212 10th Ave NE
New Prague, MN 56071
Mayo Clinic Health System Building · Office Property For Sale
Investment Highlights
- Years Remaining on Current Lease Term: ~2 years, 7 months
- Option to Renew: One 5 year option to renew (Oct. 1, 2022-Sept. 30, 2027). Rent increase determined by % change in CPI, rent can't go down.
- Years Leased to Date: ~8 years
- Expiration: September 30, 2022
- Escalations: $195,306.66 annual rent through September 30, 2022. 3rd Option to Renew: Rent increase determined by % change in CPI, rent can't go down.
Property Facts
About 212 10TH AVE NE , NEW PRAGUE, MN 56071
Incredible Medical NNN investment at a 7.50% cap rate with a world-class tenant. The Tenant, Mayo Clinic Health System - Southwest Minnesota Region d/b/a Mayo Clinic Health System - New Prague, has been in the building for ~8 years. Tenant currently in their second five (5) year option with additional five (5) year option to renew. The Seller, who has 50+ years in the Medical Field including Mayo Clinic specifically, strongly believes the Tenant will exercise their next 5 year option to renew (supporting insight available from Listing Brokers). The property was built out specifically for the Mayo Clinic Health System's needs in 2012. This clinic is Located in New Prague, MN, near a Mayo Clinic Hospital also located in New Prague. This 8,320 SF building is in excellent condition with ample parking, easy and convenient access and great visibility.
Property Taxes
| Parcel Number | 24-046-002-0 | Improvements Assessment | $1,718,900 |
| Land Assessment | $176,200 | Total Assessment | $1,895,100 |
Property Taxes
