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228 Main St E 2,106 SF 100% Leased Retail Building Norwood Young America, MN 55397 $875,000 ($415.48/SF) 6.86% Cap Rate
INVESTMENT HIGHLIGHTS
- Fully Occupied
- Great visibility
- Lots of traffic to Laundromat During business hours
EXECUTIVE SUMMARY
The subject offering was built in 1911 with many recent improvements including a new roof in 2019 & all 6 units renovated in the past 3 years. One building features 6 two-bedroom apartments with the other featuring one retail property, currently the laundromat is owned by the Landlord. The two-parcel offering includes ample Class IV gravel off-street parking in the rear of each respective building. Each unit is separately metered for gas and electric, making expenses relatively low for this investment. The residential building has new boilers (2025). The property has a strong rental history and is 100% occupied.
The landlord has successfully renovated all units along with rent increases per year of 7%-10% since purchasing the building in 2020, making this acquisition a solid-performing asset in a growing community with little to no competition.
Note: During your tour, do not approach tenants or ask questions as they are unaware of the sale.
The landlord has successfully renovated all units along with rent increases per year of 7%-10% since purchasing the building in 2020, making this acquisition a solid-performing asset in a growing community with little to no competition.
Note: During your tour, do not approach tenants or ask questions as they are unaware of the sale.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
2,106 SF
Building Class
C
Year Built/Renovated
1911/2024
Price
$875,000
Price Per SF
$415.48
Cap Rate
6.86%
NOI
$60,000
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.48
Lot Size
0.10 AC
Zoning
R-2 - Multi Family Zoning with Commercial Laundromat/Retail
Parking
10 Spaces (1.54 Spaces per 1,000 SF Leased)
Frontage
99’ on Main St
AMENITIES
- Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 58.0510490 | Total Assessment | $55,100 (2025) |
| Land Assessment | $13,500 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $41,600 (2025) | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Number
58.0510490
Land Assessment
$13,500 (2025)
Improvements Assessment
$41,600 (2025)
Total Assessment
$55,100 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024 Payable 2024
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228 Main St E
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