308 S State St - Freestanding FOR SALE


Fairmont, MN 56031
$4,000,000 USD
714-400-6267
308 S State St, Fairmont, MN for Sale
$4,000,000 USD
Freestanding - FOR SALE
1/14
null | 8.85% Cap Rate

308 S State St
Fairmont, MN 56031


HIGHLIGHTS

  • Five Lakes Centre – Value-add Shopping Center Fee Simple Ownership (Land & Building)
  • 192,240 Sf Shopping Center – $200k Parking Lot Capital Improvement Completed
  • Attractive Entry Point – Offered at Well-below Replacement Costs
  • Large Lot – Over 17 Acres – Incredible Lease-up Opportunity Opportunity to Substantially Increase Cash Flow
  • Less Than 2 Miles From Interstate 90 – Longest Interstate in the Country – Seattle to Boston
  • Fairmont, Mn – County Seat - Accessible by Plane, Rail & Interstate Travel - Positioned on Area’s Main North/south  Corridor (State St)

OVERVIEW

We Are Pleased to Present to Qualified Investors an Opportunity to Purchase a Value-add Retail Shopping Center Mall (Five Lakes Centre) Located in Fairmont, Mn That Provides Significant Upside Potential Through Lease Up of a Big Box and Small Shops. Five Lakes Centre is a 192,240 Sf Regional Retail Hub Located on 17.78 Acres and Positioned on the Main North/south Corridor of State St and Located Less Than 2 Miles From Interstate 90 (Main East/west Regional Corridor). This Opportunity Additionally Includes the Added Benefit of the Owner Spending Close to $200,000 on Parking Lot Capital Improvements. Fairmont, Mn is the County Government Seat of Martin County Ensuring Long-term Job Stability and Higher Household Incomes. It is One of the State’s Most Affordable Places to Live and Features a Healthy Business Environment With Over 780 Businesses, Some of Which Include the Mayo Clinic Health System, 3m, Hy-vee, Walmart, Fairmont Foods and More. This is a Unique Opportunity to Purchase a Value-add Retail Center, Priced on Actual Income at Well Below Replacement Cost, Sitting on Over 17.78 Acres of Land, Providing an Attractive Entry Point to Reposition the Asset for Future Occupancy and Rental Growth.

FOR SALE DETAILS

PRICE

$4,000,000 USD

PRICE/SF

$21 USD /SF

CAP RATE

8.85%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Five Lakes Centre - Value-Add Regional Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Drug Store, Restaurant, Department Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1970

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

CROSS STREETS

NEC S State St & Blue Earth Ave

LAND ACRES

17.78 AC

LAND SF

774,497 SF

ZONING

-

APN/PARCEL ID

230391080

ASK ABOUT THIS PROPERTY

Spencer O'DonnellCharter Realty CompanyMore Info
714-400-6267

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Spencer O'DonnellCharter Realty CompanyMore Info
714-400-6267

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.