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Walgreens: St. Paul, MN 1665 White Bear Ave N 15,085 SF Retail Building Saint Paul, MN 55106 $2,666,700 ($176.78/SF) 7.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Absolute NNN Lease
- This Walgreens store has an operating history of 22 years, demonstrating tenant’s commitment to the site
- 6.8 MSF of retail, 2 MSF of office, 3.9 MSF of industrial and 13,329 multi-family units within a 3-mile radius
- The offering boasts a 92% rent increase at the onset of the first renewal option in 2034
- Positioned less than 12 miles east of downtown Minneapolis
- Population of 131,298 and an average household income of $91,601 within a 3-mile radius
EXECUTIVE SUMMARY
CBRE is pleased to offer for sale the 15,085 square-foot Walgreens situated on 1.25 acres in St. Paul, MN - a component of the Minneapolis-St. Paul-Bloomington, MN-WI Metropolitan Statistical Area (MSA Population: 3.8M). Walgreens’ absolute NNN lease features ±9.6 years of term remaining with ten 5-year renewal options. The original 25-year term was originally set to expire in 2029, but the lease was extended early through 2034.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
15,085 SF
Building Class
C
Year Built
2003
Price
$2,666,700
Price Per SF
$176.78
Cap Rate
7.50%
NOI
$200,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.28
Lot Size
1.25 AC
Zoning
T2 - Traditional neighborhood district.
Parking
56 Spaces (3.71 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Bus Line
- Dedicated Turn Lane
- Pylon Sign
- Signage
- Signalized Intersection
- Drive Thru
Walk Score®
Very Walkable (85)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 22-29-22-11-0154 | Improvements Assessment | $2,424,100 |
| Land Assessment | $679,500 | Total Assessment | $3,103,600 |
PROPERTY TAXES
Parcel Number
22-29-22-11-0154
Land Assessment
$679,500
Improvements Assessment
$2,424,100
Total Assessment
$3,103,600
CONTACTS
-
Christopher Bosworth -
Thomas Carr -
Brian Pfohl -
Leah Lindell -
Abby Kelly -
Kaitlyn Wolf -
CBRE, Inc.
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Walgreens: St. Paul, MN | 1665 White Bear Ave N
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