tenant office complex below replacement cost with a year one double-digit cash returns.
EXECUTIVE SUMMARY
The Riverfront Office Center is strategically located just south of charming Downtown Sheboygan and is situated along the Sheboygan River with views of beautiful Lake Michigan. The property is in walking distance to several dining options and is located near several new apartment developments. With 23 tenants, this opportunity offers an investor the opportunity to spread the lease roll risk across many tenants. Additionally the property features a nice mix of credit tenants including Midwest Dental and CIBM Bank. With the current average rents below $14/SF Gross the investor has the opportunity to increase returns and property value by raising rents to market levels.
TAXES & OPERATING EXPENSES (ACTUAL - 2020) |
ANNUAL (CAD) |
|---|---|
| Gross Rental Income |
$831,968
|
| Other Income |
-
|
| Vacancy Loss |
-
|
| Effective Gross Income |
$831,968
|
| Taxes |
$80,105
|
| Operating Expenses |
$148,322
|
| Total Expenses |
$228,427
|
| Net Operating Income |
$603,541
|
TAXES & OPERATING EXPENSES (ACTUAL - 2020)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $831,968 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $831,968 |
| Taxes (CAD) | |
|---|---|
| Annual | $80,105 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $148,322 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $228,427 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $603,541 |
PROPERTY FACTS
| Price | $7,537,968 CAD | Number of Properties | 2 |
| Price / SF | $160.51 CAD / SF | Individually For Sale | 0 |
| Cap Rate | 8.77% | Total Building Size | 46,963 SF |
| Sale Type | Investment | Total Land Area | 2.52 AC |
| Status | Active |
| Price | $7,537,968 CAD |
| Price / SF | $160.51 CAD / SF |
| Cap Rate | 8.77% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 46,963 SF |
| Total Land Area | 2.52 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Riverfront Office Center
615 S 8th St, Sheboygan, WI 53081 |
Office | 30,963 SF | 1989 | - |
| 610 Riverfront Dr, Sheboygan, WI 53081 | Office | 16,000 SF | 1989 | - |
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