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Former Perkins | Strong Performing Location | Three Parcels

Retail | 0.00% CAP | 5,584 SF

Listing Contacts

Active

Asking Price: $2,300,000
Address 

140 Garfield St N, Cambridge, MN 55008

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Date Added
Feb 22, 2022
Days on Market
1120 days
Time Since Last Update
45 days

Details

Property TypeRetail
SubtypeRestaurant
Investment TypeValue Add
Square Footage5,584
Net Rentable (sq ft)5,584
Price/Sq Ft$411.89
Cap Rate0.00%
OccupancyVacant
NOI$0
Year Built1999
Lot Size (acres)2.87
Broker Co-OpYes
OwnershipFee Simple

Marketing Description

Marcus & Millichap is pleased to present this former Perkins property available for purchase.​ Operating as a Perkins for many years until the operator recently retired, the location was consistently a strong performing Perkins with sales well above the national average.​

The property being offered consists of three parcels totaling approximately 2.87-3 acres.​ The parcels are zoned B-2, however there is currently a PUD (Planned Unit Development) on the parcel with the existing building on it that restricts it's usage to restaurant use only for now.​ B-2 zoning on the back parcel allows for a wide array of potential uses.​ For reference parcel #'s 15.137.0010, 15.137.0020 and 15.137.0030 are included.​ Seller would prefer to sell all parcels together but will entertain offers to sell separately.​

The property is ideally situated on a hard corner of Highway 95 and Highway 65 with approximately 21,000 vehicles per day passing directly in front of the property.​ In addition the 60'+ tall pylon sign is visible by traffic from both directions on Highway 95.​

Population counts are projected to grow by approximately 4% by 2026.​ Household income within a 5-mile radius of the property is strong with the average HH income being $101,950.​

The property is located within close proximity to many national or regional retailers such as Walmart, Walgreens, Starbucks, Tractor Supply, Target, Wendy's, Aldi, Autozone, McDonalds, Arby's, Culver's, Subway, Speedway, Applebee's and more.​

Buyer is solely responsible for verifying property and building size along with zoning classification and requirements.​ 

Investment Highlights

  • ​Former Strong Performing Perkins (Well Above National Average)
  • ​Three Parcels Totaling 3 Acres +/-
  • ​Great Visibility and Access Off From Highway 65
  • ​Two Existing Pylon Signs
  • ​High Traffic - Approximately 21K Vehicles Per Day
  • ​Major Retail Corridor With Many National Retails in Close Proximity
  • ​Kitchen Equipment Available - Not Included in Purchase
  • ​Strong Household Income In Immediate Area

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Due Diligence

Due diligence information will be provided.
Please reach out to the listing contacts for details.

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Listing Contacts


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