12% Cap Oshkosh Daily Northwestern Office Building

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Property Details

  • Price: $1,605,000
  • Transaction Type: For Sale
  • Property Type: Office
  • Building Size: 37,000 SF
  • Lot Size: 23 AC
  • Cap Rate: 12.00%
  • Lease Term 4 years
  • Lease Type NNN

Property Description

  • Opportunity Zone property with Income and redevelopment upside
  • State and Federal tax credits, PACE, TIF, & business development tax credits available
  • 37,000 vacant sf suitable for a variety of uses including Office, Retail, Restaurant, and Residential Space
  • 20,387 SF leased to the Daily Northwestern for the next 4.5 years at 192,600 NNN
  • Renovated in 2019 and all Due Diligence is current

HMX Realty Advisors exclusively presents for lease or sale 226-214 State Street Oshkosh WI, a historic 57,280 square foot office building. The Daily Northwestern, a wholly owned subsidiary of Gannett (NYSE: GCI) currently leases 20,387 sf of the property for the next 4.5 years for $192,600 per year triple net. The balance of the property is vacant and available for lease at $6-$11 PSF. Based on the Daily Northwestern income the property is for sale at a 12 cap. It is on the National Register of Historic Places and is located in a recently established Opportunity Zone in the center of downtown Oshkosh, Wisconsin. This building can be subdivided with separate entrances and is suitable for a variety of uses. The Daily Northwestern lease expires on April 31, 2024 and the rent is flat. There are two 3-year options to renew each with a 15% escalation.

Oshkosh, WI has a population of 66,713 people with a median age of 33. The city is located in Winnebago County and is adjacent to the Town of Oshkosh. Oshkosh Corporation, formerly Oshkosh Truck, is the leading manufacturer and marketer of specialty vehicles and bodies in four primary business groups: Access Equipment, Defense, Fire & Emergency, and Commercial. Plastic packaging is also a major industry, with Bemis, www.bemis.com, as a major employer. Oshkosh is also known for OshKosh B’Gosh, a manufacturer of overalls and children’s clothing founded in the city in 1895. Originally a small-town manufacturer of adult work clothing, it became best known for its children’s lines. Tourism
and events are part of the local economy. Recreational fishing and boating on Lake Winnebago includes many activities.

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Financial Summary (Actual - )

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