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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
Walleye Brokerage is pleased to present an exclusive investment opportunity at 2905 Lexington Avenue. Blue Water I consists of 47,837 square feet of rental building area, a fully leased, multi-tenant office building. The property boasts a diverse mix of Caliber Collision, Enterprise Rent-A-Car, and Union Fitness. The property includes 8,388 square feet of office space and 39,449 square feet of warehouse space, with an office ratio of 17.5%. Additionally, the site features 197,748 square feet of fully leased outdoor storage permitted under a conditional use permit. On-site features and amenities include ample natural light, expansive floor-to-ceiling windows, an attractive brick exterior, a dock and drive-in loading, and 130 parking spaces (at a 1.35 ratio).
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.
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 |
| Property Subtype | Light Distribution | Clear Ceiling Height | 22’ |
| Building Class | C | ||
| Zoning | I-1 - Industrial | ||
| Price | $10,050,000 |
| Price Per SF | $210.09 |
| Sale Type | Investment NNN |
| Cap Rate | 6.52% |
| Property Type | Flex |
| Property Subtype | Light Distribution |
| 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 was founded in 1997 and began with collision centers in California before growing into a national automotive services business. The company focuses on collision repair, auto glass repair and replacement, and related auto care services through its family of brands. Caliber's collision repair services are supported by repair processes, certifications, and relationships with major insurance carriers and vehicle manufacturers. Today, Caliber maintains a broad presence across the United States and continues to expand its service network for drivers needing post-collision and glass repair support.
-
- Rental and Leasing Services
- 15,644 SF
- $27.79
- Triple Net
- Nov 2032
Enterprise Rent-A-Car began in 1957 when Jack Taylor started a car leasing business with a small fleet in St. Louis, Missouri, and the brand later took on its current name as the rental business expanded. The company provides car rentals, truck rentals, and van rentals, with booking available through neighborhood, airport, and city locations. Enterprise also serves business transportation needs and is part of Enterprise Mobility, a broader transportation group that includes fleet management, car sales, carsharing, and related mobility services. The business continues to operate at large scale across its rental network and related transportation offerings.
-
- 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 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
20/100
Fairly bikeable
50/100
Demographics
Regional Accessibility
City
Population
Miles
Drive Time
Minneapolis
425,403
13
0 h 24 m
Milwaukee
592,025
333
6 h 7 m
Omaha
468,262
380
6 h 55 m
Chicago
2,705,994
406
7 h 26 m
Kansas City
491,918
429
7 h 50 m
Indianapolis
867,125
585
10 h 56 m
Access and Labor Force
10 Miles
Total Population
982,349
Total Labor Force
559,809
Unemployment Rate
3.46%
Median Household Income
$85,157
Warehouse Employees
82,898
High School Education Or Higher
92.40%
Property Taxes
| Parcel Number | 10-22509-01-010 | Improvements Assessment | $4,598,300 |
| Land Assessment | $2,043,200 | Total Assessment | $6,641,500 |
Property Taxes
Parcel Number
10-22509-01-010
Land Assessment
$2,043,200
Improvements Assessment
$4,598,300
Total Assessment
$6,641,500
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