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Blue Water I 2905 Lexington Ave S 47,837 SF 100% Leased Flex Building Eagan, MN 55121 $10,050,000 ($210.09/SF) 6.52% Cap Rate
Investment Highlights
- 2905 Lexington Avenue presents Blue Water I, a premier flex building spanning nearly 50,000 SF with stabilized occupancy/ long-term in-place leases.
- Attractive investment opportunity to acquire a strong tenant mix, including a national credit-rated tenant and all NNN, hands-off leases.
- Rate permitted outdoor storage, through a recorded conditional use permit, currently leased by the Enterprise Rent-A-Car agency.
- Strategic location in Eagan’s industrial corridor, 10 minutes from MSP International Airport, and convenient access to major employment centers.
- Appealing income profile with solid NOI and market-aligned rents, with potential for future customization and tenant improvements.
Executive Summary
The property is ideally located adjacent to Interstate 35E and 494 in Eagan’s premier business district, with quick access to Downtown Minneapolis and St. Paul, MSP International Airport, the Minnesota Vikings Headquarters, the Mall of America, and so much more. Tenants are just a short drive from Costco, Starbucks, Caribou Coffee, The Home Depot, hotels, and many restaurants.
Eagan is south of St. Paul and lies on the south bank of the Minnesota River, upstream from its confluence with the Mississippi River. Eagan and the other nearby suburbs form the southern section of the Minneapolis-St. Paul area. Blue Water I’s 5-mile demographics showcase a growing population with an affluent average household income. The realm is home to approximately 139,104 residents (expected to grow by 0.52% by 2030) with an average household income surpassing $126,600.
Inquire today to learn more about the cash-flowing, prominently located passive investment opportunity at Blue Water I.
Property Facts
| Price | $10,050,000 | Lot Size | 9.32 AC |
| Price Per SF | $210.09 | Rentable Building Area | 47,837 SF |
| Sale Type | Investment NNN | No. Stories | 2 |
| Cap Rate | 6.52% | Year Built | 1988 |
| Property Type | Flex | Parking Ratio | 2.72/1,000 SF |
| Building Class | C | Clear Ceiling Height | 22’ |
| Zoning | I-1 - Industrial | ||
| Price | $10,050,000 |
| Price Per SF | $210.09 |
| Sale Type | Investment NNN |
| Cap Rate | 6.52% |
| Property Type | Flex |
| Building Class | C |
| Lot Size | 9.32 AC |
| Rentable Building Area | 47,837 SF |
| No. Stories | 2 |
| Year Built | 1988 |
| Parking Ratio | 2.72/1,000 SF |
| Clear Ceiling Height | 22’ |
| Zoning | I-1 - Industrial |
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Services
- 22,991 SF
- $7.67
- Single Net
- Sep 2031
Caliber Collision began operations in 1997 and has since grown into a major collision repair provider. The company offers a range of services including collision repair, auto glass replacement, and paintless dent repair. With a presence in numerous markets across the United States, Caliber serves both individual customers and fleet operators. The company emphasizes quality repairs through technician training programs and industry certifications. Caliber Collision has built a reputation for restoring vehicles to pre-accident condition while maintaining customer satisfaction.
-
- Rental and Leasing Services
- 15,644 SF
- $27.79
- Triple Net
- Nov 2032
Enterprise Rent-A-Car represents an ongoing success story in America. Its guiding principles and humble beginnings are rooted in personal honesty and integrity. The company is committed to strengthening communities one neighborhood at a time, treating customers like family, and rewarding hard work—values that have remained consistent since its founding in 1957. Today, Enterprise has established itself as the largest provider of transportation solutions, offering car and truck rentals, car sharing, and car sales. With thousands locations worldwide, the company is always available to meet customer needs. In addition, Enterprise actively engages in sustainability, recognizing it as beneficial for business and essential for creating a better future for generations to come. Due to its size, the company is uniquely positioned to drive innovation, advance research, and implement market-driven solutions.
-
- Arts, Entertainment, and Recreation
- 6,178 SF
- $6.58
- Triple Net
- Dec 2027
Union Fitness knows it’s hard to start and continue a workout program when you’re constantly juggling life’s demands. Work, kids, family and more all demand your time. If you want to become the fittest, healthiest version of yourself without spending hours in the gym, Union Fitness will help you make it happen. Their experienced team of coaches will challenge and inspire you while their supportive community will cheer you on.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Services | 22,991 SF | $7.67 | Single Net | Sep 2031 | |
|
|
Rental and Leasing Services | 15,644 SF | $27.79 | Triple Net | Nov 2032 | |
|
|
Arts, Entertainment, and Recreation | 6,178 SF | $6.58 | Triple Net | Dec 2027 |
Demographics
Regional Accessibility
Property Taxes
| Parcel Number | 10-22509-01-010 | Improvements Assessment | $4,422,300 |
| Land Assessment | $1,966,100 | Total Assessment | $6,388,400 |
Property Taxes
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Blue Water I | 2905 Lexington Ave S
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