Heritage Market II | 2848 2nd St S
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Heritage Market II 2848 2nd St S
14,873 SF 90% Leased Retail Building Saint Cloud, MN 56301 $2,175,000 ($146/SF) 7.03% Cap Rate
INVESTMENT HIGHLIGHTS
- Low Average Rent of $20 psf (gross)
- Within block of Costco (1.7M annual visitors)
- At 90% occupancy, the future owner can immediately add value through lease-up of the current vacancy
- Desirable average suite size of 1,859 SF
- Attractive Construction with new parking lot overlay
- Ability to increase the NOI significantly by converting the existing leases from gross to net upon lease expirations
EXECUTIVE SUMMARY
Presenting an exceptional opportunity in the thriving Retail Strip Center sector. This property, built in 2001, at 90% occupancy, providing immediate value and with the current gross leases, the future owner can significantly enhance the Net Operating Income (NOI) upon lease expirations, taking advantage of average gross rent of $20 psf and the attractive average suite size of 1,859 SF. Ideally situated on 2nd Street with a daily traffic count of 25,000, this asset benefits from its proximity to high-traffic destinations, potential tenant base, and a growing, educated population of over 100,000 within a 5-mile radius. With strong fundamentals, including a newly overlaid parking lot, this property offers an enticing investment with promising growth prospects.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$152,812
|
$10.27
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $152,812 |
| Annual Per SF | $10.27 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
14,873 SF
Building Class
C
Year Built
2001
Price
$2,175,000
Price Per SF
$146
Cap Rate
7.03%
NOI
$152,812
Percent Leased
90%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.31
Lot Size
1.10 AC
Zoning
C5 - Highway Commercial District
Parking
41 Spaces (2.76 Spaces per 1,000 SF Leased)
Frontage
261 FT on 2nd St
AMENITIES
- Dedicated Turn Lane
- Signage
- Signalized Intersection
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 82-47791-0321 | Improvements Assessment | $840,000 (2024) |
| Land Assessment | $480,000 (2024) | Total Assessment | $1,320,000 (2024) |
PROPERTY TAXES
Parcel Number
82-47791-0321
Land Assessment
$480,000 (2024)
Improvements Assessment
$840,000 (2024)
Total Assessment
$1,320,000 (2024)
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Heritage Market II | 2848 2nd St S
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