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PROPERTY INFORMATION
Address: 8700 East Point Douglas Road / 8811 92nd Street South
Net Rentable Area: 23,095 SF
Current Occupancy: 100%
FINANCIAL SUMMARY
Offering Price: $3,100,000
Price PSF: $132
Proforma NOI: $235,456
Year One Cap Rate: 7.60%
Vacant Land Price/PSF: $210,000 ($6.00)
INVESTMENT HIGHLIGHTS
100% Occupied with Medical Focus
The Property is 100% occupied by medical, service and show room tenants.
Superior Location
Located at the intersection of I-35E and Cliff Road, the combined average daily automobile traffic at the Property is 105,500.
Value Add Opportunity
The excess land offers investors the ability to further enhance returns through new construction or selling to an end-user.
Retail Location
The Property is surrounded by Minnesota’s best retailers including Target, Cub Foods, Wells Fargo, and Menards. This retail concentration helps to drive traffic to the Property and enhances the value of the vacant land.
Below Market Rent
The average net rent at the Property is $10.19 per square foot compared to a submarket average of $17.71 per square foot for medical tenants.
Long Term Tenants
Nearly 50% of the tenants are original to the Property or have occupied the Property for over 12 years with multiple lease extensions and expansions.
Curb Appeal
The Property is an attractive brick and stone construction with mature landscaping.
Strong Property Fundamentals
The Property enjoys easy access to the Highway 61 & Jamaica Avenue interchange, has convenient parking around 75% of the building and drive-in doors (Point Douglas Building).
Debt Free
The Property is being delivered free and clear of existing debt, allowing investors to size their loan to fit their needs and take advantage of historically low interest rates.
CLICK HERE TO COMPLETE THE CONFIDENTIALITY AGREEMENT
