Listed by Mid America Real Estate Minneapolis
$2,357,000
Goodwill - 2-Tenant Retail Building
Details
Property Type Retail
Sub Type Storefront
Square Footage 15,631
Net Rentable (SqFt) 15,631
Units 2
Cap Rate 8%
NOI $188,622
Occupancy 100%
Tenancy Multi
Brand/Tenant Goodwill
Lease Type NN
Price per SqFt $151
Year Built 1998
Buildings 1
Stories 1
Acreage 0.909
Zoning MU-N (Mixed Use Neighborhood)
Two-tenant retail building featuring a brand new lease with Goodwill in 70% of the property.
Investment highlights
NEW 10 YEAR GOODWILL LEASE
NET INCOME INCREASES 2.79% ANNUALLY ON AVERAGE DURING THE FIRST 5 YEARS OF THE HOLD PERIOD
BUSY INTERSECTION WITH 20,803 VPD
“HIDDEN GEM” WEST DULUTH NEIGHBORHOOD WITH 30K+ PEOPLE IN 3 MILES
COLLEGE TOWN WITH OVER 25,000 STUDENTS
DULUTH IS THE 2ND LARGEST ECONOMY IN THE STATE WITH A TRADE AREA OF OVER 548K PEOPLE
DULUTH HAS A LOW RETAIL VACANCY RATE OF 2% WITH HIGH BARRIERS TO ENTRY
GOODWILL TRUE NORTH HAS 100+ YEAR HISTORY WITH 11 STORES ACROSS NORTHERN MINNESOTA AND WISCONSIN
New silicone roof coating with 15 year total system warranty
Listing Contacts
Listed by Mid America Real Estate Minneapolis
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$188,622.00
$15,718.50/mo
Valuation Metrics
0
DSCR
8%
Cap Rate
8%
ROI
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