Listed by Upland Real Estate Group Inc
$5,797,037
La-Z-Boy
Details
Property Type Retail
Sub Type Storefront
Square Footage 18,200
Cap Rate 6.75%
NOI $391,300
Tenancy Single
Lease Type NN+
Lease Term 11
Lease Expiration 04/29/2036
Remaining Term 9.8
Rent Bumps Yes
Lease Options Four 5-Year
Price per SqFt $319
Year Built 2024
Lot Size (SqFt) 54,775
Tenant Credit Corporate Guarantee
Lease Commencement 04/16/2025
Ground Lease No
La-Z-Boy | 6.75% Cap | St. Cloud, MN
Marketing description
La-Z-Boy is located along Division Street where traffic counts average over 34,000
vehicles per day in St. Cloud, Minnesota. This property is in a dense retail area with the
Crossroads Center located just across Division Street. Crossroads Center is an 890,000
square-foot retail center with over 100 retailers anchored by Macy’s, Scheels, Target,
JCPenney, and DSW. Other retailers in the area include: Walmart, Joann Fabric, Harbor
Freight, Starbucks, Lund's & Byerly's, TJ Maxx, Costco, CVS, and more.
Investment highlights
- La-Z-Boy was constructed in 2024 and has 10 years remaining on the primary lease term with $2.00 PSF rent increase in Year 7 and the four 5-year renewal options.
- La-Z-Boy currently has 890+ locations in the United States and is a global leader in residential furniture.
- April 2025 Revenues of $2.1 Billion and Net Worth of $1.02 Billion.
- Well located on Division Street with 33,000 vehicles per day. Located across the street from Crossroads Center, a 890,000 square-foot retail center with over 100 retailers anchored by Macy’s, Scheels, Target, JCPenney, and DSW.
- Excellent demographics with a 5-mile population of 108,001 and an average household income of $83,120.
- St. Cloud, MN is located 65 miles northwest of Minneapolis/St. Paul, MN.
- Property has zero lot line with AutoZone.
- St. Cloud is home to several institutions of higher education, including Minnesota’s third-largest university, St. Cloud State University.
- CentraCare – St. Cloud Hospital is the largest healthcare facility in Central Minnesota. The hospital features approximately 489 beds, a Level II Trauma Center, and employs thousands of medicalprofessionals.
Listing Contacts
Listed by Upland Real Estate Group Inc
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$391,300.00
$32,608.33/mo
Valuation Metrics
0
DSCR
6.75%
Cap Rate
6.75%
ROI
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