1230 State St N 43,693 SF 93% Leased Retail Building Waseca, MN 56093 $3,850,000 ($88.11/SF) 10% Cap Rate

Value-Add Retail Investment — Waseca, MN
1270 / 1234 / 1230 N State Street | Units 2, 3 & 4 | 43,693 SF
In-place income plus 33,825 SF of repositioning upside, priced well below replacement cost on Waseca's dominant retail corridor.
Assumable Financing
Anchor of the center is Bomgaars Fleet & Farm (nap).
This multi-tenant retail offering combines durable current cash flow with a rare value-add component in a market where new construction can't pencil. Three of the three units are occupied and generating income — Elevate Eyecare (2,931 SF), a national-format tobacco retailer (2,937 SF), and Cash Wise Grocery and Liquor (38,000 SF).
The real estate sits on North State Street (MN Trunk Highway 13), which carries the highest traffic counts in Waseca, with frontage and signalized access.
The immediate trade area is the town's commercial spine — Walmart, McDonald's, and Verizon all draw within the same node — and the site backs to Waseca's junior and senior high schools, layering steady daytime and after-school traffic onto the regional draw. For an owner willing to lease up or reposition the vacant box, the location does much of the heavy lifting on demand.
Investment Highlights
In-place income from day one — sale price is 10 cap on current NOI with three occupied units (eyecare, tobacco, and Cash Wise) provides current cash flow while the large box is repositioned, reducing carry risk on the value-add component.
PAD Opportunity - national retailer wants to buy a pad with a drive-thru.
Below replacement cost — basis is well under what it would cost to build, creating downside protection and room for an attractive yield-on-cost after lease-up.
33,825 SF of flexible upside — the vacant box accommodates a single big-box user, a multi-tenant demise, or a non-retail conversion such as self-storage, medical/clinical, fitness, or education/training space.
Hard-corner, high-visibility location — the highest traffic counts in town on N State St / Hwy 13, with signalized access and Bomgaars as a built-in anchor draw.
Proven retail node — adjacency to Walmart, McDonald's, and Verizon plus the high-school corridor supports both retail and service/medical demand.
Multiple exit paths — stabilize-and-hold for yield, lease-up-and-sell on the spread, or reposition the box and recapitalize.
The Opportunity
A buyer steps into a stabilized income base on three units while controlling the lease-up and repositioning of a 33,825 SF box in a supply-constrained market — the classic value-add setup of buying occupancy and basis today and creating value through the vacancy. Whether the path is a national big-box backfill, a multi-tenant demise, or an alternative-use conversion, the location's traffic and anchor co-tenancy give the next owner a credible playbook.