Value-Add Opportunity | Heritage Market II | St. Cloud, MN

Highlights:

• VALUE-ADD - at 90% occupancy, the future owner can immediately add value through lease-up of the current vacancy. The property currently operates on gross leases allowing the future owner the ability to increase the NOI significantly by converting the existing leases to net upon lease expirations.
• GROWING COMMUNITY - One of the fastest growing metropolitan areas in MN, and the fastest growing labor force in the state
• STRONG PROPERTY FUNDAMENTALS - Low average rent of $20 psf (gross)
• 25,000 VPD on 2nd Street
• Located within blocks of Costco (1.7 M visitors per year)
• 126K daytime/100K population within 5 miles of the property
• Attractive construction with new parking lot overlay

Description:

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.

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