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PROPERTY INFORMATION
Address: 726 Rose Drive
Net Rentable Area: 67,858 SF
Number of Buildings: 3
Land Area: 300,535 SF/6.9 acres
Current Occupancy: 98%
FINANCIAL SUMMARY
Offering Price: $11,250,000
Price PSF: $165.78
Proforma NOI: $833,642
Year One Cap Rate: 7.41%
Five-Year Average Leveraged Cash-On-Cash Return: 9.45%
INVESTMENT HIGHLIGHTS
Grocery Anchored
Coborn's recently extended their lease through July 31, 2030, reflecting its' long-term commitment to the Property. Coborn's is the sole grocery store in the community of Big Lake and its nearest competitor is Cub Foods in Monticello, 4.4 miles away. Corborn's rent represents 73% of the Property's total revenue.
Strong Occupancy
At 98% occupancy, the Property provides an investor outstanding liquidity and long-term residual value.
Durable Rent Roll
The Property was developed in 2005 of which 90% of the net rentable area is occupied by original tenants. With only 8% of potential cumulative roll-over through 2020, economic uncertainty is limited.
Growing Market
The population of Big Lake has grown 40% in the past 10 years with over 1,100 homes being built in the city and the potential to add 4,000 households over the next 20 years. Sherburne County is the 11th fastest-growing county out of Minnesota's 87 counties.
Northstar Line
The Northstar Line is a commuter rail route running from Big Lake to downtown Minneapolis and is an attractive amenity for those living in Big Lake and commuting downtown for work. The Big Lake station is located directly across Highway 10 from the Property. Daily ridership is, on average, 2,400 riders per day with a target of 5,900 riders per day by 2030.
Desirable Tenant Mix
Diverse mix of service, retail and restaurant tenants who cater to the surrounding neighborhood and communities.
Big Lake Schools
Within a block of the Property are Independence Elementary, Big Lake Middle School and Big Lake High School, which includes over 2,700 students in total.
Free and Clear Offering
The Property is being offered free and clear of any debt.
CLICK HERE TO COMPLETE THE CONFIDENTIALITY AGREEMENT
