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17625 Kenrick Ave 20,567 SF Retail Building Lakeville, MN 55044 $3,400,000 ($165.31/SF)
Executive Summary
20,567 SINGLE TENANT BUILDING FOR SALE - 100% LEASED, NEW 10 YEAR LEASE IN PLACE!
Offering Summary
• Address: 17625 Kenrick Avenue | Lakeville, MN 55044
• Year Built: 2011
• Land Area (Acres): 2.35 acres (102,366 sf)
• Building SF: 20,567
Financial Summary
• Offering Price: $3,400,000
• Price PSF: $165.31
• NOI (In-Place): $237,740.50
• Cap Rate (In-Place): 7%
• Lease Type: Modified Gross (utilities separate)
Investment Highlights
• 100% Occupied
• National credit tenant (Salvation Army)
• Lease Term: 9/1/2024 to 8/31/2034
• Zoning: C-3 Retail Building
• Ceiling Height: 16.5’ to the deck, and 14.3’ to the bar joists
• Dock Doors: 2 with leveler
• Brand new high efficiency LED lights
• Interior is sprinkled and equipped with an alarm system
• Exterior irrigation system
• Parking Spaces: 96
• Signage visible from I-35
• Located in the growing community of Lakeville
Offering Summary
• Address: 17625 Kenrick Avenue | Lakeville, MN 55044
• Year Built: 2011
• Land Area (Acres): 2.35 acres (102,366 sf)
• Building SF: 20,567
Financial Summary
• Offering Price: $3,400,000
• Price PSF: $165.31
• NOI (In-Place): $237,740.50
• Cap Rate (In-Place): 7%
• Lease Type: Modified Gross (utilities separate)
Investment Highlights
• 100% Occupied
• National credit tenant (Salvation Army)
• Lease Term: 9/1/2024 to 8/31/2034
• Zoning: C-3 Retail Building
• Ceiling Height: 16.5’ to the deck, and 14.3’ to the bar joists
• Dock Doors: 2 with leveler
• Brand new high efficiency LED lights
• Interior is sprinkled and equipped with an alarm system
• Exterior irrigation system
• Parking Spaces: 96
• Signage visible from I-35
• Located in the growing community of Lakeville
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
20,567 SF
Building Class
C
Year Built
2011
Price
$3,400,000
Price Per SF
$165.31
Tenancy
Single
Building Height
1 Story
Loading Docks
2 Exterior
Building FAR
0.18
Lot Size
2.58 AC
Zoning
C-3 - General Commercial District
Parking
96 Spaces (4.67 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Freeway Visibility
- Signage
Somewhat walkable
30/100
Exceptionally drivable
100/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 22-11875-01-063 | Improvements Assessment | $2,048,300 |
| Land Assessment | $737,400 | Total Assessment | $2,785,700 |
Property Taxes
Parcel Number
22-11875-01-063
Land Assessment
$737,400
Improvements Assessment
$2,048,300
Total Assessment
$2,785,700
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