Value Add Office | Potential Redevelopment Site
Office | 5,023 SqFt
Marketing description
Marcus & Millichap is pleased to exclusively offer for sale Colonial Manor, a multi-tenant office building located at 1349 South Robert Street in West Saint Paul, Minnesota. This asset offers investors multiple avenues to create value. One approach could be an office value-add strategy with getting vacancies filled and converting existing gross leases to triple net. Another approach could be redeveloping the site taking advantage of the highly desirable location from a retail location perspective.
The building benefits from strong visibility, attractive curb appeal, and consistent demand for small office/service suites — providing the savvy investor opportunity to unlock major upside through cosmetic updates and strategic lease-up including bringing rents up to market rate and converting them to triple net leases thus capturing CAM reimbursements for additional income.
The property's highly visible location at a signalized intersection along Robert Street and traffic counts exceeding 20,000 vehicles per day, highlight the phenomenal redevelopment potential. The site's B3 General Business zoning allows investors to pursue a vast array of commercial uses. Investors could benefit from existing cash flow while planning a future redevelopment strategy.
Investment highlights
- Significant Upside Potential Via Filling Vacancies or Redevelopment
- Located in a Major Retail Corridor Including Tenants Such as Walmart, Target, Lowe's, Menard's, US Bank, LA Fitness, Taco Bell, Raising Cane's and Many More
- Adjacent Walmart and Target Have Strong Placer.ai Reports With 2.3 Million and 2 Million Visits Respectively in Trailing Twelve Months
- Hard Corner Signalized Site on .38 Acres +/-
- Traffic Counts of Approximately 20,000 Vehicles Per Day
- Solidly Constructed Brick Building Minimizing Exterior Maintenance
- Priced Below Replacement Cost
- Rents For Several Tenants Have Not Been Increased in Over Ten Years
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Is there information that looks off?
